In-vitro Diagnostics (IVD) Market size was valued at USD 83.50 billion in 2022 and is poised to grow from USD 87.93 billion in 2023 to USD 132.90 billion by 2031, growing at a CAGR of 5.3% during the forecast period (2024-2031).
In-Vitro Diagnostics market is undergoing an intense transformation driven by innovations and a steady commitment to improve healthcare. In the past few years, the industry experienced plenty of improvements mainly in domains like molecular diagnostics, genomics, the IVD space, and software solution levels, during the pandemic. Moreover, increased demand for superior testing techniques and the rising number of chronic patients to considerably impact in-Vitro Diagnostics.
The COVID-19 pandemic has significantly supported the improvements in the PCR (polymerase chain reaction) testing. It can quickly deliver results with the same test sample for various findings. The improvement of condition-specific tests and markers, the rising importance of companion diagnostics, and POC (point-of-care) testing with multiplexing competences are all expected to experience remarkable growth soon. Furthermore, Liquid Biopsy is one such key area that is heavily demanding the use of IVD technologies, wherein it offers a painless approach, allowing diagnosis of disease based on urine and blood samples. Mass spectrometry is yet another technique applied in the study of omics and is regarded as ‘diagnostics future’. This technology delivers femtomolar sensitivity, high-throughput, and quick testing, taking the study from molecular levels to cellular levels. These advancements cut across all the areas of application.
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Growing Trend of Point-of-Care Testing Projected to Majorly Transform Market
IVDs (in-vitro diagnostics) are vital resources in healthcare that inform nearly 70% of all medical decisions throughout the disease detection and monitoring of the patient’s overall health. Further, the advancements in genomics and IVDs are taking the diagnostics to the next level. Physicians are currently using refined assays physicians to help them screen for cancer-like severe diseases at an early stage, where symptoms do not exist, and cure rates are higher. Prognostic and predictive biomarkers are remarkably growingin prominence. With biomarkers assisting the doctors in various stages of a patient’s treatment, scientists are exploring a novel model called ‘precision medicine’, wherein doctors can select the right treatment for the right patient. Another major trend seen in the in-vitro diagnostics domain is the growth of POCT (point-of-care testing), usually performed near the patient like his home or the doctor’s clinic. POCT offers comparatively quick turnaround times and is reasonably priced. Microfluidics is another evolving technology holding the potential to address the challenges of the previously used methodologies. They are the miniaturized tools that control the fluids through reagents series. They are also regarded as lab-on-a-chip owing to their ability to incorporate multiple laboratory functions on one integrated circuit.
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- In May 2024, Danaher Corporation agreed to a partnership with Johns Hopkins University. The partnership aims to develop novel techniques for diagnosing mild (TBI) Traumatic Brain Injury. Belonging to the Danaher Beacons program, the analysts at the University will leverage expertise from the Beckman Coulter Diagnostics, a subsidiary of Danaher and front-runner in clinical diagnostics, to establish correlations between clinical outcomes and a novel biomarker panel.
- In May 2022, Becton, Dickinson and Company, a lead medical technology company, announced a novel high-throughput molecular diagnostic amalgamation test for Influenza A/B and SARS-CoV-2, the second test accessible for the BD COR™ PX/MX System is expected to be CE marked to the in-vitro diagnostics directive 98/79/EC.
- In May 2024, bioMérieux, a leader in in-vitro diagnostics, announced the U.S. FDA 510(k) authorization of VIDAS® TBI (GFAP, UCH-L1). This is a serum-based test that supports the examination of patients with mild (mTBI) traumatic brain injury, comprising concussion. The assay incorporates a distinctive combination of the biomarkers UCH-L1* and GFAP, proteins that go in circulation after cellular injury.
- In May 2022, Sysmex gathered evidence through collaborative research in partnership with Key Opinion Leaders (KOLs). To expand clinical applications, the company has been focusing on regulatory compliance for the common reagents and analyzers that are used with these assay kits. The company recently announced conformism to the European IVD regulation for these common analyzers and reagents.
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The in-vitro diagnostics market is anticipated to witness more major transformations with substantial growth by 2024. Trends like personalized medicine, POCT, digital diagnostics, machine learning& AI in diagnostics, liquid biopsy, and more hold promises for better overall patient improvement, lower cost, and transform the delivery of medical services.
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To view the original version on ABNewswire visit: In-Vitro Diagnostics (IVD) Market to Flourish Notably with a 5.3% CAGR through 2031; Introduction of Personalized Medicine to Help Growth