London, March 15, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “In-Vitro Diagnostic Reagents Market by Type (Oligonucleotide, Antibodies, Nucleic Acid Probe), Technology (Immunoassay, Hematology, Microbiology), Use (Research, Analyte Specific Reagent), End User (IVD Manufacturer, Clinical Laboratory) - Forecast to 2027”, published by Meticulous Research®, the IVD reagents market is expected to grow at a CAGR of 7% from 2020 to reach USD 77.6 billion by 2027.
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The epidemiological burden of infectious diseases across the globe has increased in the past few years. During 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 are the majorly occurred emerging infections. The recent outbreak of the coronavirus (COVID-19) disease is an example of the same. Testing is one of the greatest tools in understanding and managing the pandemics. Apart from this, the advances in protein-engineering technologies, such as mass spectrometry; advances in molecular genetics; and progress in production technologies are some of the key drivers of the IVD reagents market. This has urged drug developers to exploit the functional characteristics of desired proteins by maintaining or enhancing product safety or efficacy. The fastest-growing class of therapeutic proteins is an antibody that includes bispecific mAbs and multispecific fusion proteins, and mAbs conjugated with small molecule drugs designed for the treatment of cancers, immune disorders, infections, and other diseases. According to a research article published in F1000Research (an innovative open access publishing platform), the recent developments in protein purification technologies and expression systems have increased the production of therapeutic peptides while maintaining product safety or efficacy or both at the same time. Due to this, the number of therapeutic peptides approvals has grown significantly over the past few years.
Further, government initiatives for the development of personalized medicines, which include monoclonal antibodies as its major part, boosted the production of antibodies. Therefore, the increasing demand for therapeutic proteins and personalized medicine and their subsequent increase in approvals is expected to create significant opportunities for the players operating in the IVD reagents market.
Impact of COVID-19 on the IVD Reagents Market
The COVID-19 pandemic has adversely hit many economies around the globe. In this global pandemic, although many dedicated healthcare professionals work tirelessly on the frontlines to fight against this crisis, it is equally important to minimize the spread of disease by preparing kits for early diagnosis. Thus, the outbreak of the COVID-19 pandemic has created immense opportunities for the IVD reagents market as testing has provided one of the greatest solutions in managing the pandemic. In response to the pandemic and shortages of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers have developed and begun selling various assays & kits which are prepared by using the IVD reagents.
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Thus, this increase in the launch of newer diagnostic kits will result in the increased adoption of IVD reagents for the kits or the assay development, thereby providing lucrative opportunities for the IVD reagents manufactures in the upcoming years.
The overall IVD reagents market is mainly segmented by type (oligonucleotide, antibodies, nucleic acid probe), technology (immunoassay, hematology, microbiology), use (research, analyte specific reagent), end user (IVD manufacturer, clinical laboratory), and geography. The study also evaluates industry competitors and analyzes their market share at a global and regional level.
On the basis of technology, the immunoassay/immunochemistry segment accounted for the largest share of the overall IVD reagents market in 2020. However, the molecular diagnostics segment is expected to grow at the fastest CAGR during the forecast period due to factors such as the high prevalence of infectious diseases, rising awareness of personalized medicine and companion diagnostics, and advancements in molecular techniques. Further, the rising focus of market players on the development of diagnostic NGS kits and reagents and rising penetration of cutting-edge clinical laboratory technologies are also responsible for the fastest growth of the segment.
Base on the type of reagent, the antibodies segment accounted for the largest share of the overall market in 2020, owing to the widespread application of antibodies in medicine for the purpose of research, diagnosis, drug & IVD development, and disease treatment; increasing proteomics & genomics-based research and funding for R&D; and rising need for disease specific biomarkers.
On the basis of use of the IVD reagent, the clinical use segment commanded the largest share of the overall IVD reagent market in 2020. Rising number of initiatives undertaken by manufacturers for the development of advanced IVD reagents for clinical applications, ongoing clinical trials, and exemption from the investigational device (IDE) requirements are some of the factors driving the growth of this segment.
Based on the end user, reference laboratories accounted for the largest share of the overall IVD reagents market in 2020, due to factors such as the exponential increase in the number of accredited clinical laboratories, growing R&D activities in labs, presence of skilled professionals & well-equipped systems, and outbreak of COVID-19.
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The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 3 years. The IVD reagents market has witnessed number of collaborations and expansions in recent years.
Geographically, emerging economies like Asia-Pacific and Latin America are expected to offer significant growth opportunities for IVD reagents manufactures due to the rising demand for antibodies & oligonucleotides, increasing funding for R&D, rising healthcare expenditure, and ongoing developments in the healthcare infrastructure. Countries such as China, India, Brazil, and Mexico have been significant contributors to revenue generation for various stakeholders in the overall IVD reagents market. This is mainly due to the increasing number of research institutes, clinical & diagnostic laboratories, and pharmaceutical & biopharmaceutical industries. In addition, rising public & private funding for R&D and rising contract research in these countries are further supporting the growth of the IVD reagents market in these countries.
Some of the key players operating in the overall IVD reagents market are Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Thermo Fisher Scientific (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Beckman Coulter, Inc. (U.S.), LGC Biosearch Technologies (U.K.), BioLegend, Inc. (U.S.), InBios International, Inc. (U.S.), LakePharma, Inc. (U.S.), Bioline (U.K.), Abcam plc (U.K.), The Binding Site Group Ltd.(U.K.), SDIX, LLC (U.S.), DIACLONE SAS (France), Bio-Techne Corporation (U.S.), Agilent Technologies, Inc. (U.S.), Hologic Inc. (U.S.), Bio-Synthesis Inc. (U.S.), RayBiotech, Inc. (U.S.), and Sino Biological Inc. (China), among others.
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Scope of the Report:
IVD Reagents Market, by Technology
- Immunoassay/Immunochemistry
- Biochemistry/Clinical Chemistry
- Molecular Diagnostics
- Microbiology
- Hematology
- Coagulation/Hemostatis
- Other technologies
Other Technologies comprises of hybridization and loop-mediated isothermal amplification
IVD Reagents Market, by Type
- Antibodies
- Oligonucleotides
- Nucleic Acid Probes
- Purified Proteins or Peptides
- Other reagents
Other reagents comprises of blocking agents, detergents, surfactants, wetting agents, buffers, stabilizers, purified water, dyes, standards & controls, enzymes, cell culture reagents, anti-coagulants
IVD Reagents Market, by Use
- Research Use
- Analyte Specific Reagents
- Clinical Use
IVD Reagents Market, by End User
- IVD Manufacturers
- Reference Laboratories
- Academic & Research Institutes
- Hospital Laboratories
IVD Reagents Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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