Market Trends of In Vitro Diagnostic Industry
Reagents are Expected to Hold the Largest Market Share in the Product Segment
The reagent segment of the market includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process. Given the high cost of many diagnostic platforms, it is common for manufacturers to lease equipment instead of selling technology outright to end users. In these arrangements, the lease is tied to contracts to purchase associated reagents or assays for the equipment over the life of the contract.
Additionally, with the increasing burden of chronic diseases worldwide, the demand for in-vitro diagnostics increases, surging the demand for reagents used in the various testing platforms. According to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, a total of 537 million individuals (20-79 years old) worldwide have diabetes. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. The increasing population affected by chronic diseases, which require timely clinical tests for monitoring their conditions, is expected to boost the growth of the reagents segment over the forecast period.
Also, the acquisitions by key market players are expected to contribute to the growth of the market. For instance, in March 2022 Medix Biochemica acquired 100% shares of myPOLS Biotec GmbH, By acquiring myPOLS Biotec, Medix Biochemica has added to its portfolio of IVD raw material and increased its selection of reagents for molecular diagnostics. This acquisition increases the company's global presence and provides customers with even more advanced scientific and technological capabilities in molecular diagnostics.
North America Dominates the Market and is Expected to Continue its Dominance in the Forecast Period
North America currently has significant growth in the market for IVDs, and it is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and the rising prevalence of chronic diseases. The United States holds most of the market in the North American region due to the rising healthcare expenditure and the rapid adoption of point-of-care testing. According to the Centers for Disease Control and Prevention data on chronic diseases updated in July 2022, chronic diseases are the leading cause of death and disability every year in the United States. The rising number of chronic diseases in the nation adds to the growth of in-vitro diagnostics in the country. Additionally, according to the American Cancer Society, in January 2022, cancer continues to be the second most common cause of death in the United States, after heart disease. A total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the United States in 2022, which is about 1,670 deaths a day. Moreover, people with chronic conditions are the most frequent users of healthcare facilities in the United States. They account for the majority of hospital admissions and prescription filling, and thus, they drive the growth of the market. The high burden of the target and chronic diseases in the region and increasing demand for early diagnostics are the other major factors that are driving the growth of the studied market in the United States.
Additionally, the growing number of product launches in the region and the high concentration of key players in North America act as major factors in driving the market. For instance, in May 2020, Bio-Rad Laboratories Inc.'s SARS-CoV-2 Droplet Digital PCR (ddPCR) test kit was granted Emergency Use Authorization (EUA) by the United States Food and Drug Administration (FDA). The SARS-CoV-2 Droplet Digital PCR (ddPCR) test runs on Bio-Rad's QX200 and QXDx ddPCR systems.
