Virtual health assistants to keep the hopes high for Infectious Disease In-vitro Diagnostics Market at a CAGR of 4.4%

The global Infectious Disease In-Vitro Diagnostics Market was valued at around US$ 58.7 Bn in 2021. With a projected CAGR of 4.4% for the next ten years, the market is likely to reach a valuation of nearly US$ 93.9 Bn by the end of 2032. A window of opportunity has emerged for the early identification and control of infectious diseases such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika due to their epidemiological burden. This has significant potential to boost Infectious Disease in In-Vitro Diagnostics.

The infectious disease in-vitro diagnostics market is a rapidly growing industry, driven by the increasing prevalence of infectious diseases worldwide and the need for accurate and efficient diagnostic methods. In-vitro diagnostics (IVD) refer to the analysis of biological samples, such as blood or tissue, in a laboratory setting, rather than in the body of a patient.

The global market for the Infectious Disease In-Vitro Diagnostics Market expanded at a CAGR of 4.4% over the last four years (2017-2021). The rising burden of infectious diseases across the globe has increased the demand for infectious disease diagnostics products. Around 70% of medical decisions are based on information contained in electronic medical records (IVDs), which is why they are an essential component of patient care. The majority of the IVD market is concentrated in developed countries, but the United States, Europe, and Japan account for over 80% of all global sales.

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The United States will continue to be the largest shareholder of the Infectious Disease In-Vitro Diagnostics Market throughout the analysis period accounting for over US$ 9.4 Bn absolute dollar opportunity in the coming 10-year period.

How are key drivers going to affect the Infectious Disease In-Vitro Diagnostics Market?
Around 10% of the world's GDP is constituted of global healthcare spending, which has been steadily rising in recent years as a result of the population's rising healthcare needs. Over 60% of clinical decisions are influenced by In-Vitro Diagnostics, which is important to the healthcare sector. However, it barely represents 2% of all healthcare costs. This suggests that there is a huge opportunity for in-vitro diagnostics that are affordable. This has been one of the key market drivers.

Government support is a key driver of growth for the In-Vitro Diagnostics market in the near future because increased funding from the government enables research institutions to create quick analysis systems that are helpful for diagnosing a variety of diseases using various samples. For instance, the European Union's "recovery plan" will invest over US$ 250 Bn by the end of 2026.

In-Vitro Diagnostics technologies were only applied in clinical labs in the past. The majority of clinical tests in the fields of chemistry, immunochemistry, and hematology are still carried out utilizing high throughput equipment with intricate automation. Where the patients are located, point of care (POC) testing is implemented and it is expanding quickly. The big manufacturing firms are concentrating on releasing quick, portable, easy-to-use tools that are affordable and suitable for usage outside of laboratories. The delocalization of the diagnostics offers, including auto-diagnostics and home diagnostics, is anticipated to be improved by this need.

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Competitive Landscape

Market participants are tying with sister companies to combine new innovative products. The key companies operating in the Infectious Disease In-Vitro Diagnostics Market include Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., bioMérieux SA, Siemens Healthineers AG, Danaher Corporation, Becton Dickinson and Company, PerkinElmer, Inc., Hologic, Inc., QIAGEN N.V., Grifols S.A., DiaSorin S.p.A, Bio-Rad Laboratories, Inc., Sysmex Corporation, Ortho Clinical Diagnostics Holdings plc, Quidel Corporation, Meridian Bioscience, Genetic Signatures Ltd., OraSure Technologies, Trinity Biotech Plc., Chembio Diagnostic Systems, Seegene, Inc., Co-Diagnostics, ELITechGroup, Epitope Diagnostics, Trivitron Healthcare, Meril Life Sciences Pvt. Ltd., InBios International, Vela Diagnostics, and Uniogen Oy.

Some of the recent developments by key providers of the Infectious Disease In-Vitro Diagnostics Market are as follows:

In February 2019, Abbott was awarded CE Mark for DETERMINE HBSAG 2 test for the detection and diagnosis of Hepatitis B surface antigen.
In March 2021, a merger agreement between GenMark diagnostics Inc. and F. Hoffmann-La Roche Ltd. With just one patient sample, Roche will now have larger access to GenMark's cutting-edge technology for testing for a variety of infections.
In March 2021, in nations that recognize the CE mark, F. Hoffmann-La Roche Ltd. launched the Cobas pure integrated solution. Three technologies are combined on a single platform in this new compact analyzer, which makes operations in small to medium-sized labs easier.

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