The global infectious diseases in-vitro diagnostics market is expected to reach a market size of USD 26.54 Billion by 2027, and register a high CAGR during the forecast period, according to a new report by Reports and Data. Consistent and high investments in research and development, and rising awareness is among some of the key factors driving market growth. Rising prevalence of chronic diseases and ailments, along with increasing geriatric population, are propelling revenue growth of the infectious diseases in-vitro diagnostics market currently, and this trend is expected to continue over the forecast period.
Increase in number of surgical procedures being performed globally is also projected to boost market growth. Growing prevalence of infectious diseases such as Respiratory Virus, TB and Drug-resistant TB, HIV, Hepatitis C, and Hepatitis B is creating a rising need for more effective treatment or therapy, which is positively contributing to market growth. Additionally, governmental bodies such as CEA, CDC, and FDA have listed guidelines and safety measures that are expected to continue to support growth of the market.
The COVID-19 impact:
The outbreak of the COVID-19 virus has resulted in a major demand for diagnostic kits. Market growth has increased significantly in recent months due to a rapid surge in demand for diagnostic kits in COVID-19 detection tests. The high demand is mainly due to the emergency launch of testing kits along with ongoing developments. According to The Rockefeller Foundation, around 70 million POC (Point of Care) tests a month were conducted in the United States by the end of October 2020. The number is expected to increase to approximately 200 million a month by January 2021.
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Further key findings from the report suggest
- An increase in the number of research and development initiatives related to the target market and surge in demand for point of care and self-test is expected to fuel revenue growth of the reagents segment, thereby driving growth of the global infectious diseases in vitro diagnostics market.
- Increase in HAIs (hospital-acquired infections) is driving demand for in vitro diagnostic (IVD) kits in infectious diseases. Moreover, increasing STDs (sexually transmitted diseases) will also create a growing need for molecular diagnostic IVD tools.
- The point of care (POC) segment revenue is forecast to register a higher rate due to increasing initiatives to reduce stay in hospital to limit overall expenses.
- North America accounted for the largest revenue share in the infectious diseases in-vitro diagnostics market in 2019. Robust presence of advanced research and testing infrastructures in countries in the region is another factor supporting market growth.
- Key participants include Abbott, Quidel Corporation, bioMérieux SA, Alere Inc., F. Hoffmann-La Roche Ltd., Cepheid, Orasure Technologies, Inc., Qiagen N.V., Becton, Dickinson and Company, and Bio-Rad Laboratories, Inc., among others.
For the purpose of this report, Reports and Data has segmented the global infectious diseases in-vitro diagnostics market on the basis of product, technology, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Molecular Diagnostics
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Point of Care
- Central Laboratories
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Infectious Diseases In Vitro Diagnostics market growth over the forecast period of 2021-2027. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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