Explore how In Vitro Diagnostics are pivotal in disease prevention, with the market growing from $83.04B in 2023 to $126.6B by 2032.
The In Vitro Diagnostics (IVD) are integral in the contemporary setting, playing a critical role in the prevention of disease, its diagnosis at an early stage, and the management of health problems. Within the last few years, the IVD market has seen rapid development, with USD 83.04 billion being a figure reached in 2023, while the year 2032 is expected to see USD 126.6 billion. The figures represent a Compound Annual Growth Rate (CAGR) of 4.8% for the years between 2024 and 2032 due to changing market demands within the health system and diagnostic technologies.
Medical devices that are not used inside the human body but rather are used outside the human body in conjunction with human tests for the detection of diseases, conditions, or infections are regarded as Vitro Diagnostics. These tests use samples that include blood, urine, or other tissues that contain clinically relevant information that assists in making an accurate and timely diagnosis. The increasing incidence of infectious and chronic illnesses, in particular NCDs, creates a market opportunity for more sophisticated IVDs.
NCDs are emerging as one of the most concerning global public health issues and result in about 41 million deaths annually, representing 74% of total deaths across the world. Outrageously, 17 million of these deaths occur before the age of 70, and low- and middle-income countries bear the brunt of these losses. It is clear that there is a need for appropriate diagnostic tools, as early diagnosis can prevent severe complications and mortality arising from such diseases.
Even today, IVD technology is undergoing advancements to commemorate the effort of disease prevention. There is also technological improvement with regard to the automation and precision of diagnostic systems targeted towards laboratory/hospital use, which improves patients’ prognosis. For example, an ARUP Laboratories Dedicated AAV5 DetectCDx is used in gene therapy determination for patients with severe hemophilia A as a companion diagnostic. Likewise, Toray Industries, Inc.’s recent approval of its APOA2-iTQ to detect pancreatic cancer further demonstrates the improvement in the development of specialized devices for life-threatening conditions.
The significance of these developments is that they reduce the length of time it takes to carry out tests, which ensures that treatment options are enacted quickly. There is a clear objective among non-profit organizations such as the World Health Organization in making essential diagnostic tools that are found in the Essential Diagnostics List possible to reach in such regions to promote healthcare.
The increasing prevalence of the older population is yet another major factor that is fueling the growth of the IVD market. Statistics show that in 2022, approximately 10% of the global population was aged 65 years and above, a figure that is likely to rise up to 12% in 2030 and 16% by the year 2050. Such changes in demographics also come with an increased chance of developing chronic and infectious diseases that are advanced with age, with more than 80% of older people having at least one chronic disease in their lifetime. This older population is expected to further increase the need for diagnostic tests, especially for heart disease, diabetes, and other chronic diseases.
In addition, point-of-care testing devices are another reason that patients could have their tests done and have results on the spot without having to wait. These devices also aid in quick results, which are important in making clinical decisions. The development of the Sonosite PX ultrasound system, as well as other point-of-care devices, are examples of this most recent change.
Both the government and the private sector are important players in promoting the development of IVD technology. However, the European Commission has substantially contributed towards IVD technologies with approximately USD 203 million worth of investment directed to the AGLYC Project, aimed at developing a blood-based biomarker for early detection of ischemia; hence, the global burden of cardiovascular diseases will be reduced. These are factors that encourage creativity and widen the IVD market."
The future of In Vitro Diagnostics is bright, characterized by ongoing advancements in technology, increased demand for accurate and timely testing, and a strong focus on disease prevention. The interplay between a growing aging population, the rise of chronic diseases, and the necessity for rapid diagnostics will continue to drive the IVD market forward.
As healthcare providers increasingly rely on IVD solutions to enhance patient care, it is imperative that stakeholders across the healthcare ecosystem collaborate to ensure the development and distribution of innovative diagnostic tools. Connect with us now and get the complete report!
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