A Surge in Demand For In-Vitro Diagnostics Tests to Be Observed Owing to the COVID 19 Pandemic and Rising Confirmed Cases across the World
Research Nester published a report titled “In-Vitro Diagnostics Tests Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the in-vitro diagnostics tests market in terms of market segmentation by product type, by technique, by application, by usability, by end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
According to the U.S. Food and Drug Administration (FDA), in-vitro diagnostics tests are done on human body samples such as blood or tissue. It can detect diseases or other conditions and can be used to monitor a person’s overall health to assist cure, treat, or prevent diseases.
COVID 19, declared as a global pandemic by the WHO has set forth overwhelming demands for in-vitro diagnostics tests globally for screening and isolating the infected patients. The pandemic has resulted in reagent shortages, novel product launches, and series of products entering into the development phase
Regionally, the in-vitro diagnostics tests market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America is estimated to influence the overall market share in the forecast period owing to rising cases of COVID-19, coupled with high per capita healthcare expenditure, the growing prevalence of target diseases, presence of dominant market players in the region, well-established diagnostic infrastructure, and helpful government policies and their support on new developments.
According to the WHO, Europe remains at the center of the pandemic. There’s a continuous upsurge in new positive cases in the European Region. Currently, owing to the severe outbreak of the COVID 19 pandemic across Europe, the in-vitro diagnostics tests market is expected to witness a massive boost in the region. Additionally, growth in cancer patients, technological advancements, and a quickly aging population are some of the other major influencers contributing towards the market growth in the region.
On account of factors such as rise in disposable incomes, increasing investment by the government, a large patient population with unmet medical needs and rising investments in research and development of healthcare sectors in the developing countries such as India, China, and Brazil, the Asia-Pacific region is expected to provide lucrative opportunities for the market players.
Changing health dynamics in the Latin American and African countries will influence the future market growth of the in-vitro diagnostics test. The current situation of the COVID-19 pandemic has helped in boosting the market growth significantly in these regions.
Soaring demand for COVID-19 test kits to boost the overall market growth
The dreadful coronavirus pandemic has created a new umbrella pathway for the diagnostics market especially Point-Of-Care (POC) Diagnostics market and Molecular Diagnostics market, which is witnessing an unusual demand globally.
Various pharmaceutical and biotechnology companies are coming together to escalate the production of coronavirus testing kits to ease supply chain bottlenecks. This, in turn, is expected to positively drive the market growth.
However, the likelihood of faulty results, stringent & time-consuming approval policies and low awareness about in-vitro diagnostics tests are anticipated to restrain the market growth.
This report also provides the existing competitive scenario of some of the key players of the in-vitro diagnostics tests which includes company profiling of Abbott Laboratories (NYSE: ABT), Mylab Discovery Solutions Pvt. Ltd., Becton, Dickinson and Company (NYSE: BDX), Quidel Corporation (NASDAQ: QDEL), BioMérieux SA (EPA: BIM), Bio-Rad Laboratories, Inc. (NYSE: BIO), F. Hoffmann-La Roche Ltd. (SWX: RO), QIAGEN (NYSE: QGEN), Hologic, Inc. (NASDAQ: HOLX), Sysmex Corporation (TYO: 6869), and Thermo Fisher Scientific, Inc. (NYSE: TMO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the in-vitro diagnostics tests market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.