Infectious Diseases In Vitro Diagnostics Market to Reach USD 26.54 Billion By 2027 | Increasing Incidence of COVID-19 is Major Factors Expected to Drive Industry growth, says Reports and Data
Rising prevalence of infectious diseases and increasing geriatric population in developed and developing economies are major factors expected to drive growth of the infectious diseases in vitro diagnostics market.
Vancouver, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- 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 revenue growth rate during the forecast period, according to a new report by Reports and Data. Rapidly rising prevalence of infectious diseases is a key factor driving demand for in-vitro diagnostics and tests, and in turn driving infectious diseases in-vitro diagnostics market growth. Advancements in technologies and increasing initiatives by governments to develop effective healthcare infrastructure, especially in developing countries, will further contribute to growth of the market.
Research and development of new and more advanced technologies in the recent past owing to the COVID-19 pandemic, and deployment of self-test kits for is expected to result in introduction of similar test and diagnostic kite in future. This is also a major factor expected to support growth of the infectious diseases in-vitro diagnostics market going ahead. The advent of nano-biotechnology and biochips and miniaturization of microfluidic tools will also drive market growth during the forecast period. Nanomaterials are used as nanoprobes for diagnosis and bioanalysis. Nanotechnology-based systems have the potential to develop point-of-care testing platforms with robust, portable, and affordable properties to detect infectious diseases, and have major potential for deployment in emerging countries. Nanodiagnostics have shown promising opportunities as it provides quick detection of infectious diseases.
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*The COVID-19 impact:*
Owing to the COVID-19 pandemic, demand for molecular testing for the diagnosis of infectious diseases has been accelerating. Developed regions such as Europe and North America are witnessed highest demand for diagnostic kits. As the virus is continuously evolving, and vaccines are still at a nascent stage, the market for infectious diseases in-vitro diagnostics will continue to grow in the near future.
*Further key findings from the report suggest*
· The reagent segment will dominate the other product segments in the global infectious diseases in-vitro diagnostics market in terms of revenue in 2019. This is due to rise in research and development activities related to molecular diagnostics.
· Molecular diagnostics enables early-stage diagnosis of different diseases, allowing healthcare providers to make decisions at an early stage of therapy. The diagnosis results in better and more successful patient outcomes, which makes it a popular diagnostic technology in the healthcare sector.
· High prevalence of infectious diseases and rising incidence of target diseases will fuel demand for Point Of Care (POC) technology. Implementation of government regulations, such as the CLIA (Clinical Laboratory Improvement Amendments), will encourage the usage of POC for rapid testing.
· Asia Pacific market revenue is forecast to grow at a higher rate due to rapid economic development in developing economies and increasing disposable income among consumers in countries in the region. Increase in healthcare budgets by governments in countries in the region to improve and further develop the healthcare system will also contribute significantly to growth of the market.
· Key participants 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.
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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)*
· Instruments
· Reagents
· Software
· *Technology Outlook (Revenue, USD Billion; 2017-2027)*
· Molecular Diagnostics
· Immunochemistry
· Microbiology
· Others
· *End-Use Outlook (Revenue, USD Billion; 2017-2027)*
· Point of Care
· Central Laboratories
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· *Regional Outlook (Revenue, USD Billion; 2017-2027)*
· North America
1. U.S.
2. Canada
· Europe
1. Germany
2. UK
3. France
4. BENELUX
5. Rest of Europe
· Asia Pacific
1. China
2. Japan
3. South Korea
4. Rest of APAC
· MEA
1. Saudi Arabia
2. UAE
3. Rest of MEA
· Latin America
1. Brazil
2. Rest of LATAM
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