Exponential rise in cases of corona virus across the globe is increasing the demand of in-vitro diagnostic kits. The factors responsible for the rise in demand of IVD includes increased market demand for PCR, NGS, serology-based rapid-test products, a supportive regulatory environment for product development and marketing along with sharp increase in target patient population. Due to these factors, various market players have been prompted to improve and strengthen their current production and distribution capabilities and to focus on upgradation and marketing of their product.
A RT-PCR based assay is the common method used to diagnose patients with COVID-19. The pandemic has led to significant rise in demands for reagents used in RT-PCR in the recent months, leading to shortages in reagents required to perform the key steps in the testing process such as RNA extraction kits.
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Global In Vitro Diagnostics/IVD Market By Technology (Immunochemistry/Immunoassays, Clinical Chemistry, Molecular Diagnostics, Clinical Microbiology, Hematology, Coagulation and Hemostasis), By Product & Service (Reagents & Kits, Instruments, Data Management Software, Services), By Application (Diabetes, Infectious Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing or Pharmacogenomics, HIV/AIDS), By End-User (Hospitals, Laboratories, Point-Of-Care Testing, Patient Self-Testing, Academic Institutes), By Geography - Industry Trends and Forecast to 2024.
Global In Vitro Diagnostics (IVD) Quality Control Market By Product & Service (Quality Control Products, Data Management Solutions, Quality Assurance Services), Application (Immunochemistry/Immunoassay, Clinical Chemistry, Hematology, Molecular Diagnostics, Coagulation & Hemostasis, Microbiology, Others), Manufacturer Type (Third-Party Control Manufacturers, Original Equipment Manufacturers), End- Users (Hospitals, Clinical Laboratories, Academic & Research Institutes, Other End Users), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa), Market Trends and Forecast to 2027.
Due to the rising demand for in-vitro diagnostic (IVD) kits, it has been observed that falsified medical products are flourishing in the market. These fake testing kits render the life of a patient at stake. WHO has received several reports concerning falsified in-vitro diagnostics (IVDs) and laboratory reagents for SARS-CoV-2 detection. Further, the misuse, stockpiling, and price gouging leads to severe supply chain disruptions. This has increased the risk for healthcare facilities with limited access to IVD kits during the care of COVID-19 patients. China being the epicenter of the pandemic became the key spot to disrupt the supply of goods.
With the declining trend and inefficient management of the supply chain, the government and manufacturers are taking initiatives to effectively manage the supply of in-vitro diagnostic kits and make appropriate use of those products in healthcare settings. The capacity to expand reagent and IVD kit production are limited, resulting in unmet needs.
Collaboration, agreements, strategic initiatives by market players in IVD diagnostic markets such as Abbott, Bio-Rad Laboratories, Inc., DiaCarta, QIAGEN among more will help them expand their product portfolio thereby leading to market expansion. This, in turn, will help increase demand for its product in the market thus increasing future sales.
It has been observed through the vast spread and rising trends of coronavirus cases each passing day that the novel coronavirus or COVID-19 is expected to leave a significant impact on every aspect of life or market. The risk pose by the infectious disease is not restricted to health but the dwindling economy also. The healthcare domain is under huge pressure to deal with the unimaginably big situation of COVID-19. Moreover, the surge in patients with this infectious disease anticipates in driving the demand for in-vitro diagnostics (IVD) in the market.