Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) --
The global in vitro diagnostics (IVD) market size is estimated to witness lucrative growth during the forecast timeline owing to the rising occurrence of chronic infectious diseases. Many companies across the world are conducting a variety of research and development activities to develop technologies and testing mechanisms that can quickly offer an accurate diagnosis of a patient’s underlying medical condition. Governments are also planning and launching various initiatives to boost the production of IVD test kits in their respective regions. The region-wise trends fostering market size during 2021-2027 are discussed below:
- North America (regional valuation to go past $49 billion):
Robust use of reagents and kits:
Reagents and kits captured a share worth $20.5 billion in the North America IVD market in 2020. The products are readily available across pharmacies and new products are being launched every year by healthcare organizations. The demand for point-of-care diagnostic products is growing and so is the acceptance of self-testing tools, which will favor the use of reagents and kits in the region.
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Demand for immunoassay/immunochemistry test grows:
The immunoassay/immunochemistry test is projected to record 5.5% CAGR through 2027 as immunoassays are being used on a large scale in alcohol & drug testing and oncology. Immunoassays are being equipped with advanced technologies to help medical professionals create an early diagnosis, which will fuel their adoption.
IVD test kits highly used to treat chronic infectious diseases:
The infectious disease applications held a share worth more than $7.9 billion in the North America in vitro diagnostics market in 2020. Chronic infectious diseases like diabetes are affecting a large percentage of the elderly population as it is highly susceptible to various endocrine disorders, which will stimulate the use of IVD test kits.
- Asia Pacific (regional valuation likely to surpass $23.7 billion):
IVD instruments gain traction among end-users:
IVD instruments accounted for a share worth $4.4 billion in the Asia Pacific in vitro diagnostics market in 2020. End-users in the industry are focusing on developing cutting-edge in vitro diagnostic instruments with the help of innovative technologies. These instruments are being extensively used across diagnostic centers and hospitals as the number of patients being diagnosed with infectious diseases are rising.
On the other hand, medical professionals are exercising the option of outsourcing instruments as they incur low operating costs and have higher speed and efficiency, which will increase their demand among end-users.
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Growing communicable diseases hike use of molecular diagnostics:
The molecular diagnostics segment is likely to record around 6% CAGR through 2027. Molecular diagnostic tests are mainly used to identify specific RNA and DNA sequences that may be directly or indirectly responsible for causing an infection. Infections like COVID-19 are rapidly spreading and these tests can help detect the infectious ailment, thereby augmenting their use.
Use of IVD test kits in drug testing/pharmacogenomics:
The drug testing/pharmacogenomics applications held a share worth more than $1 billion in the Asia Pacific IVD market in 2020. The number of people falling prey to drug addictions is rising in the region. Many end-users are pushing for a comprehensive legal framework for drug testing that can make it easier for doctors to administer treatments and reduce the number of drug abuse cases.
The COVID-19 pandemic created an opportunity for medical research organizations to discover newer ways of conducting drug tests, resulting in the development of fingerprint-based drug testing kits. Since these tests are non-invasive, consume lesser time, and maintain great hygiene, they will be highly demanded by patients.
- Europe (regional valuation may exceed $27.6 billion):
Clinical chemistry test highly used to analyze body fluids:
The clinical chemistry test segment may witness more than 2% CAGR over 2021-2027. Clinical chemistry test is majorly used to analyze the body fluids for therapeutic and diagnostic purposes. Some of the most tested samples in pathology include urine, plasma, and serum, which give diagnosticians a preliminary idea of a patient’s medical condition, thereby driving the use of clinical chemistry tests.
Access sample pages of the report, “Europe In Vitro Diagnostics (IVD) Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1019/sample
Role of IVD test kits in cardiology:
The cardiology applications held a share worth around $2.2 billion in the regional in vitro diagnostics market in 2020 as the cases of cardiovascular disorders are rising in the region. According to the European Cardiovascular Disease Statistics, 3.9 million people die from cardiovascular diseases every year. Out of this, over 1.8 million deaths take place in the EU. These figures have prompted people to get an early diagnosis of their condition, leading to the rise in use of IVD test kits.
Academic and research institutes may highly use IVD test kits:
Based on end-use, academic and research institutes captured around 10% share of the market in 2020. The need for IVD test kits to study the Next Generation Sequencing (NGS) tests, run pre-determined gene panels, or take on other clinical research applications is growing among end-users in research labs. Additionally, the number of academic and research institutes are increasing in the region, thereby fostering the use of IVD test kits.
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