ALBANY, N.Y., March 04, 2022 (GLOBE NEWSWIRE) -- The growing clinical acceptance of next-generation molecular diagnostics for infectious disease treatment and in the development of cancer therapies have propelled revenue generation in the in vitro diagnostics market. Enormous advancements have been made particularly in next-generation sequencing (NGS), opening new frontiers in disease biology. The analysts at TMR thus project vast growth possibilities, projecting the global valuation to reach US$ 115.43 Bn by 2028.
In vitro diagnostic testing tools have considerably expanded the horizon of clinical decision-making. Numerous such tools have found application in diagnosing and monitoring of a wide spectrum of diseases. Sales in the in vitro diagnostics market are growing on the back of the need for early-stage and cost-effective therapeutic interventions, notably in infectious and communicable diseases.
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IVD tests have played an indispensable role in the management of the COVID-19 pandemic. The in vitro diagnostics market has thus received a massive impetus in sales in the past few months, observe the analysts at TMR. This is evident in the widespread commercialization of SARS-CoV-tests based on IVD.
Key Findings of In Vitro Diagnostics Market Study
- Growing Morbidity & Mortality of Tumors Spur Demand: Molecular diagnostics play an indispensable role in identifying tumor aberration, thus attracting attention of the healthcare industry as crucial for reducing the morbidity and mortality of cancer. Of note, in vitro diagnostic tools are growing in promise in diagnosis and prognosis of treatments for colorectal cancer, gastrointestinal stroma tumor, and late-stage melanoma. A case in point has been widespread use of IVD for cervical cancer screening programs.
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- Growing Adoption of Point-of-care (POC) Services in Therapeutics Bolstering Growth: Point-of-care services are gaining popularity for new treatment regimens. These are gaining traction for infectious diseases. The high prevalence of this is expected to underpin massive revenues. The infectious diseases segment held the major share of the global in vitro diagnostics market in 2020. The rapidly growing demand for point-of-care services in emerging economies is catalyzing the revenue growth, assert the analysts in a TMR study on the in vitro diagnostics market.
- Advancements in Next Generation Sequencing Tests Expand Oncology: Next generation sequencing (NGS) is gaining preference over individual molecular tests in oncology. It allows clinicians to test several genes of cancer simultaneously. Thus, R&D in vitro diagnostics tools are expected to pave the way for more effective treatment regimens for cancer, thus generating enormous lucrative opportunities, notes the TMR study on the in vitro diagnostics market.
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In Vitro Diagnostics Market: Key Drivers
- In addition to the vital role of IVD testing in routine patient management, the use of IVD tools for disease prognosis and in predicting treatment response has opened up vast lucrative avenue, assert the authors of the TMR study on the in vitro diagnostics market.
- Expanding scope of precision medicine is bolstering the growth of the in vitro diagnostics market. Of note, growing R&D in precision medicine is increasingly shaped by advancements in IVD technology.
In Vitro Diagnostics Market: Regional Growth Dynamics
- North America held a major share of the global in vitro diagnostics market in 2020. By 2028-end, the valuation of the regional market is estimated to reach US$ 44.33 Bn. The U.S. has been a highly lucrative market, mainly on account of vast adoption of IVD tools particularly widespread adoption of next generation sequencing in clinical practice.
- The Asia Pacific vitro diagnostics market is projected to witness vast profitable opportunities during the forecast period (2021–2028). The growth is fueled by rising use of IVD testing in managing communicable and non-communicable diseases.
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In Vitro Diagnostics Market: Key Players
Some of the key players in the vitro diagnostics market are Sysmex Corporation, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Inc., Ortho-Clinical Diagnostics, Inc., Diasorin, Abbott, bioMérieux SA, Siemens Healthineers, Danaher, and F. Hoffmann-La Roche Ltd.
Global In Vitro Diagnostics Market: Segmentation
In Vitro Diagnostics Market, by Technology Type
- Point-of-Care
- Molecular Diagnostics
- Immunoassays
- Clinical Chemistry
- Whole Blood Glucose Monitoring
- Hematology
- Clinical Microbiology
- Coagulation and Hemostasis
- Others
In Vitro Diagnostics Market, by Application
- Drug Testing
- Infectious Diseases
- Oncology
- Metabolic Diseases
- Autoimmune Diseases
- Others
In Vitro Diagnostics Market, by End-user
- Diagnostic Laboratories
- Hospitals
- Academic & Research Centers
- Home Care
- Others
In Vitro Diagnostics Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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