In Vitro Diagnostics Market to Reflect Robust Expansion During 2020-2027
The in-vitro diagnostics market is expected to be worth USD 85.8 billion by the year 2027, advancing at a CAGR of 4.4% during this period, according to a recent report by Grand View Research, Inc.
There has been an increase in the number of cases of terminal illnesses and disorders such as cancer, cardiovascular diseases, along with the rapid growth in the cases of diabetes and other diseases around the globe has increased the global demand for in-vitro diagnostics market.
According to the International Agency for Research on Cancer, there were 17 million new cancer cases and 9.5 million fatalities due to the disease globally in 2018. This number is expected to grow up to 27.5 million new cases by the year 2040, with the expected fatality figures standing at 16.3 million by that period. With liver, breast and lung cancers some of the more common cancer types in recent years, IVDs can greatly help in the early detection, and thus, an early cure for the disease.
Cardiovascular diseases are the leading causes of death globally, according to the WHO, taking an average of 17.9 million lives each year. Moreover, four of 5 CVD deaths are due to heart attacks and strokes, with a third of these deaths caused prematurely before the age of 70 years. IVDs are helpful in understanding the severity of the disease, which helps in the development of suitable medicines.
In terms of products, reagents held the dominant market share in 2019. Moreover, the rise in the number of R&D initiatives related to reagents, as well as increase in demand for self-test and POC products are expected to accelerate growth of this market during the forecast period. The instruments segment is expected to expand at a substantial CAGR in the coming years, owing to technological advancements and innovations.
In terms of technology, the immunoassay segment dominated the global market in 2019, due to the increasing adoption of immunoassay based POC testing and rapid testing. The molecular diagnostics segment is anticipated to show fastest growth over the forecast period.
Based on end-use, the homecare segment is expected to show fastest growth over the coming years, while the hospitals segment accounted for the largest market share over the coming years, owing to the rising hospitalization cases in recent years.
In March 2020, CerTest Biotec launched a CE marked COVID-19 diagnostic test for the BD MAX™ System. The molecular test is available to clinical laboratories in nations that recognize the CE mark. The test detects SARS-CoV-2 in clinical samples by amplification of a fragment of the S gene of the virus.
Danaher completed the acquisition of GE healthcare Life Sciences in 2020, which would result in the rebranding of the latter company as Cytiva. Moreover, the company has also been approached by 30 customers regarding the development of developing potential vaccines to fight COVID-19.
In October 2019, Qiagen teamed up with Illumina for delivering sequencing-based IVD tests. As per the agreement, QIAGEN has non-exclusive rights to develop and globally commercialize IVD kits for use together with Illumina’s MiSeq™ Dx and NextSeq™ 550Dx Systems. The partnership has been agreed for a 15-year period.
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