The Asia Pacific radioimmunoassay market was calculated at USD 74.17 million in 2022. It is further estimated to be growing at a CAGR of 4.2% and values at USD 91.11 million by 2027.
Applications of radioimmunoassay can be used for infectious diseases, toxicology, neonatal analysis oncology, endocrinology, cardiology, hematology and blood tests, bone and mineral disorders, and autoimmune disorders. This increasing prevalence of diseases, which require technologically advanced products for diagnosis, is responsible for driving the growth of the APAC radioimmunoassay market during the forecast period.
In the biotechnology and pharmaceutical industry, radioimmunoassay is used for drug screening. However, the need for personalized diagnostics and treatment will drive the market in the future. For instance, the World Health Organization (WHO) reports indications that around 36% of nutritional deficiencies, 38% of perinatal conditions, 31% of respiratory disease, 34% of maternal conditions infections, and 28% of the global burden of infectious diseases and parasitic diseases are widespread in this region. APAC regions have seen a rapid increase in cardiovascular diseases (CVD) in the past several years. According to the Australian Government Department of Health and Aged Care, one in six Australians suffers from CVD, representing more than 4 million Australians. This indicates that approximately 16.7% of Australians live with CVD. Among Korean adult patients, the prevalence of clinically diagnosed CVD per 1000 people was reported to be 101.11 in 2015 and 103 in 2016. In the Japanese population, the death rate from CVD among the age group above 80 fell from 2.25% in 1966 to 0.95% in 2018, while the death rate among 90-year-olds fell from 4.75% in 1965 to 0. 96% in 2017.
In addition, the growing demand for healthcare automation and high throughput procedures in diagnostic laboratories and research centers to ensure customer and patient satisfaction with error-free results or misinterpretation are other factors that lead to the growth of the APAC radioimmunoassay market over the forecast period.
However, an alternative method to immunoassay for detecting biomolecules poses a challenge to the growth of the APAC radioimmunoassay market. Moreover, the high cost of the equipment required for the procedures and the hazardous, radioactive material are estimated to hamper the market's growth.
This research report on the Asia Pacific Radioimmunoassay Market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, Asia-Pacific is projected to experience a healthy growth rate during the forecast period, owing to the large population vulnerable to various chronic diseases and increasing healthcare facilities. China led the APAC market in 2020 and is forecasted to continue the APAC market throughout the forecast period due to the increasing adoption of technologically advanced devices, public awareness, high infection rates, better medical facilities, and increasing adoption of innovative products. In addition, government support and understanding are also increasing the growth of the Chinese market.
During the forecast period, the Japanese market is also estimated to grow at a promising CAGR. Furthermore, the market in this region is anticipated to witness significant growth during the forecast period, owing to the increasing prevalence of various infectious diseases and cancer, along with substantial investments in healthcare for research and development.
KEY MARKET PLAYERS:
Companies playing a notable role in the Asia Pacific RIA market profiled in this report are DIAsource Immunoassays SA, Beckman Coulter, IBL International, PerkinElmer, DRG International, MP Biomedicals LLC, Cisbio, Euro Diagnostica AB, DiaSorin S.p.A, EMD Millipore, Izotop, Berthold Technologies GmbH & Co. KG, Stratec Biomedical AG.
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