LONDON, Jan. 20, 2021 /PRNewswire/ -- According to a new market research report, titled "In-vitro Diagnostics Market by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories)—Forecast to 2027", published by Meticulous Research®, the in-vitro diagnostics market is expected to register a CAGR of 7% from 2020 to 2027 to reach $118.5 billion by 2027.
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The epidemiological burden of infectious diseases worldwide has increased in the past few years. During the past few decades, various infections such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika have emerged as major threats to public health. The outbreak of the coronavirus (COVID-19) disease is a recent example. Although healthcare professionals are working tirelessly on the frontlines to fight the pandemic, it is equally important to minimize the spread of the disease by preparing kits for early diagnosis. Testing is an important tool for understanding and managing the coronavirus pandemic. Multiple diagnostic test manufacturers have developed and started offering various assays & kits for diagnosis to mitigate shortages of laboratory-based molecular testing capacity and reagents. These simple test kits detect proteins from the COVID-19 virus in respiratory samples (e.g., sputum, throat swab), blood, or serum of human antibodies generated in response to an infection. Thus, the increasing prevalence of infectious diseases across the globe has significantly boosted the need to diagnose diseases, which is expected to drive the growth of the IVD market during the forecast period.
The Impact of COVID-19 on the In-vitro Diagnostics Market
The outbreak of the COVID-19 pandemic has created immense opportunities for the in-vitro diagnostics market as testing has emerged as one of the greatest solutions in managing the pandemic. Though several trials for candidate vaccines and potential therapies are underway, there is currently no cure, and in the absence of effective therapies or vaccines, diagnostic testing has become a valuable tool amidst the pandemic. It is important to highlight that different tests serve different purposes in the management of this pandemic: while viral RNA testing enables the point-of-care, acute detection of those infected with SARS-CoV-2, in time, the potential of immunological tests for contact tracing will be increasingly valued, with efforts to produce them on a large scale already being ramped up. Thus, the pandemic has led to the development of new kits and assays by the key manufacturers. For instance, in November 2020, Beckman Coulter, Inc. (U.S.) launched the Access SARS-CoV-2 IgG II test, a semi-quantitative assay that measures patients' relative levels of antibodies. In May 2020, ERBA Diagnostics Mannheim GmbH (Germany) launched its immunoassay-based kit—ErbaLisa COVID-19 ELISA kits to detect IgG and IgM antibodies to SARS-CoV-2. This kit allows qualitative and semi-quantitative detection of IgG and IgM antibodies. In February 2020, Altona Diagnostics GmbH (Germany) also launched the RealStar SARS-CoV-2 RT-PCR Kit 1.0 for detecting the coronavirus using PCR. Thus, this increase in newer diagnostic kits will boost the adoption of in-vitro diagnostics, thereby providing lucrative opportunities for the growth of the in-vitro diagnostics market in the upcoming years.
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The in-vitro diagnostics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027 by product & solution (consumables, systems, software & services), technology (ELISA, rapid tests, PCR, microbiology), application (infectious diseases, oncology), end user (hospitals, diagnostic laboratories), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on technology, the immunoassay segment is estimated to dominate the overall in-vitro diagnostics market in 2020. Advantages offered by immunoassays such as specificity, high-throughput, high sensitivity, and low costs drive the growth of this technology segment. The increasing use of immunoassays in POC & infectious disease testing owing to the coronavirus pandemic, the development of novel tests, increasing usage of miniaturized devices, and rising demand for immunoassay-based tests are the other factors driving the growth of this market.
Based on product and solution, the consumables segment is expected to register the fastest growth during the forecast period. Factors such as the rising need to identify diseases, the growing use of kits and reagents to identify organisms causing various diseases, and low cost are responsible for the fastest growth of the segment. The frequent use of assays & kits for the detection of various chronic diseases, the commercial availability of a diverse range of reagents, and increased demand for COVID-19 testing products are expected to propel the growth of the consumables segment during the forecast period.
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Based on application, the infectious diseases segment is estimated to account for the largest share of the in-vitro diagnostics (IVD) market in 2020 owing to the increasing global prevalence of infectious diseases, growing awareness regarding the importance of early diagnosis using specific diagnostic tests, and growth in funding for research on infectious disease diagnostics. Since the emergence of the coronavirus pandemic, the adoption of in-vitro diagnostic products for diagnosing infectious diseases has increased significantly.
Based on the end user, the diagnostic laboratories segment is estimated to account for the largest share of the in-vitro diagnostics (IVD) market in 2020. The rising number of accredited clinical laboratories, collaborations, partnerships, and other strategies adopted by the key players, and an increase in the volume of testing carried out in diagnostic laboratories owing to the COVID-19 outbreak are some of the key factors supporting the growth of the segment.
The report also includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2017–2020). The in-vitro diagnostics market has witnessed many new product launches, approvals, agreements, collaborations, partnerships, and expansions in recent years. For instance, in December 2020, F. Hoffmann-La Roche Ltd (Switzerland) launched the Elecsys SARS-CoV-2 Antigen test for the in-vitro qualitative detection of the nucleocapsid antigen of SARS–CoV–2. In July 2020, Thermo Fisher Scientific Inc. (U.S.) partnered with First Genetics JCS (Russia) to commercialize next-generation sequencing (NGS)–based diagnostics in Russia.
The key players operating in the in-vitro diagnostics market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), Thermo Fisher Scientific (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S.), DiaSorin S.p.A. (Italy), Ortho Clinical Diagnostics (U.S.), Siemens Healthcare GmbH (Germany), Sysmex Corporation (Japan), and Qiagen N.V. (Netherlands), among others.
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Scope of the Report:
In-vitro Diagnostics Market, by Product & Solution
- Consumables
- Systems
- Software & Services
In-vitro Diagnostics Market, by Technology
- Immunoassay/Immunochemistry
- Enzyme-linked Immunosorbent Assay (ELISA)
- Radioimmunoassay
- Rapid Tests
- Western Blotting
- Enzyme-linked Immunospot Assays
- Biochemistry/Clinical Chemistry
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology
- Microarray
- Hybridization
- DNA Sequencing & Next-generation Sequencing
- Microbiology
- Hematology
- Coagulation/Hemostasis
- Urinalysis
- Other Technologies*
*Other Technologies Include Anatomical Pathology, Histochemistry, and Others.
In-vitro Diagnostics Market, by Application
- Infectious Diseases
- Oncology
- Endocrinology
- Diabetes
- Cardiology
- Nephrology
- Other Applications*
*Other Applications Comprise Genetic and Neurological Disorders, Autoimmune Disorders, Hepatology, and Congenital Disorders.
In-vitro Diagnostics Market, by End User
- Diagnostic Reference Laboratories
- Hospitals & Clinics
- Home Healthcare
- Other End Users*
*Other End Users Comprise Nursing Homes, Academic and Research Institutes, and Transfusion Laboratories.
In-vitro Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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In-vitro Diagnostics (IVD) Market to Reach $118.5 Billion by 2027--Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by Meticulous Research® - PRNewswire
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