The in vitro diagnostics market in Asia Pacific is expected to grow at the fastest rate

 

Global IVD Market held USD 70131.1 million in 2020 and it anticipated to reach USD 108911.3 million in 2030, with 4.5% CAGR. This information is published by Decision foresight, in its report, titled, “Global IVD Market, 2020-2030.”In-vitro diagnostics are tests that are carried out on samples of blood or tissue taken from the human body. Diseases and other disorders can be detected with in-vitro diagnostics. They're used to keep track of a person's general health in order to diagnose, treat, or avoid illnesses. Reagents, control materials, calibrators, kits, software, and associated apparatus are among the devices that range from simple assays to advanced DNA technologies. Precision medicine can also employ in-vitro diagnostics to identify patients who are likely to benefit from certain treatments or therapies.

COVID-19 Impact: Affirmative Commercial Business Sales Observed amid Pandemic

The need for new COVID-19 test kits has increased in the in vitro diagnostics business, creating a tremendous potential for the industry's major players. As a result, the overall impact of the COVID-19 pandemic on major participants in the in vitro diagnostics sector remained positive. However, owing to shutdown, a small number of businesses have suffered a setback, resulting in a decrease in the number of IVD tests done throughout the world. However, the quick demand for newly announced emergency use approved IVD tests utilised for COVID-19 detection offsets this negative impact.As the pandemic COVID-9 epidemic spreads throughout the world, scientists have been focusing on creating new kits from January 2020. The impact of the crisis is having a significant influence on IVD market demand. The demand for this industry currently is primarily driven by the necessity for pre-diagnosis analysis to follow the individuals afflicted by illnesses. Due to their efforts in diagnostic testing, China has halted the spread of COVID-19. It has compelled pharmaceutical firms to respond to these demands and create COVID-19 testing kits. South Korea drew notice for testing a large number of people in a short amount of time.

Segmentation

The global IVD market is segmented by product type into reagents & consumables, instruments, and software & services. By technique, the market is divided into immunodiagnostics, hematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and other techniques. By application, the market is segmented into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. By the end-user, the market is categorized into a standalone laboratory, hospitals, academic & medical schools, point of care testing, and others. By geography, the market is bifurcated into North America, Asia Pacific, Europe, and the RoW. In product type segment the Reagents and Kits section led all others in 2020 and is expected to do so again throughout the projected period. The market's demand is being sparked by an increase in the use of various equipment in laboratories to assure high performance levels in the biotechnology area. The increasing use of various types of instruments in hospitals and labs are some of the reasons driving the growth of the in-vitro diagnostics market. Following the reagents and kits category, the instruments market is expected to grow at a strong CAGR during the projected period. The adoption of sophisticated technologies and the entry of new players are two aspects that are propelling the market forwards.

 

Drivers and Restraints

Emerging economies presents attractive possibilities for major participants in the in vitro diagnostics market

Furthermore, the rise in the geriatric population, which is more susceptible to immunological diseases, is a significant driver driving the market forwards. The World Health Organization estimates that the number of individuals aged 65 and over will reach 1.5 billion by 2050. Cancer, Alzheimer's disease, arthritis, and other diseases have a strong link to ageing. The laboratories utilise immunoassay-based tests aggressively in treatment processes, which is likely to boost the in-vitro diagnostics market.

The need for suitable treatment services is increasing to the point where this market's demand is levelling out. Furthermore, the increased usage of customised pharmaceuticals in the treatment of different chronic illnesses, such as cancer, is propelling the industry forwards. In addition, the market is expected to rise due to technical improvements in in vitro diagnostic products, technologies, software, and services.

