Global Infectious Disease In Vitro Diagnostics Market Size to Reach USD 33 Billion by 2029
Global infectious disease in vitro diagnostics market is flourishing because of growing geriatric population susceptible to infectious diseases and surging demand for POC testing owing to the pandemic.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global infectious disease in vitro diagnostics market size at USD 35.41 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave anticipates global infectious disease in vitro diagnostics market size to slightly decline at a CAGR of -1.38% reaching a value of USD 32.98 billion by 2029. Major growth drivers for global infectious disease in vitro diagnostics market include increasing number of elderly individuals who are vulnerable to contagious illnesses, the COVID-19 pandemic's high requirement for point-of-care (PoC) testing, greater recognition of the importance of early detection, and the growing occurrence of infectious diseases. The pandemic led to a significant shift in the market, as innovative products for testing SARS-CoV-2 were launched, resulting in substantial growth in the industry in 2020 and 2021. The increasing adoption of these products played a crucial role in the growth of the market. As a result of the rapid installation of PCR instruments, there has been an opportunity to utilize PCR tests for other infectious diseases, such as influenza, due to the declining need for SARS-CoV-2 tests in 2022. The growing geriatric population is expected to be one of the growth drivers of this market, given that aging is the leading risk factor for the development of diseases such as cardiovascular and neurological diseases. However, high cost associated with testing is anticipated to hinder the growth of global infectious disease in vitro diagnostics market during the period in analysis.
Global Infectious Disease In Vitro Diagnostics Market – Overview
The infectious disease in vitro diagnostics (IVD) market refers to the use of diagnostic tests and devices to detect and diagnose infectious diseases in biological samples such as blood, urine, and other bodily fluids. These tests are performed in vitro, meaning outside of the body in a laboratory setting. The IVD market for infectious diseases includes a range of tests such as immunoassays, molecular diagnostics, and microbiology culture tests, among others. These tests aid in the identification of infectious agents such as bacteria, viruses, fungi, and parasites, and help in the management and treatment of infectious diseases.
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Impact of COVID-19 on Global Infectious Disease In Vitro Diagnostics Market
COVID 19 had a positive impact on the infectious disease in vitro diagnostics market. The increased need for detecting cases during the pandemic resulted in higher utilization rates of IVD devices. Regulatory authorities also made testing mandatory to contain the spread of the disease, further driving up demand for IVD devices. However, with the decrease in COVID-19 cases, there may be a decrease in demand for diagnostics. Nonetheless, the infectious disease in vitro diagnostics market is expected to continue growing due to the emergence of new diseases. More people are becoming health-conscious and monitoring their health regularly, which is also contributing to the rise in demand for IVD devices.
Global Infectious Disease In Vitro Diagnostics Market – By Application
Based on application, global infectious disease in vitro diagnostics market is segmented into MRSA, Streptococcus, Clostridium Difficile, VRE, CRE, and others (Respiratory Virus, Candida, TB And Drug-resistant TB, Gastro-intestinal Panel Testing, Chlamydia, Gonorrhea, HPV, HIV, Hepatitis C, Hepatitis B, and COVID-19). The COVID-19 application segment was the most dominant segment in the global industry. This can be attributed to the increased utilization of SARS-CoV-2 testing to curb the spread of the virus. Additionally, government initiatives to improve public testing and the launch of innovative products have been significant factors driving the growth of this sector. The TB and HIV segments have also experienced rapid growth due to improved testing methods. Furthermore, the respiratory virus segment's influenza testing has accelerated with the introduction of new diagnostic tests that allow differentiation between SARS-CoV-2 and influenza, facilitating prompt treatment. Tuberculosis, caused by Mycobacterium tuberculosis, is a contagious infection that remains a global epidemic. The WHO reported 130 new cases per 100,000 annually in 2020, but there has been a decline in the incidence rate in recent years, with a 9% drop between 2015 and 2019.
Major players operating in global infectious disease in vitro diagnostics market include QIAGEN, BD, bioMérieux SA, F. Hoffmann-La Roche, Ltd., Hologic, Inc. (Gen-Probe), Abbott, Quidel Corp., Siemens Healthineers AG, Bio-Rad Laboratories, Inc., Danaher Corp., and OraSure Technologies, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Infectious Disease In Vitro Diagnostics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Infectious Disease In Vitro Diagnostics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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