Market Trends for In Vitro Diagnostics
The in vitro diagnostics market saw significant growth in 2020, partially due to the usefulness of IVD products in testing for COVID-19. Experts predict that the market will continue to grow in the coming years due to a changing healthcare industry, a growing elderly population, and the prevalence of conditions such as cancer and autoimmune diseases. These factors create a continuously growing demand for the fast and accurate diagnoses the in vitro diagnostics market can provide. Learn more about what has been and will continue to fuel in vitro diagnostics product development with this overview of the recent market trends for in vitro diagnostics.
Uses of In Vitro Diagnostics Tests
Insight into the applications of in vitro diagnostics devices allows professionals to better meet market demands. In 2020, infectious diseases accounted for the largest revenue share of the market, predominantly due to the rise of the coronavirus pandemic. The market has also seen increasing rates of other infectious diseases like HIV, AIDS, and pneumonia. For these reasons, the market will likely see a rise in new infectious disease detection assays. Cancer will be another key player in the market, as the increasing prevalence of this chronic disease continues to accelerate the demand for in vitro diagnostic tests.
Technology and Product Expectations
As the in vitro diagnostics market grows, the demand for efficient, sensitive, and accurate tests increases. Developers of IVD devices must pay close attention to the market trends for in vitro diagnostics so that they can continue to create products that rise to current industry challenges. For example, the immunoassay segment dominated the market in 2020 and should continue to rise due to its use in detecting infectious microbes. By focusing on immunoassay technology, IVD product developers can meet the growing demand that infectious diseases are producing in the market.
End-User Trends and Insights
End users hold a lot of influence over where and how in vitro diagnostic devices work. Predictably, hospitals make up the largest revenue share. As hospitalization increases and doctors require diagnoses before further treatment, the demand for accurate and reliable IVD devices continues to rise. However, the home care segment will also see aggressive growth in the coming years with a growing elderly population and the advancement of telehealth services. As this part of the market expands, in vitro diagnostic devices will play a crucial role in providing reliable information and care for at-home patients.