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Rising Prevalence of Infectious Diseases coupled with Growing Demand for PoC and Rapid Diagnostics Drives the Global IVD Market

   May 15, 2023

The epidemiological burden of infectious diseases across the globe has increased in the past few years. During the past few decades, various infections such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika are the majorly occurred emerging infections. The recent outbreak of COVID-19 is an example of the same. The outbreak of COVID-19 stalled almost all economic activities around the globe. According to the WHO, as of February 3, 2023, there were 754,018,841 confirmed COVID-19 cases, with 6,817,478 deaths.

Moreover, about 1.6 million people died from tuberculosis in 2021. The disease was the 13th leading cause of death globally. In 2021, there were 10.6 million new cases of tuberculosis, of which 3.4 million were women and 1.2 million were children. (Source: WHO) This shows that the increasing number of infections over time has impacted the world population. The increasing prevalence of infectious diseases across the globe significantly increases the demand for the diagnosis of these diseases for early detection, prevention, and treatment, driving the growth of the in vitro diagnostics market during the forecast period.

In recent years, early diagnosis of infectious diseases has increased, leading to better treatment and future care. Early diagnosis of infectious diseases helps medical professionals and patients make various important medical decisions regarding care and support. Point-of-care (PoC) and rapid diagnostics offer benefits such as cost reduction, convenience for patients and clinicians, reduced waiting time for results, and improved testing quality. In recent years, there has been a continuous shift toward the decentralization of IVD testing, resulting in the proliferation of PoC testing services and the development of rapid tests.

POC testing is mainly performed for diagnosis at or near the site where a patient initially connects with the healthcare system. PoC tests are used for various applications such as infectious diseases testing, blood glucose monitoring, cardiac marker/metabolism testing, coagulation testing, pregnancy and fertility testing, tumor/cancer markers testing, drugs of abuse test, and cholesterol/lipid profile testing. POC testing helps physicians and patients monitor diseases and improve clinical workflows. Also, improvements in information technology have contributed significantly to the decentralization of diagnostic testing. Key companies are developing various tests and instruments for rapid disease diagnosis. For instance, in October 2021, Cepheid (a subsidiary of Danaher Corporation, U.S.) received CE mark approval for Xpert Xpress CoV2/Flu/RSV plus, a rapid molecular diagnostic test that delivers results in 36 minutes and enables the qualitative detection of viruses causing COVID-19, Flu A, Flu B, and respiratory syncytial virus (RSV) infections using a single patient sample.

Traditional laboratory technologies require sophisticated infrastructure, expensive reagents, stable electrical power, long assay times, and skilled & trained staff. In developed countries, hospitals and large clinics have the necessary infrastructure and purchasing power to meet these requirements. However, in developing or low-to-middle-income countries, performing sophisticated laboratory testing is difficult due to insufficient resources and infrastructure. Also, laboratory or medical testing facilities are often limited and inaccessible to patients in many parts of developing countries. Most key players are focused on creating awareness about rapid diagnostic testing and promoting their products for diagnosing infectious diseases in developing countries.

The increasing prevalence of infectious diseases, coupled with the initiatives of key players for rapid diagnostic products, is expected to boost the adoption of PoC and rapid testing. This is expected to drive the global IVD market at a CAGR of 4.6% to reach $130.1 billion by 2030, according to Meticulous Research®.

To Read Our More Research:  https://meticulousresearch.com/product/ivd-market-4858


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