Acumen Research and consulting recently publicize a market study titled “In-Vitro Diagnostics Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global In-Vitro Diagnostics Market is forecasted to grow at a CAGR of around 3.2% from 2020 to 2027 and reach a market value of over US$ 97.3 Bn by 2027.
North America is anticipated to be one of the leading regions for in-vitro diagnostics market till the forecast period. Easy availability of medical devices, rising awareness related to utility of the products, and presence of large pool of geriatric population suffering from various chronic diseases contribute for the growth of overall in-vitro diagnostics market in North America regional market.
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On the other hand, Asia-Pacific is projected to register fastest growth rate in the forthcoming years. Surging healthcare expenditure is one of the prominent factors that contribute for the growth of APAC regional market for in-vitro diagnostics. Other factors involve growing patient base for other chronic diseases boosts demand for in-vitro diagnostics (IVD) ultimately contributing the growth in APAC region. In APAC, the market is expected to record fastest growth rate in the forecast period with a CAGR of 6.1%. As APAC comprises of developing and developed economies it results in rising healthcare awareness and increasing patient going for early diagnosis in this region coupled with rising prevalence of chronic diseases. Such factors spur the global in-vitro diagnostic market regionally.
Condition specific biomarkers and tests
From the past, biomarkers have gained huge prominence and significant clinical value in the medical industry due to associated benefits within screening, diagnosis, and treatment of the disease. Markers in the diagnosis process help in determining grading, staging, and selection of the initial therapy. During the treatment, it can be utilized for monitoring therapy, selection of additional therapy, and monitoring recurrent diseases. Technological advancements in genomics, proteomics, and molecular pathology have helped to introduce new biomarkers with potential clinical value. Through integration of biomarkers and the availability of bimolecular tools are predicted to help in the development of a new range of condition specific tests, thus creating lucrative opportunities for the in-vitro diagnostics market globally.
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Unfavorable reimbursement policies
Inadequate reimbursement acts as a major restraining factor for the global in-vitro diagnostics market. As some of the molecular pathology tests do not have their own Healthcare Common Procedure Coding System (HCPCS) codes and are instead billed using unlisted codes. This acts as hindering factors for the global in-vitro diagnostics market.
The in-vitro diagnostics market is segmented based on product, technology, application, and end-user. By product, the market is segmented as instruments, reagents, and services. Based on technology, the market is segmented into immunoassay, hematology, clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. Furthermore, application segment is segmented as infectious diseases, diabetes, oncology, cardiology, nephrology, autoimmune diseases, drug testing, and among others. By end-user, the market is segmented as hospitals, laboratories, home care, and others.
The prominent players in the global in-vitro diagnostic market involves Abbott, Becton, Dickinson and Company (BD), bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens, QIAGEN, Sysmex, Thermo Fisher Scientific, among others.
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Some of the key observations regarding in-vitro diagnostics industry include:
- In March 2020, Abbott announced emergency use authorization (EUA) from the US Food and Drug Administration (FDA) for molecular test for the identification of SARS-CoV-2, the virus that causes COVID-19. The company developed approx. 150,000 laboratory tests thereafter.
- In May 2020, F. Hoffmann-La Roche AG announced the CE mark availability of Roche-vTAC, a new digital diagnostics solution. The product allows clinicians to obtain the results for arterial blood gas values from patients with respiratory or metabolic abnormalities with a simpler, less invasive venous puncture through the use of the digital algorithm.
- In September 2020, Bio-Rad Laboratories, Inc., announced the launching of its in-vitro diagnostics product namely, VIROTROL SARS-CoV-2 and VIROCLEAR SARS-CoV-2 positive and negative quality controls for use in antibody testing of SARS-CoV-2. The serological controls are available for in-vitro assay procedures in the US and have met the CE mark criteria for the in-vitro diagnostics market outside in the US.
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