COVID-19 Impact on Global In-Vitro Diagnostics Products 2020

Exponential rise in
cases of corona virus across the globe is increasing the demand of in-vitro
diagnostic kits. The factors responsible for the rise in demand of IVD includes increased market demand for PCR,
NGS, serology-based rapid-test products, a supportive regulatory environment
for product development and marketing along with sharp increase in target
patient population. Due to these factors, various market players have been
prompted to improve and strengthen their current production and distribution
capabilities and to focus on upgradation and marketing of their product.

A RT-PCR based
assay is the common method used to diagnose patients with COVID-19. The
pandemic has led to significant rise in demands for reagents used in RT-PCR in
the recent months, leading to shortages in reagents required to perform the key
steps in the testing process such as RNA extraction kits.

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Global
In Vitro Diagnostics/IVD Market

Global In Vitro
Diagnostics/IVD Market By Technology (Immunochemistry/Immunoassays, Clinical
Chemistry, Molecular Diagnostics, Clinical Microbiology, Hematology,
Coagulation and Hemostasis), By Product & Service (Reagents & Kits,
Instruments, Data Management Software, Services), By Application (Diabetes, Infectious
Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug
Testing or Pharmacogenomics, HIV/AIDS), By End-User (Hospitals, Laboratories,
Point-Of-Care Testing, Patient Self-Testing, Academic Institutes), By Geography
 - Industry Trends and Forecast to 2024.

Global
In Vitro Diagnostics (IVD) Quality Control Market

Global In Vitro
Diagnostics (IVD) Quality Control Market By Product & Service (Quality
Control Products, Data Management Solutions, Quality Assurance Services),
Application (Immunochemistry/Immunoassay, Clinical Chemistry, Hematology,
Molecular Diagnostics, Coagulation & Hemostasis, Microbiology, Others),
Manufacturer Type (Third-Party Control Manufacturers, Original Equipment
Manufacturers), End- Users (Hospitals, Clinical Laboratories, Academic &
Research Institutes, Other End Users), Country (U.S., Canada, Mexico, Germany,
Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia,
Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia,
Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina,
Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of
Middle East & Africa), Market Trends and Forecast to 2027.

Impact
on supply

Due to the rising
demand for in-vitro diagnostic (IVD) kits, it has been observed that falsified medical products are
flourishing in the market. These fake testing kits render the life of a patient
at stake. WHO has received several reports concerning falsified in-vitro
diagnostics (IVDs) and laboratory reagents for SARS-CoV-2 detection. Further,
the misuse, stockpiling, and price gouging leads to severe supply chain disruptions.
This has increased the risk for healthcare facilities with limited access to
IVD kits during the care of COVID-19 patients. China being the epicenter of the
pandemic became the key spot to disrupt the supply of goods.

Strategic
decisions by manufacturers

With the declining
trend and inefficient management of the supply chain, the government and
manufacturers are taking initiatives to effectively manage the supply of
in-vitro diagnostic kits and make appropriate use of those products in healthcare
settings. The capacity to expand reagent and IVD kit production are limited,
resulting in unmet needs.

Collaboration,
agreements, strategic initiatives by market players in IVD diagnostic markets
such as Abbott, Bio-Rad Laboratories, Inc., DiaCarta, QIAGEN among more will
help them expand their product portfolio thereby leading to market expansion.
This, in turn, will help increase demand for its product in the market thus
increasing future sales.

Conclusion

It has been
observed through the vast spread and rising trends of coronavirus cases each
passing day that the novel coronavirus or COVID-19 is expected to leave a
significant impact on every aspect of life or market. The risk pose by the
infectious disease is not restricted to health but the dwindling economy also.
The healthcare domain is under huge pressure to deal with the unimaginably big
situation of COVID-19. Moreover, the surge in patients with this infectious
disease anticipates in driving the demand for in-vitro diagnostics (IVD) in the
market.