“About 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.6 million deaths are directly attributed to diabetes each year.”, says the World Health Organization (WHO). Other common chronic diseases are various cardiovascular diseases (CVDs) and cancers, asthma, and chronic obstructive pulmonary disease (COPD). While many of these are treatable, others are merely manageable. In either case, an effective diagnosis is necessary to initiate the care regimen.
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The most-most common type of diagnostic tests is blood and urine tests, along with biopsies and others in which a tissue or fluid is taken from the body and then experimented upon in a lab. Therefore, with the increasing incidence of chronic and acute diseases that require such tests for their detection, the in vitro diagnostic market is expected to witness a 6.6% CAGR between 2020 and 2030. P&S Intelligence says, that at this rate, the revenue generated from the sale of testing products will rise from $63.5 billion in 2019 to $127.4 billion by 2030.
In this regard, the menacing COVID-19 infection is driving the volume of IVD tests. With the cases rising rapidly despite containment measures, including factory and commercial complex shutdowns, restrictions on non-essential movement, mandates for wearing masks in public places, and general social distancing, the infection is spreading fast. Therefore, many biotech companies have swung into action to launch improved test kits to catch this infection. Moreover, people infected with COVID-19 are showing numerous complications and comorbidities, which is, in turn, driving the demand for IVD testing kits, reagents and instruments, and associated software and services.
Hence, as the awareness about effective disease diagnosis and blood screening grows, so will the demand for the various products used for IVD tests.
