COVID-19 Testing Demand to Help In-Vitro Diagnostics (IVD) Market Reach USD 118.5 Billion by 2027

The global in-vitro diagnostics (IVD) market is projected to register a CAGR of 7% from 2020 to 2027 to reach USD 118.5 billion by 2027, driven mainly by the increased demand for diagnostic testing for understanding and managing infectious diseases, such as COVID-19.

These are the latest findings of Meticulous Research (Pune, Maharashtra, India), a market intelligence provider.

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 for diagnosing diseases, which is expected to drive the growth of the IVD market during the forecast period.

The outbreak of the COVID-19 pandemic has created immense opportunities for the IVD 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. Different tests serve different purposes in the management of the 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. This increase in newer diagnostic kits will boost the adoption of IVD, thereby providing lucrative opportunities for the growth of the IVD market over the coming years.

Based on technology, the immunoassay segment is expected to dominate the global IVD market due to advantages offered by immunoassays such as specificity, high-throughput, high sensitivity, and low costs. The increasing use of immunoassays in POC & infectious disease testing owing to the coronavirus pandemic, development of novel tests, increasing usage of miniaturized devices, and rising demand for immunoassay-based tests are the other factors driving the growth of the immunoassay segment.

Based on product and solution, the consumables segment is expected to register the fastest growth during the forecast period, led by the rising need to identify diseases, the growing use of kits and reagents to identify organisms causing various diseases, and low costs. The frequent use of assays & kits for the detection of various chronic diseases, commercial availability of a diverse range of reagents, and increased demand for COVID-19 testing products are expected to further propel the growth of the consumables segment during the forecast period.

Based on application, the infectious diseases segment is estimated to account for the largest share of the global IVD market owing to the increasing global prevalence of infectious diseases, growing awareness about the importance of early diagnosis using specific diagnostic tests, and growth in funding for research on infectious disease diagnostics.

Based on end user, the diagnostic laboratories segment is estimated to account for the largest share of the global IVD market. 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 diagnostic laboratories segment.

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