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MedTech Outlook | Friday, June 17, 2022
Covid-19 has caused a rapid increase in demand for in-vitro diagnostic products.
FREMONT, CA: The global market for in-vitro diagnostics (IVD) has withstood the effects of COVID-19 and is projected to expand significantly in 2020 and 2021. According to recent research, the global market for in-vitro diagnostics reached $83.4 billion in 2020. The market will grow from 2021 to 2027 at a compound annual growth rate (CAGR) of 4.5 percent.
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This expansion is attributable to an increase in the use of IVD in COVID-19-related testing. In addition, recent technologies that automate in vitro diagnostic systems for healthcare practitioners have enabled more accurate, efficient, and error-free diagnoses, which is anticipated to stimulate market expansion further.
Advancement of Personalized Medicine
The market is anticipated to continue buoyant due to the success of personalized medicine, which is now boosting demand for several IVD tests. IVDs, particularly companion diagnostics, are crucial to customized medicine. Increasing government and other stakeholders' investments in healthcare improvement projects are essential for the IVD industry's success. The US government has launched numerous initiatives to give information and education regarding individualized medication and IVD resources for efficient patient care. This action has ultimately increased the market for various IVD tests and devices. Pregnancy testing, blood glucose tests, at-home HIV tests, and screening for certain types of cancer, such as colon cancer, are specific examples of IVD devices that deliver individualized therapy.
The Prevalence of Chronic and Infectious Diseases is on The Rise
The increasing frequency of chronic and infectious diseases has prompted market leaders to develop quick diagnostic and testing methods.
More FDA Regulatory Relief
The advent of the COVID-19 pandemic has increased the demand for reagents and accelerated the FDA's approval of in-vitro reagents. In March 2020, the FDA revised its policy on diagnostic testing as part of an ongoing, proactive effort to address this issue. The revision aimed to provide more quick testing capability in the United States by increasing the quantity and variety of tests. Additional regulatory relief from the FDA increases the global demand for IVD equipment.
Mobility of IVD Equipment
Point-of-care (POC) diagnostic devices assist in obtaining diagnostic results on or near the patient. POC allows for rapid results and therapeutic execution. In addition to offering convenience, connectivity, and quality assurance, the portability of these IVD devices is one of the most important elements contributing to their rising popularity.
Due to its portability, most geriatricians and general practitioners favor in-vitro diagnostics over other options. Modern in-vitro diagnostics improve the treatment of individuals with very debilitating chronic conditions, such as gastrointestinal diseases or muscle and joint injuries that limit their physical mobility.
Diabetes glucose meters, home pregnancy tests, and urine test strips for measuring the presence of certain chemicals, PH levels, and specific gravity are examples of commonly used portable IVDs. Other user-friendly point-of-care diagnostic technologies provide real-time molecular testing in medical facilities and field settings.
Workflow Automation in Diagnostics
From sample extraction to result in analysis and interpretation, laboratory testing is typically a lengthy and labor-intensive process requiring numerous phases. Due to the increased amount of samples caused by COVID-19, there is an urgent need to improve laboratory productivity to prevent testing errors. With the use of automated equipment such as the robotic liquid handling platform, several processes in molecular diagnostic workflows may now be performed. This automation lowers manual labor, improves precision, and increases in-vitro diagnostic revenue. Automated systems are ideally built to process more samples in a shorter amount of time. During epidemics and pandemics, automated workflows are crucial in facilitating rapid testing turnaround times.
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