The U.S. in vitro diagnostics market size is expected to reach USD 37.35 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2020 to 2027. The prevalence of various diseases such as cancer, autoimmune diseases, and inflammatory conditions is increasing, which is expected to drive the market. For instance, according to the American Cancer Society, about 1.8 million are estimated to be new cancer cases and around 606,520 individuals are projected to die in 2020. Breast, prostate, colorectal, lung, stomach, and liver cancers are the most common types.
In
addition, cell counts are performed manually; however, companies are
introducing automated instruments to reduce manual work and provide quick and
accurate results. For instance, in July 2018, Sysmex America, Inc. entered into
a partnership with Advanced Instruments to introduce a novel GloCyte Automated
Cell Counter System that is used to detect cerebrospinal fluid cell count. As
per this agreement, Sysmex America, Inc. would be the exclusive distributor of
the system in the U.S.
Increasing
use of approved blood-gas analyzers to monitor respiratory conditions is
expected to fuel market growth. For instance, in March 2020, Siemens
Healthineers AG received the U.S. FDA approval for the RapidPoint 500e blood
gas analyzer. This blood gas analyzer can be used for critically ill patients
under acute care. Furthermore, it is anticipated to support COVID-19 response
efforts due to its ability to test blood gas, which, in turn, is expected to
help manage infected patients by aiding the monitoring of their respiratory
conditions.
An
increase in the initiatives by organizations to improve patient outcomes using
cost-effective and rapid diagnostic techniques to help fight antibiotic
resistance is expected to fuel market growth. For instance, in April 2019, The
University of Antwerp, Wellcome Trust, and bioMérieux, together launched
Value-Dx-an Innovative Medicines Initiative (IMI) project-that was initiated by
six IVD companies to fight against antimicrobial resistance. The aim of this
project was to transform clinical practice and achieve better patient outcomes
by implementing new diagnostic technologies.
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U.S. In Vitro
Diagnostics Market Report Highlights
- By
technology, the molecular diagnostics segment is expected to be the
fastest-growing segment over the forecast period owing to the rising
number of approvals by regulatory authorities and the presence of various
technologies, such as Polymerase Chain Reaction (PCR), mass spectroscopy,
and Isothermal Nucleic Acid Amplification Technology (INAAT)
- The
immunoassays technology segment held the largest market share in 2019 due
to the increasing adoption of immunoassay-based POC testing and rapid
testing and growing use of tests and expansion of assay menu
- Based on end
use, the hospitals segment dominated the market in 2019 owing to the
availability of a large number of community hospitals, federal government
hospitals, and nonfederal psychiatric hospitals and developed
infrastructure
- The presence
of key players and rising initiatives to raise awareness among healthcare
professionals and patients are fueling the market growth
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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