In-vitro diagnostic (IVD) tests are performed on human bodily tissues or blood samples to detect diseases or disorders, or to monitor a person’s overall health to treat, prevent, or cure diseases.
IVD tests have significant importance as they can detect and diagnose infectious diseases, cancers, cardiovascular diseases, and autoimmune disorders, among others. Apart from disease diagnosis and detection, precision medicine can also make use of in-vitro diagnostics to pinpoint patients who will likely benefit from specific medications or treatments. As a result, IVD tests have had an increasing impact on the healthcare industry and present a huge growth opportunity.
Top In-Vitro Diagnostic (IVD) Market Trends
As per the latest In Vitro Diagnostic Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) report from Mordor Intelligence, the global IVD market is expected to reach USD 101.5 billion by 2027 from USD 76.3 billion in 2021.
The rising prevalence of chronic diseases, technological advancements in IVD products, increasing adoption of point-of-care (POC) diagnostics, and increasing acceptance and awareness about personalized medicine and companion diagnostics are some of the major factors that are fueling the demand for IVD products globally.
For instance, per the British Heart Foundation (BHF) 2022 report, more than 7.6 million people were living with heart and circulatory diseases in the United Kingdom in 2021, and these numbers are further expected to increase with the rising prevalence of risk factors such as diabetes, hypertension, and obesity, among others, and a growing geriatric population which is expected to drive the demand for IVD products.
Further, according to the 2022 report of the American Cancer Society (ACS), about 1.92 million new cases of cancer are expected to be diagnosed in the United States compared to 1.89 million cancer cases in 2021, which shows an increasing burden of cancer cases in the United States. Hence, the demand for IVD products is expected to increase in the future, fueling demand for IVD products.
COVID-19 and In-Vitro Diagnostics
The emergence of the COVID-19 pandemic on the world stage acted as a precursor to the in-vitro diagnostic (IVD) market as the demand for IVD products increased manifold during the period. Additionally, the technological leap in the development of novel IVD products was observed during the pandemic.
For instance, COVID-19 testing-related sales of Abbott Laboratories increased by 97% from USD 3.9 billion in 2020 to USD 7.7 billion in 2021. Similarly, the sales of F. Hoffmann-La Roche Ltd (Roche) from COVID-19-related tests increased from approximately USD 2.8 billion (CHF 2.6 billion) in 2020 to about USD 5 billion (CHF 4.7 billion) in 2021. Hence, this immense growth in revenues shows the profound impact of COVID-19 on the IVD market, where the sales value from only two companies accounted for over USD 12.7 billion in 2021.
Further, both established and emerging companies, along with other stakeholders such as government organizations and academics, were all involved in the development and commercialization of COVID-19 diagnostics devices. Hence, due to the COVID-19 pandemic, the launch and approval of hundreds of products in the global IVD market were observed. For instance, since the beginning of the pandemic, the United States Food and Drug Administration (FDA) has approved more than 250 IVD products for COVID-19 testing in the United States alone.
Some of the approved IVD products for COVID-19 by the FDA are listed below:
IVD Market Segmentation and Market Share
The IVD market is categorized into six segments: test type, product, usability, application, end-user, and geography.
- By test type, the immuno-diagnostics segment held the major share of the market in the current year, and the trend is expected to continue over the forecast period.
- By product type, the reagents segment held the major share in the global IVD market and is expected to continue the growth trend during the forecast period.
- By geography, North America is leading the IVD market in the current year and is expected to do so over the forecast period, owing to the presence of a robust healthcare system, the high adoption rate of IVD devices, and the rising burden of chronic diseases.
Future of the IVD Market
Major factors that are expected to boost the IVD market’s growth in the future are:
- The adoption of emerging technologies in point-of-care (POC) testing devices, such as miniaturization in chip technology, novel biosensors, microfluidics, and design of new systems for POCT.
- The rising integration and assimilation of bioinformatics into diagnostics, along with artificial intelligence to increase the accuracy and precision of IVD tests.
IVD Market Research Report
The latest In-vitro Diagnostic Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) report offers a detailed quantitative and qualitative analysis of the market, providing insights for market driving and restraining factors, Porter’s Five Forces Analysis, detailed segmentation analysis, competitive landscape, and future opportunities of the market.
The report offers detailed qualitative and quantitative insights for 17 different countries across major regions that include North America, Europe, Asia-Pacific, the Middle East and Africa (MEA), and South America. The report also analyzes the key companies in the market and provides an in-depth analysis of these companies, their product offerings, and key strategies for the IVD market.
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