The global Infectious Disease In-Vitro Diagnostics Market size is expected to reach USD 76.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.9% from 2021 to 2028. This growth is owing to factors such as the increasing prevalence of infectious diseases, the outbreak of COVID-19, growing market penetration of available treatments, and increasing consumer awareness.
Diagnostics for SARS-CoV-2 detection are being continuously launched for catering to markets that have specific regulatory requirements. For instance, in September 2019, Roche launched its CE Marked antibody diagnostic test Elecsys Anti-SARS-CoV-2 S. Thus, the launch of new diagnostics is expected to lead to an increase in demand owing to their usage in the characterization of the vaccine-induced immune response, thereby boosting vaccine development.
Technological advancements, such as the introduction of portable instruments like Cobas 4800 developed by Roche Diagnostics and GeneXpert by Cepheid are expected to drive market growth over the forecast period. Furthermore, increasing use of these systems to develop new tests that can detect infectious diseases is expected to fuel market growth.
An increase in the prevalence of MRSA infection, high consumer awareness, and the presence of high unmet patient needs are some of the factors expected to drive the market during the forecast period. Diagnosis of MRSA infection involves rapid culture methods and molecular techniques for assessment of MRSA colonization. The presence of a large number of diagnostic tests and the introduction of new products, such as LightCycler, TaqMan, RotorGene, and Stratagene, are expected to propel segment growth.
The launch of new products is becoming a key strategy adopted by players, as new SARS-CoV-2 diagnostics are being launched by major players such as BD, bioMérieux SA, and F. Hoffmann-La Roche Ltd. For instance, in March 2020, Abbott launched the RealTime SARS-CoV-2 assay, a PCR-based test for the diagnosis of COVID-19, and BioMedomics launched a PoC COVID-19 test that can detect antibodies in blood within 15 minutes.
Related Press Release @ Infectious Disease In-vitro Diagnostics Market Report
Infectious Disease In-vitro Diagnostics Market Report Highlights
- The reagents segment dominated the overall market majorly driven by the high usage rate
- The molecular diagnostics technology segment accounted for the highest revenue share in 2020. This can be attributed to the usage of PCR test for Covid-19 diagnosis
- The central laboratories segment accounted for a revenue share of around 60.0% in 2020
- North America accounted for the largest revenue share in 2020, driven by a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improvements in healthcare infrastructure
- The market is price-sensitive, creating rigorous competition among players in terms of manufacturing cost-effective and efficient products