COVID 19 Impact on IVD (In Vitro Diagnostics) Market: Newest Trends and Advancements

COVID 19 Impact on IVD Market

The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrades.

How much is the COVID 19 Impact on IVD Market worth?

The global in-vitro diagnostics market size is expected to be valued at USD 61.7 billion in 2020 and projected to reach USD 77.9 billion by 2025, growing at a CAGR of 4.8% during 2020-2025.

The PCR segment is expected to hold the largest share of the market in 2020 H1

Based on technology, the in-vitro diagnostics market is segmented into PCR, NGS, ELISA, rapid-tests, clinical chemistry, hematology, hemostasis, urinalysis, microbiology testing, and others. The PCR segment is expected to hold the largest share of the global in-vitro diagnostics market in 2020 – H1. Factors such as the increasing patient emphasis on effective & early patient screening, continued commercialization of novel COVID screening platforms by major players, early efforts of key players to address supply chain bottlenecks, and easy availability of controls & standards are driving the growth of this segment.

The US to account for the largest share of the in-vitro diagnostics market in 2020 H1

The US is expected to account for the largest share of the in-vitro diagnostics market in 2020 – H1, followed by Europe. This can primarily be attributed to the continuous commercialization of innovative diagnostic products coupled with ongoing advancements in the field of gene & immunoassay based products, the recent discovery of genetic biomarkers & their clinical role in immunoassay testing, supportive government policies & their emphasis on novel product development, and the significant expansion of target patient population.

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Key Market Players in COVID 19 Impact on IVD Market

As of 2019, some of the prominent players in the in-vitro diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Biomerieux (France), and QIAGEN (Germany), among others.

An analysis of the market developments between December 2019 to April 2020 revealed that product commercialization, developmental collaborations, and product distribution partnerships were adopted by market players to maintain a competitive position in the in-vitro diagnostics market to mitigate the COVID-19 impact. Product commercialization was the most widely adopted growth strategy.

Roche Diagnostics is the top player in the global in-vitro diagnostics market. Roche Diagnostics was the leading player in the IVD market. The company’s leading position in the IVD market is attributed to its diverse product portfolio across clinical chemistry, immunochemistry, molecular diagnostics, and tissue diagnostics products. The company also has a strong geographic presence across major healthcare markets in North America, Europe, Asia, as well as MEA, which enables it to cater to a large consumer base worldwide. To maintain its leadership position in the global IVD market, the company mainly focuses on product commercialization, developmental collaborations, and product distribution partnerships.

Recent Developments (2019-2020):

  • In March 2020, Abbott expanded their manufacturing capacity to offer 5 million ID now test kits per month from April onwards
  • In April 2020, Hologic has strengthened its production line for CDx units to provide 600K test kits per month
  • In March 2020, IDT has announced its capabilities to offer 5 million diagnostic test kits from April 1st week for COVID screening
  • In March 2020, BARDA (US) has provided funding of USD 0.7 million to Hologic to develop rapid diagnostic kits for COVID

Key Questions Addressed by the Report:

  • What would be major IVD technologies impacted by COVID-19 during 2020-2021?
  • What are the growth opportunities related to the adoption of in-vitro diagnostic products across major countries/regions in the future?
  • Emerging countries show immense opportunities for the growth and adoption of in-vitro diagnostic technologies. Will this scenario continue in the next five years?
  • Where will the advancements in products offered by various companies take the industry in the mid- to long-term?
  • What are the newest trends and advancements in the in-vitro diagnostics market?

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