In-Vitro Diagnostics Market In-Depth Market Research Report 2020 to 2027
In the first half of 2020 (H1), the U.S. is anticipated to account for the largest share of in-vitro diagnostics industry followed by Europe. This owes primarily to the ongoing marketing of innovative diagnostic products associated with ongoing advances in the field of gene & immunoassay based products, the latest discovery of genetic biomarkers and their clinical significance in immunoassay testing, favorable government policies and their emphasis on the development of new products, and the significant expansion of target population.
Due to the rising demand for in-vitro diagnostic (IVD) kits, it has been observed that falsified medical products are flourishing in the market. These fake testing kits render the life of a patient at stake. WHO has received several reports concerning falsified in-vitro diagnostics (IVDs) and laboratory reagents for SARS-CoV-2 detection. Further, the misuse, stockpiling, and price gouging leads to severe supply chain disruptions. This has increased the risk for healthcare facilities with limited access to IVD kits during the care of COVID-19 patients. China being the epicenter of the pandemic became the key spot to disrupt the supply of goods.
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Diagnosis is the identification of the nature and cause of a certain phenomenon. It involves two different types of testing method: in vivo and in vitro diagnostics. In-vitro diagnostics (IVDs) tests are defined as tests executed outside a patientâs body which put analytical instruments, devices, reagents, calibrators and systems to use for checking of health status or diagnosing diseases. In-vitro means âin the glassâ, as traditionally these tests were directed in glass test tubes. On the other hand, in-vivo diagnostics tests like electroencephalography, electrocardiography and imaging are executed inside a patientâs body.
The global in-vitro diagnostics market size is expected to be valued at USD 61.0 billion in 2020, growing at a CAGR of 6.5% during 2020-2025. The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrades. The in-vitro diagnostics market is segmented on technology, end-user, and region/country.
Conclusion
It has been observed through the vast spread and rising trends of coronavirus cases each passing day that the novel coronavirus or COVID-19 is expected to leave a significant impact on every aspect of life or market. The risk pose by the infectious disease is not restricted to health but the dwindling economy also. The healthcare domain is under huge pressure to deal with the unimaginably big situation of COVID-19. Moreover, the surge in patients with this infectious disease anticipates in driving the demand for in-vitro diagnostics (IVD) in the market.
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