COVID-19 Fuelling Growth of In-Vitro Diagnostics Market and Creating Novel Opportunities for Players

The global in-vitro diagnostics market is projected to register a compound annual growth rate of 5.60% from USD 55 billion in 2016 to nearly USD 90 billion by 2025, fueled by the massive rise in COVID -19 infections which is driving an increase in research and development activities in the diagnosis of infectious diseases.

These are the latest findings of Transparency Market Research (Albany, NY, USA), a market intelligence provider.

A slew of factors such as positive transformations in the medical and healthcare industries are expected to further support the market growth. Digital transformation, technological advancements and increasing significance of point-of-care diagnostics are contributing to the growth of the global in-vitro diagnostics market. State-of-the-art diagnostic facilities are enabling market growth by paving the way for better outcomes. More and more facilities are exploring advanced technologies for up-gradation purposes, thereby driving the demand for in-vitro diagnostics. Additionally, a notable increase in the incidence of cancer in several regions across the world will also contribute to the growth of the global in-vitro diagnostics market.

Furthermore, the rising incidence of infectious diseases, such as COVID-19, will act as a key driver for the growth of the global in-vitro diagnostics market. There has been an increase in the number of COVID-19 cases which is driving the demand for in-vitro diagnostic tests. The outbreak of the COVID-19 pandemic has led to investments in new research lines for diagnostic and treatment of infectious diseases. The medical industry has witnessed some success in developing diagnostic technologies for COVID-19, but still has a long way to go. As new research lines emerge for the management of the COVID-19 pandemic, the global in-vitro diagnostics market will continue to grow at a fast pace.

Geographically, the North American region is witnessing a massive increase in in-vitro testing which can be majorly attributed to the increase in COVID-19 cases in the US. In the Asia Pacific (APAC) region, cooperation between countries for better managing the increasing incidence of diseases is leading to the growth of the in-vitro diagnostics market. Rising cases of lung disorders and cancer is also supporting the market growth in several regions of the Asia Pacific.

Related Links:

Transparency Market Research