Growth and Direction of In Vitro Diagnostics (IVD) Market

release time:2022-05-25 15:24:57

Medical diagnostic instruments have a wide range of product categories, as simple as thermometers and as complex as MRI machines. In recent years, the aging population, the emergence of chronic diseases, infectious diseases and pathogens, and the market demand for rapid diagnostic results have driven the rapid growth of the diagnostic market.

Growth and Direction of In Vitro Diagnostics (IVD) Market

In Vitro Diagnostics Surge

According to statistics, global in vitro diagnostics is growing at a rate of 4.4% to 5.7% per year. The in vitro diagnostics market is predicted to exceed $87 billion by 2024. In addition to these IVD instruments themselves, the market for related products, such as reagents for molecular diagnostics, software and diagnostic services, will also grow steadily.

POCT diagnostics continue to grow

The demand for point-of-care diagnostic services and rapid test results has created a large market for point-of-care (POC) instruments. The market for home healthcare maintenance and home self-diagnostic testing will grow rapidly as patients become more aware of non-formulated home test kits for certain types of cancer and other conditions. Convenience and privacy are important factors that contribute to the need for patients to perform tests at home.

Impact of COVID-19

COVID-19 has attracted global attention while accelerating the explosion of the in vitro diagnostics market. Recently, BCC Research released a newer research report. The report points out that the global market for new coronary tests is as high as $400 billion in 2020 and is expected to increase to $600 billion to $1,400 billion in the next five years, with a compound annual growth rate of 15%, and that infectious disease diagnostics may dominate the entire diagnostic market in the coming years.

Molecular Diagnosis

Compared with the well-developed technologies such as immunodiagnosis and biochemical diagnosis, molecular diagnosis is in a rapid growth stage and is a fast-growing segment in the field of in vitro diagnosis. With the advantages of shorter testing time, higher sensitivity and better specificity, molecular diagnostics has become a fast-growing segment in the IVD field. From clinical, scientific research to personal consumption, molecular diagnostics has strong potential in the field of genetic diseases and cancer.

Microfluidics

According to statistics, microfluidics for POCT and clinical diagnostics is expected to grow by more than 22% by 2025. Due to the advantages of microfluidics-based diagnostic instruments with high integration, high test accuracy and rapid testing, more and more medical institutions and hospitals are adopting devices that use microfluidics in their diagnostic equipment.

The development of in vitro diagnostic industry worldwide has gone through a process of technological innovation, renewal and iteration. New rounds of technology will be generated in the future as the industry continues to reshuffle and the market demands for quality continue to increase.

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