The COVID-19 pandemic had a tremendous impact on many industries, but perhaps none as significant as its lasting influence in the advancement of technology in the medical field. One such sub-area that has continued to experience significant growth through and beyond the pandemic is In-Vitro Diagnostics (IVD). Through LSI’s coverage of medical device news and market analysis, the IVD market is the largest in terms of total product sales.
IVD tests are conducted on blood or tissue samples that have been extracted from the human body. They play a crucial role in diagnosing diseases, screening for health risks, and helping to monitor disease progression over time. IVDs were essential in combating COVID-19 but the growth is expected to go beyond the pandemics, largely due to the sustained growth of remote collection and digital pathology.
According to LSI's Global Medtech Market Analysis & Projections (MAP), which covers 22 unique markets and over 200+ technology sub-segments, the IVD market is the largest by total product sales – valued at a whopping $83 billion, eclipsing even cardiovascular and orthopedic devices.
Within the massive IVD market, three major product segments contribute in an outsized capacity to its growth; Rapid Point-of-Care (POC) diagnostics, immunodiagnostics, and Molecular diagnostics.
According to the market research for medical devices done by LSI, the Rapid Point-of-Care (POC) diagnostics segment is valued at $21.3 billion, making it the most significant contributor to the overall IVD market. New medical devices in this segment are enabling accelerated diagnosis to treatment, enabling POC decision making. The number of assays or diseases that these tests can detect is projected to continue expanding rapidly. Growth here not only creates a path to improved clinical outcomes, but is also more financially efficient compared to traditional laboratory testing.
Immunodiagnostics is the second largest segment, valued at $17.5 billion. These tests are used to detect diseases by searching for an immune response in the body. As the advancement of technology in the medical field continues, we expect to continue seeing more accurate and faster immunodiagnostics tests.
Lastly, Molecular diagnostics, valued at approximately $10.7 billion. These tests detect specific sequences in DNA or RNA that are identified to be or not to be associated with disease. The development in this area is promising and is one of the key medical device industry trends to watch.
LSI’s Global Medtech Market Analysis & Projections (MAP) provides global coverage of 22 major markets like IVD and 200+ technology sub-segments, including Digital Surgery, Diabetes, Diagnostic Imaging and more. Total worldwide sales by segment, share-by-supplier data, and more are available in one configurable platform, so you can say goodbye to inconsistent market reports forever. Stay tuned for more medical device news and insights and get in touch with our team to get a sample of Global Medtech MAP.
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