The size of the Europe Radioimmunoassay Market was valued at USD 97.64 million in 2022. It is projected to grow at a CAGR of 3.33% and be worth USD 115.01 million by 2027.
The increasing prevalence of chronic and infectious diseases is primarily driving the radioimmunoassay market in the European region. The assay's accuracy and sensitivity are determined mainly by the quality of antigens and antibodies used and the separation procedures used. In addition, the in-vitro process of the assay is carried out using radioimmunoassay kits. Governments and private organizations across the region are taking initiatives and investing in the healthcare sector to develop infrastructure, research, and development activities. As a result, central laboratory and point-of-care tests encourage market growth. In addition, according to Commonwealth Fund statistics released in January 2019, heart disease is one of the significant causes of mortality in Germany, accounting for about 38 percent of all deaths.
On the other hand, increasing government initiatives help develop tools such as immunoassay analyzers, which are expected to provide lucrative growth opportunities to the market growth. Furthermore, technological advancements in the healthcare sector, increasing adoption of automated immunoassay analyzers, and growing healthcare spending are surging market growth. In addition, the emergence of the covid-19 pandemic has led to the radioimmunoassay market. As a result, the consumption of immunoassays has significantly increased during the pandemic period. This has created lucrative opportunities for companies to produce innovative and advanced analyzers.
However, factors such as the short shelf life of radiolabelled substances, the presence of hazardous, radioactive elements in the assay, and the disposal of radioactive waste are hampering the growth rate of the European radioimmunoassay market.
This research report on the European radioimmunoassay market has been segmented and sub-segmented into the following categories:
By End User:
Based on the region, the European region has the second-highest market share globally, only behind the likes of North America, albeit with a low CAGR rate. The low growth rate of the region can be attributed to the fact that most countries in the region are at their pinnacle of development, and the room to grow is fast decreasing. Nevertheless, the European market accounted for a substantial share of the global radioimmunoassay market in 2020, and it is anticipated to continue its dominance throughout the forecast period. The regional market growth is attributed to the presence of a well-established healthcare infrastructure, the presence of key market companies, and favorable reimbursement policies. In addition, emerging countries such as Germany, the UK, France, Italy, and Spain expand the European radioimmunoassay market growth.
The German radioimmunoassay market accounted for the largest European market share and is likely to witness a significant share during the forecast period. The increasing incidence of cancer, Growing awareness, and Urbanization with a heavy population drive the market growth. Also, the Presence of CROs and pharmaceutical industries, technological advancements in the healthcare sector, and the increasing focus of key market players on developing new products are accelerating the market growth. Germany accounts for the high percentage of diabetes in Europe. According to the International Diabetes Federation, around 15.3 percent of adults in Germany,
Similarly, the UK radioimmunoassay market is expected to register a promising share in the European region in the coming years due to the growing geriatric population and the rising need for quality and error-free results to ensure patient satisfaction and high healthcare spending.
Furthermore, other emerging countries such as Italy, Spain, and France are expected to witness a considerable share during the forecast period. In addition, a significant increase in research and development activities by the pharmaceutical and biopharmaceutical industries, the rising number of blood donations in blood banks, and continuous technological advancements contribute to the radioimmunoassay market.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Europe radioimmunoassay market profiled in the 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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