23 Jun, 2022 IVD market is anticipated to decline at a CAGR of 4% by 2030, according to GlobalData
Posted in Medical DevicesFollowing a boost in the use of in-vitro diagnostics (IVD) due to COVID-19 testing, the IVD market is now expected to take a fall, according to GlobalData. The leading data and analytics company anticipates that the market was valued at $84.3 billion in 2021 and will decline at a compound annual growth rate (CAGR) of 4% from 2022 to 2030.
IVDs are tests performed on samples that have been taken from the human body, such as blood or tissue. IVDs can detect diseases or other conditions and are used to monitor a person’s overall health to help cure, treat, or prevent diseases.
Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, comments: “It was always going to happen that, as the pandemic slows down, so does the related growth areas, and several sectors related to COVID-19 testing will see similar declines. However, not every IVD sector will see losses. The oncology IVD market, for example, is expected to grow at a CAGR of 6% due to the development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses.”
The rising number of IVD products being launched by key players is fueling the growth of the cancer IVD market. A good example is Abbott Diagnostics’ pipepline product, a diagnostic assay for Chronic Lymphocytic Leukemia (CLL). This product is expected to use genetic testing as a way to detect CLL in those who have not been diagnosed, in order to guide them through an early treatment plan. Those that offer molecular diagnostic capabilities deliver effective and accurate results.
As COVID-19 has spread, the demand for molecular testing, regarded as the gold standard for diagnosing infectious disease, has exploded, leading to a rise in the number of new products being launched. The Asia-Pacific region currently leads the global market in terms of revenue share; however, North America is expected to surpass Asia-Pacific by 2030 by 2%. This may be due to the expected growth of Abbott Laboratories, which holds significantly more shares in North America than in Asia-Pacific.
