The size of the Latin America radioimmunoassay market was forecasted at USD 53.45 million in 2022. It is estimated to be growing at a CAGR of 3.97% and worth USD 64.94 million by 2027.
Radioimmunoassay (RIA) is an advanced and rapid technology for finding target molecules in various biological substances, paving the way for this technology in the research and development and diagnosis of various diseases, such as cancer. This technique is sensitive because it can cause cancer in the initial stage, treat peptic ulcers, extend neurotransmitters, fast detection of infections, precise identification of allergens in food, etc. In 2020, nearly 10 million deaths were recorded due to cancer and its complications across the globe. The number of cancer deaths worldwide is predicted to increase to 16.5 million by 2040. The most common type of cancer in 2020 was reported to be breast cancer, with around 49 prevalent cases per 100,000 population across the globe.
Among the various applications of RIA, there is increased adoption in the pharmaceutical industries, research laboratories, and contract-based research organizations (CROs), collaborations with medical institutions, has led to the growing demand for industrial and home-based kits. In addition, the increasing need for quality, error-free results to ensure patient satisfaction has led research laboratories and diagnostic centers to opt for high throughput automated procedures. It is also one of the significant factors which have driven the growth of the Latin America RIA market to a large extent.
RIA is also used in neurodegenerative disorders, infectious diseases for endocrine or hormone testing, and autoimmune disease testing. Factors such as increasing cancer incidence rate, sedentary lifestyle, use of processed food items, aging population, heavily polluted urbanization, and others are predicted to drive the market during the forecast period.
However, the use of hazardous, radioactive material in the immunoassay, the high cost of the equipment required for the procedure, and lack of complete reimbursement policies for the test are some of the factors predicted to limit the growth of the Latin American radioimmunoassay market.
This research report on the Latin America radioimmunoassay market has been segmented and sub-segmented into the following categories:
By End User:
Based on the region, the Latin American region offers immense scope for development in the forecast years, as is evident from the region's high growth rate. Furthermore, despite a minor market share, the CAGR of the area is the second-highest globally, only behind Asia-Pacific. Therefore, this market shows promise during the forecast period.
Brazil held the largest share in the Latin America radioimmunoassay market in 2020 due to advances in medical research, clinical trials, high healthcare expenditure, and the growing senior population with chronic diseases. In 2019, health spending represented more than 9.6% of Brazil's gross domestic product (GDP), up from 9.48% the previous year. Moreover, government initiatives increased awareness among the population, and the growth of the medical tourism industry will provide great market growth opportunities in this region.
Mexico, followed by Bolivia and Argentina as the second and third largest markets, will dominate the Latin America radioimmunoassay market. The prevalence of infectious diseases, rapid growth in health infrastructure, increased spending by pharmaceutical industries on research and development to develop new products, and high expenditure in these regions is predicted to drive the overall Latin America radioimmunoassay market growth in the near future. For example, health spending in Bolivia accounted for over 6.4 percent of their GDP. In 2020, for the fourth year in a row, health spending in Mexico accounted for approximately 5.6% of its gross domestic product.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin America radioimmunoassay (ria) market profiled in the report is 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 and Stratec Biomedical AG.
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