Surging Incidence of Diabetes Propelling In Vitro Diagnostics Demand
The increasing prevalence of chronic diseases such as diabetes is one of the key factors driving the demand for in vitro diagnostics across the world. According to the International Diabetes Federation (IDF) Atlas 9th edition, 352 million people in the age bracket of 20–64 years were diagnosed with diabetes in 2019, and this number will increase to 486 million by 2045. Furthermore, as per the World Health Organization (WHO), 9.6 million deaths were recorded because of cancer across the world in 2018.
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Additionally, 37.9 million people were diagnosed with HIV/AIDS in 2018, a per the findings of the Joint United Nations Programme on HIV/AIDS (UNAIDS). As in vitro diagnostics (IVDs) are required for detecting infections, conditions, and diseases, their worldwide demand is soaring because of the rising prevalence of chronic diseases. The surging number of blood donors around the world is also positively impacting the demand for these tests. As per the WHO, 118.4 million units of blood were donated throughout the world in 2018.
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Apart from the above-mentioned factors, the increasing implementation of strict regulations regarding blood safety and sample contamination is also driving the growth of the global in vitro diagnostics market. As per the forecast of P&S Intelligence, a market research company based in India, the value of the market will surge from $63.5 billion in 2019 to $127.4 billion by 2030. The market is also expected to advance at a CAGR of 6.6% from 2020 to 2030.
Out of these, the popularity of the microbiology technology is predicted to rise at the fastest pace in the forthcoming years, mainly because of the increasing incidence of infectious diseases such as tuberculosis and hepatitis. Globally, the demand for IVD tests was observed to be the highest in North America during the last few years, and this trend is predicted to continue in the forthcoming years. This is ascribed to the surging incidence of infectious and chronic diseases in the region.
Hence, it is safe to say that the demand for IVD tests will boom in the years to come, primarily because of the growing incidence of infectious and chronic diseases and the surging volume of blood donations across the world.