Radioimmunoassay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Radioimmunoassay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The radioimmunoassay market is expected to register a CAGR of 3.44% during the forecast period.

During the COVID-19 pandemic, the healthcare sector was significantly affected due to the halt in the services provided across hospitals and healthcare institutions. However, the need for diagnostic solutions for the accurate and rapid diagnosis of SARS-CoV-2 infection increased significantly during the pandemic. In particular, serological and radioimmunological testing of infected asymptomatic and symptomatic individuals was in high demand. Thus, COVID-19 had a profound impact on the growth of the market studied. An article titled “Development of a Liquid Phase Radioimmunoassay for the Measurement of Serum Ferritin Levels for the Detection of Covid-19 in Patients” published in the 'Journal of Radioanalytical and Nuclear Chemistry' in February 2022, discussed the development and analytical validation of a radioimmunoassay system for the measurement of the serum ferritin concentration as one of the laboratory biomarkers for infection by COVID-19. Such studies focusing on the development of the radioimmunoassay for COVID-19 diagnostics helped in the growth of the market during the pandemic.

The major factors that are driving the market growth include rising prevalence and incidence of cancer and infectious diseases and technological advancements. The global cancer burden is increasing, and thus, cancer assays must be modified according to regional and national priorities. As per the World Health Organization key facts on cancer published in February 2022, around 400,000 children around the world deelop cancer every year. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts to around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040.

In addition, the rising number of people affected by infectious diseases is also aiding the market growth. According to the Global Tuberculosis Report 2021 published by the World Health Organization (WHO), around 9.87 million people in the world were estimated to be affected by tuberculosis in the year 2020. Also, the WHO in its July 2022 key facts on HIV (Human Immuno Deficiency) estimated that around 38.4 million people around the world are affected by HIV by the end of the year 2021, with around 1.5 million new cases being registered in 2021 alone.

The increasing adoption of radioimmunoassay analyzers in clinical diagnostics is likely to propel market growth. For instance, in June 2021, an article titled “Newly Developed Radioimmunoassay for Human Angiotensin-(1–12) Measurements in Plasma and Urine” published in the 'Journal of Molecular and Cellular Endocrinology’ discussed a reliable and specific radioimmunoassay (RIA) method for the measurement of Ang-(1–12) in human plasma and urine using an affinity purified antibody fraction directed towards the C-terminus of the human Ang-(1–12) sequence. This study helped the advancement of the clinical viability of Ang-(1–12) as a cardiovascular disease biomarker. The discovery of such radioimmunoassay kits are expected to boost the growth of the studied market over the forecast period.

However, the high cost of equipment required for radioimmunoassay and hazardous radioactive material and continuous innovations in various other immunoassay procedures are likely to hinder the market growth in the upcoming years.

Key Market TrendsThe Pharmaceutical Industries Segment is Expected to Register a High Growth Rate Over the Forecast Period

Immunoassays have been widely used in many important areas of pharmaceutical analysis such as diagnosis of diseases, therapeutic drug monitoring, clinical pharmacokinetics, and bioequivalence studies in drug discovery and pharmaceutical industries. The importance and widespread of immunoassay methods in the pharmaceutical analysis are attributed to their inherent specificity, high throughput, and high sensitivity for the analysis of a wide range of analytes in biological samples.

The radioimmunoassay market is anticipated to grow at a considerable rate due to the outbreak of the COVID-19 pandemic, as these tests are being extensively used for rapid detection of this virus are urgently needed for the early identification of infected patients. Therefore, as the situation has become more critical and the urgency and complexity of the current COVID-19 situation continue to grow, immunoassay is expected to play an essential role. Testing for SARS-CoV-2 is not the only need in managing COVID-19 patients, but fast, accurate screening and monitoring for the variety of health issues that may arise as part of COVID-19 disease management are also needed. Thus, owing to the aforementioned factors, the segment is likely to expand over the upcoming period.

Recently, marked improvements were achieved in the field of immunoassay development for the purposes of pharmaceutical analysis. These improvements involved the preparation of the unique immunoanalytical reagents, analysis of new categories of compounds, methodology, and instrumentation.

The expenditure on research and development by pharmaceutical companies has increased over the years. For instance, Pfizer spent USD 8.9 billion on research and development in 2020, which increased to USD 10.5 billion in 2021. Hence, with the increasing expenditure on R&D, this market is expected to attain good growth over the forecast period.

North America Dominates the Market and is Expected to do the Same in the Forecast Period

North America is currently the largest market for immunoassays globally in terms of value. The large size of the immunoassay market in the region is mainly due to the availability of high-end healthcare infrastructure in the country, along with the availability of reimbursement for immunoassays and the high prevalence of chronic disorders.

Cancer is one of the leading causes of hospitalization in the United States. According to the GLOBOCAN 2020 report, the total number of people in the United States affected by cancer in 2020 accounts for around 2,281,658 cases. The number is estimated to rise to 3,123,452 cases by 2040. According to the National Diabetes Statistics Report, in 2020, around 37.3 million people in the United States were found to have diabetes; around 96 million adults were found to have pre-diabetes. ​The National Kidney Foundation in 2020 had estimated that about 36 million adults in the United States have chronic kidney diseases. ​A report by the Center for Disease Control and Prevention (CDC) in 2020 showed that around 15.7 million Americans are affected by chronic lower respiratory diseases. Hence, with the increase in the prevalence of chronic diseases, there is an increasing demand for radioimmunoassay, driving the market.

Moreover, high expenditure on R&D by government organizations and pharmaceutical companies for early diagnosis and treatment is among the prime factors driving the regional market. For instance, as per Pharmaceutical Research and Manufacturers of America, the biopharmaceutical industry invested an estimated USD 102.3 billion in research and development (R&D) in 2021.

Due to the high transmission rate and lack of treatment, North American countries have suffered and are continuing to bear a significant burden on both their economies and healthcare systems. Many countries had been in lockdown and have suspended trades with other countries, implemented travel restrictions, etc., leading to declining in market capitalizations of major companies across the world. However, the situation is found to be improving gradually.

The healthcare facilities such as hospitals and diagnostic centers have invested heavily in maintaining the supply of essential equipment and drugs. Also, the medical equipment and pharmaceutical companies are focusing on their R&D and manufacturing facilities for the development and manufacturing of essential drugs and medical devices. Thus, the market is likely to grow at a faster pace in the upcoming years.

Competitive Landscape

The radioimmunoassay market is moderately competitive and consists of a number of major players. Companies like Danaher (Beckman Coulter Inc.), Berthold Technologies GmbH & Co. KG, DIAsource ImmunoAssays SA, DRG International Inc., among others, hold substantial market shares in the radioimmunoassay market.

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