The global in vitro diagnostics (IVD) market size was valued at USD 83.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.5 percent from 2021 to 2027, estimates Fortune Business Insights. The growth can be attributed to the increasing adoption of IVD owing to a rise in testing due to the pandemic.
The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis is expected to fuel market growth. The rising number of in vitro diagnostic products being launched by key players is also fueling the lucrative growth rate of the market.
The outbreak of the pandemic has impelled the diagnostics industry into action, with a race to develop novel and rapid diagnostics kits for the detection of coronavirus. A majority of the tests are approved under emergency use authorization (EUA) by federal agencies. Major assays used for COVID-19 detection employ the RT-PCR technique. Although the conventional test takes 5 to 6 hours for result output, PoC assays have reduced the duration significantly.
The reagents segment dominated the market for in vitro diagnostic and accounted for the largest revenue share of 65.3 percent in 2020. Equipment and machines that assist in automating the process of diagnosis and bringing reagents and samples together are referred to as analytical instruments. Commercial kits and robots are used in polymerase chain reaction (PCR) laboratories to help detect and quantify infectious microorganisms, blood antigens, and viral load. In addition, the increasing use of these systems to develop new tests that can detect infectious diseases is expected to fuel the growth of the market. For instance, in February 2020, Sherlock Biosciences collaborated with Cepheid to develop a new CRISPR-based molecular test that can be used on the GeneXpert platform.