COVID-19 Impact on IVD (In Vitro Diagnostics) Market; some of the prominent players in the in-vitro diagnostics market are Abbott Laboratories (US), Roche Diagnostics (Switzerland), Becton, Dickinson and Company (US), Thermo Fisher Scientific (US), Bio-Rad Laboratories (US), Biomerieux (France), and QIAGEN (Germany), among others

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Published Date: May 2023

COVID-19 Impact on IVD (In Vitro Diagnostics) Market accounted for US$ 59.1 billion in 2020 and is estimated to be US$ 89.8 billion by 2029 and is anticipated to register a CAGR of 4.3%

The report "Global COVID-19 Impact on IVD (In Vitro Diagnostics) Market, By Technology (Polymerase Chain Reaction, Next-generation Sequencing, Enzyme-Linked Immunosorbent Assay (ELISA), Rapid/POC Tests, Clinical Chemistry, Microbiology Testing, Hematology, Coagulation & Hemostasis, Urinalysis, and Other Technologies), By End-user (Hospital-based Laboratories, Independent Laboratories, Reference Laboratories, Point of Care and Self Testing, Researchers & Academia, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

In June 2020, Bio-Rad Laboratories, Inc., a global leader of life science research and clinical diagnostic products, continues to support the worldwide effort to fight SARS-CoV-2, the virus associated with COVID-19 disease. The company offers instruments, tests, and its SARS-CoV-2 Standard to help labs validate their COVID-19 assay results and accelerate access to testing. Bio-Rad’s Droplet Digital PCR SARS-CoV-2 Test Kit was granted Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA). This Droplet Digital PCR (ddPCR) SARS-CoV-2 test runs on Bio-Rad’s QX200 and QXDx Droplet Digital PCR Systems.
In May 2020, bioMérieux, a world leader in the field of in-vitro diagnostics, announced the CE marking of VIDAS anti-SARS-CoV-2 serology tests to detect antibodies in people who have been exposed to SARS-CoV-2 which causes the COVID-19 disease. VIDAS anti-SARS-CoV-2 IgM and anti-SARS-CoV-2 IgG are used to measure the presence of antibodies in people who have been infected with SARS-CoV-2.

Analyst View:

Due to the COVID-19 pandemic, the demand for in-vitro diagnostic products is projected to expand mainly due to factors such as a sharp rise in market demand for PCR, NGS, and serology based rapid-test products. According to data published by WHO on June 22, 2020, there have been 8,860,331 confirmed cases of COVID-19, including 465,740 deaths globally. Additionally, the supportive regulatory landscape for product development & commercialization and a sharp rise in the target patient population also boosts the growth of the target market. These factors have impelled market players to strengthen and improve their current manufacturing and distribution capabilities as well as to focus on product upgrades & commercialization. Moreover, rising demand for point-of-care and rapid tests along with high growth opportunities in emerging countries are propelling the growth of the target market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global COVID-19 Impact on IVD (In Vitro Diagnostics) Market”, By Technology (Polymerase Chain Reaction, Next-generation Sequencing, Enzyme-Linked Immunosorbent Assay (ELISA), Rapid/POC Tests, Clinical Chemistry, Microbiology Testing, Hematology, Coagulation & Hemostasis, Urinalysis, and Other Technologies), By End-user (Hospital-based Laboratories, Independent Laboratories, Reference Laboratories, Point of Care and Self Testing, Researchers & Academia, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:

The global COVID-19 impact on IVD (in vitro diagnostics) market accounted for US$ 59.1 billion in 2020 and is estimated to be US$ 89.8 billion by 2029 and is anticipated to register a CAGR of 4.3%. The market report has been segmented on the basis of technology, end-user, and region.

By technology, The PCR segment is projected to account for the highest share of the global in-vitro diagnostics market in 2020. Factors such as the rising patient emphasis on effective & early patient screening, early efforts of key players to meet supply chain bottlenecks, continued commercialization of novel COVID screening platforms by major players, and easy availability of controls & standards are propelling the growth of this segment.
By the end-user, the hospital segment holds the largest share in the global in-vitro diagnostics market over the forecast period, due to the strong financial capabilities of hospitals for purchasing high-priced diagnostic devices. Moreover, the large patient pool treated at hospitals, the growth in the number of make-shift hospitals, and the presence of trained professionals to operate these diagnostic devices also fuels the growth of this segment.
By region, The U.S is projected to register for the maximum share in 2020 for the in-vitro diagnostics market, followed by Europe. This can mainly be attributed to the ongoing advancements in the field of gene & immunoassay based products and continuous commercialization of innovative diagnostic products coupled with the recent discovery of genetic biomarkers & their clinical role in immunoassay testing.

Competitive Landscape:

The prominent player operating in the global COVID-19 impact on IVD (in vitro diagnostics) market includes Bio-Rad Laboratories, Inc., bioMérieux S.A., QIAGEN NV, Thermo Fisher Scientific Inc., F. Hoffman-La Roche Ltd., Immucor, Inc., Luminex Corporation, Illumina, Inc., CareDx, and Becton, Dickinson, and Company.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period