Rising awareness about in vitro diagnostic techniques and growing R&D investments and initiatives is driving product demand and use
NEW YORK, NY, UNITED STATES, November 16, 2021 /EINPresswire.com/ — The global infectious diseases in-vitro diagnostics market is expected to reach a market size of USD 26.54 Billion by 2027, and register a high CAGR during the forecast period, according to a new report by Reports and Data. Consistent and high investments in research and development, and rising awareness is among some of the key factors driving market growth. Rising prevalence of chronic diseases and ailments, along with increasing geriatric population, are propelling revenue growth of the infectious diseases in-vitro diagnostics market currently, and this trend is expected to continue over the forecast period.
Increase in number of surgical procedures being performed globally is also projected to boost market growth. Growing prevalence of infectious diseases such as Respiratory Virus, TB and Drug-resistant TB, HIV, Hepatitis C, and Hepatitis B is creating a rising need for more effective treatment or therapy, which is positively contributing to market growth. Additionally, governmental bodies such as CEA, CDC, and FDA have listed guidelines and safety measures that are expected to continue to support growth of the market.
The COVID-19 impact:
The outbreak of the COVID-19 virus has resulted in a major demand for diagnostic kits. Market growth has increased significantly in recent months due to a rapid surge in demand for diagnostic kits in COVID-19 detection tests. The high demand is mainly due to the emergency launch of testing kits along with ongoing developments. According to The Rockefeller Foundation, around 70 million POC (Point of Care) tests a month were conducted in the United States by the end of October 2020. The number is expected to increase to approximately 200 million a month by January 2021.
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Key Offerings of the Global Infectious Diseases In Vitro Diagnostics Market Report:
• Deep insights into the Infectious Diseases In Vitro Diagnostics market landscape
• Key details about the regional segmentation of the Infectious Diseases In Vitro Diagnostics market
• Analysis of the crucial market trends with regards to both current and emerging trends
• Extensive overview of the key manufacturers and prominent players of the industry
• Comprehensive study of the market segmentation and recent developments
Ongoing efforts of key players to develop advanced therapeutics and drugs, rapid adoption of advanced technologies such as artificial intelligence, additive manufacturing, ad blockchain technologies, among others, and growing focus on precision medicine have led to rapid changes in the pharma and healthcare industry. Legalization and acceptance of medical marijuana, rising focus on connected devices in healthcare sector, and popularization of beyond-the-pill have further revolutionized the healthcare industry. The emergence of COVID-19 pandemic has played a crucial role in the progress of healthcare industry with rapid shift in focus on preventive healthcare, increasing awareness about health and wellness, growth of telemedicine and teleconsultation, and rapid adoption of advanced technologies to cater to the growing patient pool.
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The report offers a comprehensive overview of the competitive landscape of the market to offer key insights about the key companies operating in the market. The section discusses in detail the initiatives and innovations adopted by the key players to gain a strong foothold in the market. It also provides insights into mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others to offer a better understanding of the market.
Key companies in the market include:
Abbott, Quidel Corporation, bioMérieux SA, Alere Inc., F. Hoffmann-La Roche Ltd., Cepheid, Orasure Technologies, Inc., Qiagen N.V., Becton, Dickinson and Company, and Bio-Rad Laboratories, Inc., among others.
Further key findings from the report suggest
• An increase in the number of research and development initiatives related to the target market and surge in demand for point of care and self-test is expected to fuel revenue growth of the reagents segment, thereby driving growth of the global infectious diseases in vitro diagnostics market.
• Increase in HAIs (hospital-acquired infections) is driving demand for in vitro diagnostic (IVD) kits in infectious diseases. Moreover, increasing STDs (sexually transmitted diseases) will also create a growing need for molecular diagnostic IVD tools.
• The point of care (POC) segment revenue is forecast to register a higher rate due to increasing initiatives to reduce stay in hospital to limit overall expenses.
• North America accounted for the largest revenue share in the infectious diseases in-vitro diagnostics market in 2019. Robust presence of advanced research and testing infrastructures in countries in the region is another factor supporting market growth.
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For the purpose of this report, Reports and Data has segmented the global infectious diseases in-vitro diagnostics market on the basis of product, technology, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
• Molecular Diagnostics
End-Use Outlook (Revenue, USD Billion; 2017-2027)
• Point of Care
• Central Laboratories
The section covers a comprehensive analysis of key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and presence of prominent players in each region. The regional analysis segments also offers a country-wise analysis to offer panoramic view of the market and help investors, clients, stakeholders, and businesses better understand the opportunities and growth scope of the Infectious Diseases In Vitro Diagnostics market.
The regional analysis covers:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Source: EIN Presswire