![]() This subsequently caused a significant increase in the sales of point-of-care and molecular diagnostics products. As lockdown restrictions were lifted in most countries during this year, the number of home-based and laboratory tests grew. In 2021, the global in vitro diagnostics market experienced significantly higher growth than the pre-pandemic level. The product would increase the efficiency of clinical laboratories & provide customizable output and can be used in molecular diagnostic testing. In March 2021, Thermo Fisher Scientific launched the ‘Applied Biosystems QuantStudio 5 Dx Real-Time PCR System’ to analyze a large number of samples in a short duration.launched the PREvalence ddPCR SARS-CoV-2 Wastewater Quantification Kit, a cost-effective tool for detecting SARS-CoV-2 in a community’s wastewater. For instance, in June 2021, Bio Rad Laboratories, Inc.Hoffmann-La Roche Ltd, Abbott Laboratories, and bioMérieux SA witnessed a decline of -6.0%, -3.9%, and -7.0%, respectively, in the revenues generated from their immunodiagnostics segment in 2020 as compared to 2019.Īdditionally, introducing new techniques for rapidly diagnosing COVID-19 surged the demand for in-vitro diagnostics products and services across the world. However, some key players saw their revenue margins decline due to a notable decrease in routine testing performed in hospitals and laboratories worldwide. For instance, Abbott witnessed a revenue growth of around 225% in its molecular diagnostics segment in 2020 as compared to 2019. Market players witnessed a considerable growth in molecular and point-of-care test sales, causing a substantial rise in their revenues. This significantly increased the global demand for serology and molecular techniques based on point-of-care tests. Additionally, there was increased demand for test kits and consumables for monitoring blood glucose and troponin levels among hospitalized patients suffering from COVID-19. Molecular diagnostics techniques were used to diagnose the SARS-CoV-2 virus. The COVID-19 pandemic had a positive and negative impact on different segments however, the increased use of molecular diagnostics overcame the negative effect of other segments, leading to a positive impact on the market during the pandemic. IVD consists of many tests and techniques to diagnose various disorders. Increased Use of Molecular Diagnostics during COVID-19 Pandemic Positively Impacted Market Growth Such new launches are projected to contribute to the in-vitro diagnostics market growth. This test is performed on samples collected through the AerosolSense Sampler. launched the Renvo Rapid PCR Test to detect in-air SARS-CoV-2 pathogens. ![]() For instance, in February 2022, Thermo Fisher Scientific Inc.This growth is further augmented by increasing investment by key players in research & development to innovate products and explore new applications of IVD techniques. ![]() The rising demand for and adoption of IVD devices have driven the market growth. Furthermore, according to the British In-Vitro Diagnostic Association, these tests influence approximately 70% of clinical decisions. These tests help detect and monitor infectious diseases, autoimmune diseases, and several medical conditions and are also used to analyze drug therapy modifications from time to time. In-Vitro Diagnostics (IVD) are medical devices that perform diagnostic tests on biological samples such as blood, urine, and tissues. The global in-vitro diagnostics market size was valued at USD 94.67 billion in 2022 and is expected to grow from USD 97.12 billion in 2023 to USD 157.02 billion by 2030, exhibiting a CAGR of 7.1% during the forecast period.
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