COVID-19 and 6 Other Trends Impacting the In Vitro Diagnostics (IVD) Market
“In many ways, the IVD testing market is center stage for the fight against the coronavirus…The COVID-19 market continues to play a major role in the growth of the IVD market with tests for the virus representing 27% of sales in 2021.” – Kalorama Information
Make no mistake, the in vitro diagnostics (IVD) landscape has shifted due to the initial and lingering impact of the COVID-19 pandemic. Despite the availability of vaccines and booster shots, along with slackening social distancing measures, the COVID-19 pandemic has left and will continue to leave an indelible imprint, according to medical market researcher Kalorama Information in the recent report, IVD Trends and Market Update, March 2022.
“COVID-19 testing continues to be a factor influencing revenues for the entire industry. And in many ways, the IVD testing market is center stage for the fight against the coronavirus,” says Kalorama Information Publisher Bruce Carlson.
Kalorama Information’s report reveals that the COVID-19 market continues to play a major role in the growth of the IVD market with tests for the virus representing 27% of sales in 2021. Markets for COVID-19 continued to expand in 2021, increasing 65% over 2020.
Overall, IVD products continue to see positive sales growth in many categories, although several categories experienced a temporary drop due to the uptick of COVID-19 testing, most segments within the IVD diagnostic arena are experiencing recovery. New products, changes in global health spending, regulatory changes in major markets and disease trends are among the factors that produce a constantly changing market picture.
In addition, there are some growing segments in the market that have attracted industry attention. Among these are next-generation sequencing (NGS), cancer testing, and companion diagnostics technologies. Immunochemistry, point-of-care (POC) testing, and molecular diagnostics are also segments of great market interest, anticipated to be a big part of the future of IVD.
“In short, the IVD market remains dynamic, demonstrating constant innovations,” sums up Carlson.
Among several other key trends impacting the IVD market, Kalorama Information found that:
- Multiplex respiratory infectious disease testing has developed and is growing.
- HIV testing is rebounding.
- Glucose testing continues to increase, particularly the use of continuous glucose monitoring (CGM).
- There has been an uptick in the number of PCR and qPCR installations that have been occurring so that labs can improve their test volumes. This will ultimately maintain a higher use of molecular tests going forward.
- Molecular POC, at-home COVID-19 testing, and liquid biopsy continue to attract investment.
- Artificial intelligence (AI) and big data capabilities are on the rise.
- And much more.
For more information purchase IVD Trends and Market Update, March 2022 by visiting: https://kaloramainformation.com/product/ivd-trends-and-market-update-2022/.
Kalorama Information has also published a related report IVD Procedure Volumes, 2021-2026, available at: https://kaloramainformation.com/product/ivd-procedure-volumes-2021-2026/.