Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) --
The global in-vitro diagnostics market size is expected to witness remarkable growth during the forecast period, attributed to growing incidence of chronic diseases, such as cancer, diabetes, and COPD. Healthcare systems across the world are under a lot of pressure to deliver an accurate diagnosis of various complex diseases. Following is some of the key trends expanding the market size:
- North America (regional valuation will cross USD 50 billion by 2028)
Demand for reagents & kits will rise with usage of self-testing tools:
North America in-vitro diagnostics market revenue from the reagents & kits segment touched USD 25 billion in 2021 as customers increasingly demand point-of-care diagnostic products. Self-testing kits are also becoming popular among patients due to their ease of use.
Many reputed companies in the region are receiving regulatory approvals for their cutting-edge technologies and products. For instance, in July 2022, Becton, Dickinson, and Company received the CE-IVD mark for its brand-new molecular diagnostic combination test. The test can be used to detect flu, respiratory syncytial virus, and COVID-19 virus.
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Molecular diagnostics to offer higher accuracy in disease detection:
North America IVD industry size from the molecular diagnostics segment will record a 3% CAGR during the forecast period of 2022-2028. The COVID-19 pandemic fueled the sales of molecular diagnostic kits as they can detect diseases faster and more accurately. Regional governments are also increasing their approval rate to support the production of these kits.
For example, the U.S. FDA announced plans to actively support commercial manufacturers in developing and validating both lab-based and rapid molecular diagnostic tests for monkeypox. The move is aimed at mitigating the rising cases of the ailment. As per the CDC, in September 2022, the total number of monkeypox cases in the US surpassed 22,630.
U.S. market share to grow with rising disease burden:
U.S. IVD market value reached USD 35 billion in 2021 due to the rising burden of chronic ailments across the country. According to the CDC, over 6 in 10 American citizens are suffering from at least one life-threatening medical condition, such as heart ailment, cancer, diabetes, or stroke.
These illnesses are considered major causes of death and disability in the country. Since the government is increasing its yearly expenditure on healthcare, it will positively impact product uptake.
- Europe (regional valuation will surpass USD 29 billion by 2028)
High accuracy and functionality will influence IVD instruments uptake:
Europe IVD market size from the instruments segment exceeded USD 7.5 billion in 2021. Some of the key features that make IVD instruments popular among healthcare professionals are high accuracy and cutting-edge functionality. As private institutions and regional governments are heavily investing in the creation of futuristic medical laboratories, IVD instruments will be used on a large scale.
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Growing blood disorders will boost hematology testing:
Europe IVD industry from the hematology test segment is expected to register a 3% CAGR through 2028. The prevalence of blood disorders is increasing at a worrying rate across the region, spurring the production of automated hematology analyzers.
More than 80 million individuals in the European Union are diagnosed with blood-related diseases. Genetic blood ailments, such as thalassemia and sickle cell disease are responsible for the rising mortality rate in the region, thereby stimulating the usage of hematology testing kits.
Role of IVD solutions in cardiological applications:
Europe in-vitro diagnostics market size from the cardiology application is anticipated to showcase around 2.5% CAGR through 2028. According to the European Cardiovascular Disease Statistics, cardiovascular diseases account for more than 3.9 million deaths every year in the region.
Such high fatalities have prompted the regional governments to launch awareness programs and campaigns to inform people about the importance of early diagnosis. Factors, such as smoking, high blood pressure, chronic alcoholism, and poor diet are contributing to the growing burden of heart ailments. IVD kits can make it easier for doctors to accurately diagnose a heart-related disease, thereby giving patients a head-start in their treatment process.
- Asia Pacific (regional valuation set to exceed USD 24 billion by 2028)
Reagents and kits majorly used to facilitate high testing accuracy:
APAC IVD industry value from the reagents and kits segment reached USD 12 billion in 2021. These systems are highly accurate and versatile in their functioning, thereby increasing their adoption. More companies across the region are boosting their investments in various R&D activities to create innovative devices.
According to the Association of Indian Medical Device Industry, the country has recorded a growth of around 41% in its medical device imports during the period of 2021-2022. The regional authorities are also offering strong financial support to assist in the local production of IVD kits & reagents, consumables, disposables, and electronic medical equipment.
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Expanding network of hospitals will support product acceptance:
Asia Pacific in-vitro diagnostics market size from the hospital segment is projected to exceed USD 9 billion by 2028. The network of hospitals is growing at a steady pace across nations, such as India and Singapore to keep up with the increasing patient pool.
Since the Asia Pacific is gradually becoming an attractive destination for medical tourism, thousands of foreign patients are visiting APAC countries to receive treatment for chronic illnesses. The regional governments are also increasing their investments in the healthcare sector, further propelling the usage of IVD solutions.
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