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The global In vitro Diagnostics (IVD) market size was USD 80.43 billion in 2020. The market is projected to grow from USD 96.87 billion in 2021 to USD 149.03 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period. This crucial information is issued by Fortune Business Insights™ in its report titled, “In vitro Diagnostics (IVD) Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, and Other Techniques), By Setting (Laboratories and Point-of-care), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, and Other Applications), By End-user (Clinical Laboratories, Hospitals, Physicians Offices, and Other End-users) and Regional Forecasts, 2021-2028.” As per our analysts, the growth is owing to the surging investment by crucial players in research & development to modernize novel products and discover new applications of IVD procedures.
COVID-19 Impact: Positive Sales Graph Observed amid Pandemic Outbreak
As the COVID-19 pandemic hit the world about in 2019, the universal industries and sectors reported a stagnant growth rate chart in terms of the revenue collected. Several sectors experienced a downfall and were forced to close their units due to a loss in income. On the contrary, the COVID-19 pandemic has effectively raised the requirement for molecular diagnostics procedures on account of the factor that it is used to identify the SARS-CoV-2 infection. Though, other practices such as immunodiagnostics, clinical chemistry, hematology, among others, reported a deterioration in growth owing to government inflicted lockdowns and a decrease in general routine tests executed in clinics and laboratories across the globe. These factors are anticipated to bolster the market growth.
Moreover, the unveiling of fresh and innovative methods for prompt detection of the COVID-19 virus has escalated the demand for In vitro Diagnostics goods and services across the world. For example, in March 2020, Abbott Laboratories introduced molecular testing equipment that involves polymerase chain reaction (PCR) means on its m2000 Real-time lab-based portal to identify COVID-19 in accordance with an Emergency Use Authorization (EUA) in the U.S. and CE Mark.
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BD Declares FDA Emergency Use Authorization for Mixed COVID-19, Flu Rapid Antigen Test
Becton, Dickinson and Company, BD, which is a prominent worldwide medical technology corporation, made an announcement regarding the approval by the U.S. Food and Drug Administration (FDA) emergency use authorization (EUA) for a novel, quick antigenic test that can identify infections such as SARS-CoV-2 and influenza A and influenza B in just one test. The BD Veritor™ system for the quick revealing of SARS-CoV-2 & influenza A as well as B type-examination consumes nearly 15 minutes and differentiates amid SARS-CoV-2, influenza A and influenza B, by delivering conclusive affirmative or negative distinct digital display details for the above-mentioned tests. The company strategizes to introduce a novel test for the next virus season. The test is envisioned for entities who are doubted by a medical worker of being infected by COVID-19 or influenza A or B within a week of indication arrival. This test follows a similar, easy workflow as other quick examinations on the BD Veritor™ Plus System with an outcome in roughly 15-20 minutes.
More than 70,000 in-use BD Veritor Systems exist at clinics, hospitals, emergency care centers, nursing facilities, pharmacy centers, educational facilities, industries, and additional testing sites in all the U.S. states. The system is marginally bigger than a mobile device, contains single-button operation, workflow elasticity, and is simple to function. It is a perfect key for testing even in the absence of a healthcare guide. It further presents consumers' real-time notifying abilities by the voluntary BD Synapsys™ Informatics Solution, offering them the capability to effortlessly note data for sickness monitoring and observation motives. Such innovations are likely to aid In vitro Diagnostics market growth.
Rising Acceptance of Point-of-care Testing Devices to Impel Demand for IVD Tests
The escalating liability of illnesses has occasioned medical equipment firms to constantly innovate technologically progressive diagnostic gadgets. Besides, hospitals, clinics, and laboratories have confirmed a growing inclination towards point-of-care testing equipment to achieve precise real-time statistics. This aspect is probable to upsurge demand for point-of-care testing equipment, which eventually shall fortify the market for In vitro Diagnostics devices. Furthermore, the substantial development in original, innovative products reveals is promoting the growth of the IVD market.
List of Key Players Covered in this Market Report
Table of Segmentation
Value (USD billion)
Product Type, Technique, Setting, Application, End-user, and Region
By Product Type