Technological Advancements To Spur The Growth Of In-Vitro Diagnostic Market
In-vitro diagnostic (IVD) is utilized to sense any sort of diseases and infections by taking the sample from the human body to heal diseases. These IVD products can be reagents, instruments, or any system utilized for the diseases diagnosis.
In the present business scenario, there is a rise in geriatric population increase as well as the occurrence of chronic diseases such as cancer, tuberculosis, diabetes, and cardiovascular diseases. additionally, there is a considerable increase in the figure of individuals suffering from several infectious diseases, such as respiratory, sexually transmitted, and gastrointestinal diseases. The increase in these diseases elevates the requirement for diagnostic devices that impels the in-vitro diagnostics market growth. Furthermore, diseases such as diabetes and cardiovascular disorders augment the demand for the in-vitro diagnostics solutions.
Furthermore, growth in the digit of point-of-care centers and private & public centers is also anticipated to drive the market growth. Also, increase in expenditure for healthcare sector advancement by the government is expected to propel the market growth. IVD technologies, in the last 50 years, were utilized only in clinical laboratories. Primarily, a pregnancy test was performed in labs; however, at present, one can perform the tests by placing samples of urine on test sticks at their homes itself.
These tests are less time-consuming, precise, and simple. likewise, the testing of the blood glucose levels can be performed using point-of-care testing apparatus such as glucometer. Also, the HIV test can also be undertaken at home using an inbuilt mouth swab in the diagnosis device that gives results in around 20–40 Minutes. Earlier, these tests were conducted in clinical labs, where individual’s blood sample was taken.
As there are several enhancements in the traditional IVD technologies, there is a rise in demand in the market for IVD. These improvements contribute to fueling the growth of the in-vitro diagnostic market. The CE-IVD Marked QuantStudio Dx Real-Time PCR device recently launched by Life Technology Corporation in Europe offers several diagnostic functions such as SNP genotyping, pathogen detection, mutation finding copy number analysis, gene expression analysis, and micro-RNA.
On the other hand, severe government rules for the IVD products manufacturing and insufficient reimbursement policies are anticipated to obstruct the growth of the in-vitro diagnostic market.