The global infectious diseases in vitro diagnostics market size is estimated to reach USD 33.1 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 6.3% over the forecast period. Growing geriatric population and increased consumer awareness regarding the advantages of in-vitro diagnostics (IVD) tests are anticipated to drive the market growth.
With advancements in in-vitro diagnostics, a subsequent demand has been witnessed for improved diagnosis in terms of precision, accuracy, speed, and specificity. New-age diagnostics are leading to a marked decline in sales of old products that are not at par. Moreover, although most diagnostics are specific to an application, upcoming diagnostic products would be able to test and confirm multiple related diseases, thus saving time and money. Technological advancements in the field of biomarkers are also a significant driver for this market.
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Presence of various e-commerce sites offering diagnostic kits, especially Point of Care (PoC) devices, is expected to drive the sales of the products through this sales channel. Several manufacturers are selling IVD kits via e-commerce channels that provide the added benefits of discounts, warranty, and prompt customer service. In addition, some e-commerce sites offer insurance on these products which also provide an additional advantage to the buyers.
Moreover, the regulatory and reimbursement landscape is continually evolving to adapt to the fast-paced research progress in this sector. Proactive initiatives by public and private organizations to raise consumer awareness about infectious diseases and treatment modalities are expected to drive the market growth in the coming years.
Further key findings from the report suggest:
• Technological advancements related to accuracy, portability, and cost-effectiveness are expected to be high impact rendering drivers for the market
• Growing awareness and increasing dependency of healthcare practitioners on the usage of point-of-care diagnostic enabled medical devices and consumables are expected to drive the IVD infectious diseases market growth over the forecast period
• Key applications of immunochemistry include detection of infectious microorganisms such as virus, bacteria, and fungus and their toxins and coat antigens
• Development of techniques such as Polymerase Chain Reaction (PCR) and in-situ hybridization is expected to boost the molecular diagnostics segment over the forecast period
• Key players include bioMérieux SA; BD; Abbott; Quidel Corporation; F. Hoffmann-La Roche Ltd.; Alere Inc.; Cepheid; Hologic Inc.; Qiagen N.V.; Orasure Technologies, Inc.; Bio-Rad Laboratories, Inc.; and Siemens Healthcare GmbH.
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Table of Contents
Chapter 1 Methodology and Scope
1.1.Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Radiant Insights internal database
1.3.3. Secondary sources & third party perspectives
1.3.4. Primary research
1.4. Information Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. IVD Infectious Diseases Market Variables, Trends & Scope
3.1. IVD Infectious Diseases Market Lineage outlook
3.1.1. IVD market outlook
3.1.2. Infectious diseases market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Regulatory Framework
3.3.1. Reimbursement framework
3.3.2. Standards & compliances
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.1.1. Growing geriatric population base
3.4.1.2. Technological advancements
3.4.1.3. High demand for point of care facilities
3.4.1.4. Increasing prevalence of infectious diseases
3.4.1.5. External funding for R&D activities
3.4.2. Market Restraint Analysis
3.4.2.1. Ambiguous regulatory framework
3.4.2.2 High prices of IVD diagnostic tests
Continued…
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