Global In-Vitro Diagnostics (IVD) Market to Surpass USD 115 Billion in 2028 Due to Increasing COVID-19 Test Volumes
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By LabMedica International staff writers Posted on 14 Dec 2021 |
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The global in-vitro diagnostics (IVD) market is expected to reach USD 117.54 billion in 2028, driven by a rise in geriatric population worldwide, growing awareness of regular body profiling, surging prevalence of chronic diseases such as cancer and diabetes, and increasing sales of over-the-counter diagnostic devices such as glucose monitoring kits.
These are the latest findings of Reports and Data (New York City, NY, USA), a market research and consulting company.
IVD refers to a wide range of biological tests performed in laboratory settings to accurately diagnose diseases. These tests are used for testing various samples such as blood or saliva samples for the precise detection of substances like cholesterol and sodium in the human body. IVD devices are widely used by clinicians for disease diagnosis and prevention, and help to detect the presence of specific markers such as genetic mutations in the human body.
The growing need for rapid and accurate disease diagnosis, technological advancements in IVD products, and increasing adoption of point-of-care in vitro diagnostic devices are also the key drivers of the IVD market growth. Additionally, the rapid spread of the coronavirus disease, increasing incidences of hospital-acquired infections (HAIs), rising volumes of COVID-19 tests including RT-PCR, and growing demand for home-care IVD products have boosted the demand for in-vitro diagnostics globally.
Based on product type, the reagents & kits segment led the global IVD market in 2020 with the largest revenue share on the back of increasing prevalence of infectious diseases such as COVID-19, surging need for accurate and rapid disease diagnosis, and growing applications of reagents & kits in IVD tests. Based on application, the infectious diseases segment is expected to hold the highest revenue share in the global IVD market, mainly due to the rising prevalence of infectious diseases such as HIV/AIDS, tuberculosis, and the novel coronavirus infection. The increasing adoption of advanced disease detection assays across healthcare institutions is also acting as the segment’s growth driver. Geographically, North America accounted for the highest revenue share of the global IVD market in 2020, due to its growing geriatric population, rising burden of chronic diseases, and increasing demand for point-of-care diagnostic testing devices, including COVID-19 diagnostic test kits, in the region.
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