However, the market for in vitro diagnostics is expected to be constrained by rigors government restrictions and poor reimbursement policies. In vitro diagnostics products have seen major advancements and advances in the last decade, including the adoption of new products and design changes, among other things. However, the high cost of IVD devices, as well as the high cost of equipment maintenance, limited market development to a certain extent. In addition, the operation of in-vitro diagnostics devices necessitates the use of trained specialists. As a result, the device's maintenance costs are rising, putting the brakes on the market's overall expansion. Inadequate reimbursement is a key stumbling block to the IVD market's expansion. A few years ago, Medicare in the United States changed the way it reimbursed several IVD testing, including molecular diagnostics. Some molecular pathology tests don't have their own Healthcare Common Procedure Coding System (HCPCS) codes, therefore they're invoiced using unlisted codes instead. Medicare Administrative Contractors (MACs) set a payment amount for their local jurisdictions in such instances.

 

Regional Insights

North America is leading in IVD market. According to a research released by the American Heart Association, Inc., cardiovascular diseases (CVDs) killed an estimated 0.84 million people in the United States in 2016. CVDs and stroke accounted for an estimated 14.0 percent of total healthcare expenditures in the United States, according to the research, resulting in a huge influence on overall healthcare cost. Along with cardiovascular diseases, the worldwide in-vitro diagnostics market is expected to expand at a faster rate over the projected period due to an increase in the incidence of other diseases such as diabetes, cancer, and obesity. According to the Centers for Disease Control and Prevention, roughly 30 million individuals in the United States had diabetes in 2019. Furthermore, diabetes is the seventh greatest cause of death in the United States, according to estimates. Overweight circumstances, hereditary disorders, ageing, and a sedentary lifestyle are all expected to contribute to an increase in diabetes prevalence in the region. As a result, the worldwide in-vitro diagnostics market is expected to be driven by the growing prevalence of infectious and chronic illnesses such as cardiovascular diseases, cancer, diabetes, and respiratory disorders throughout the forecast period.

Particularly in emerging nations like India, South Korea, Australia, and China. Seegene Inc., for example, stated in April 2021 that it had received approval from South Korea's Ministry of Food and Drug Safety to begin exporting its COVID-19 variant testing to nations all over the world. This permission will strengthen the company's global sales and market position. To increase in healthcare spending and a rise in diabetes prevalence in the region. Various reasons, such as the large patient population of other chronic illnesses that necessitate IVD testing; also contribute to the Asia-Pacific market's growth.

Competitive Landscape

Market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions.

Key companies have been able to extend their businesses into numerous end-user industries and acquire a competitive advantage as a result of their investments in sophisticated technology. Established market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions. Companies are engaged in various strategies, such as mergers &acquisitions, product launches, partnerships, and joint ventures to gain a greater market share. For Instance In Oct 2017, Alere was acquired by Abbott Laboratories on October 3rd. Despite antitrust requirements that Alere sell many of its diagnostic operations to Quidel and Siemens Healthineers, Abbott becomes the world's leading provider of point-of-care testing systems. As Abbott combines the two companies, hospitals and clinical laboratories buying IVD products from Abbott and Alere should expect changes. This purchase is the latest example of in vitro diagnostics sector concentration. Laboratories and hospitals that buy IVD equipment and consumables from both firms should expect a lot of changes in the next year or two as Abbott Laboratories merges the two businesses.

Industry Development

May 2021:BioEcho Life Sciences a German company has announced that its EchoLUTION Viral RNA/DNA Swab Kit product line, which has been categorised as a medical device Class A IVD in the European Union, has just gained CE-mark clearance. To acquire this certification, the equipment must comply with the European Parliament and Council Regulation 2017/746 on in vitro diagnostic medical devices, which came into effect in April 2017.

List of Key Players Covered in this Market Report

·         Thermo Fisher Inc

·         bioMérieux SA

·         Bio-Rad Laboratories

·         Abbott

·         Danaher

·         Seegene Inc.

·         BioEcho

·         DiaSorin S.p.A.

·         Becton, Dickinson and Company

·         Siemens Healthineers AG

·         QIAGEN

·         Quidel Corporation

·         F. Hoffmann-La Roche AG

·         Sysmex Corporation

·         Charles River Laboratories International, Inc.

·         Quest Diagnostics

·         Agilent Technologies

 

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