In Vitro Diagnostics (IVDs) Market : upcoming business reports on size, shares, stocks and many more

In
the first half of 2020 (H1), the U.S. is anticipated to account for the largest
share of in-vitro
diagnostics industry followed by Europe. This owes primarily to the
ongoing marketing of innovative diagnostic products associated with ongoing
advances in the field of gene & immunoassay based products, the latest
discovery of genetic biomarkers and their clinical significance in immunoassay
testing, favorable government policies and their emphasis on the development of
new products, and the significant expansion of target population.

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.

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Diagnosis
is the identification of the nature and cause of a certain phenomenon. It
involves two different types of testing method: in vivo and in vitro
diagnostics. In-vitro diagnostics (IVDs) tests are defined as tests executed
outside a patient’s body which put analytical instruments, devices, reagents,
calibrators and systems to use for checking of health status or diagnosing
diseases. In-vitro means ‘in the glass’, as traditionally these tests were
directed in glass test tubes. On the other hand, in-vivo diagnostics tests like
electroencephalography, electrocardiography and imaging are executed inside a patient’s
body.

The
global in-vitro diagnostics market size is expected to be valued at USD 61.0
billion in 2020, growing at a CAGR of 6.5% during 2020-2025. The demand for
in-vitro diagnostic products due to the COVID-19 pandemic is expected to
increase mainly due to factors such as a sharp rise in market demand for PCR,
NGS, serology based rapid-test products, the supportive regulatory landscape
for product development & commercialization, and a sharp rise in target
patient population. These factors have prompted market players to improve and
strengthen their current manufacturing and distribution capabilities as well as
to focus on product commercialization & upgrades. The in-vitro diagnostics
market is segmented on technology, end-user, and region/country.

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.

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