In-vitro Diagnostics Market Trends

Growth Drivers

• Increasing Awareness Towards Point-Of-Care Testing from Centralized Testing - With rising cases of COVID-19 across the globe have increased the adoption of point-of-care testing devices that are a great influence on the need to make healthcare more focused on patients. For instance, till October 2022, there have been 623,000,396 confirmed cases of COVID-19, including 6,550,033 deaths, as reported by WHO. The need to deliver care closer to the patient has increased the volume of testing performed outside the conventional laboratory.
• Rise in Incidences of Chronic and Infectious Diseases - The substantial rise in chronic diseases such as cardiovascular, respiratory, and gastrointestinal infections, asthma, diabetes, arthritis, tuberculosis, and cancer patients is expected to increase the demand for diagnostic devices, which is likely to drive the market. According to the data from the WHO, 262 million people suffer from asthma.
• Incorporation of Artificial Intelligence and Internet of Things in IVD Equipment - Advanced technologies such as artificial intelligence and the internet of things infused in in-vitro diagnostics work in assisting remote monitoring and patient management, which creates new opportunities for the coming years, which leads to the growth of the in-vitro diagnostics market. As per the data from the World Bank, 2.33% of the global GDP was spent on research and development activities in 2019, which increased to 2.63% in 2020.
• Rising Healthcare Expenditure- As per the data by the World Bank, 9.83% of the global GDP was spent on health expenditure in 2019.
• Growing Adoption and Rising Demand for Personalized Medicine -   The growth in self-monitoring personalized treatment such as cholesterol testing, blood glucose monitoring, hemoglobin sensors, and more, is likely to rise demand for personalized care and medicines, which leads to the growth of the market. For instance, in 2020, 3 million people were using self-glucose monitoring machines, which rose to 4 million people in 2021.

Challenges

• High Cost of Diagnostic Services and Machinery Maintenance
• Unfavorable Reimbursement Scenario The routine tests performed at hospitals and laboratories are being reduced due to unfavorable reimbursement policies. Considering this, many market players have observed a decline in sales. For instance, Abbott Laboratories has witnessed a decline of -3.9%.
• Lack of Awareness among People