The U.S. In Vitro Diagnostics Market in terms of revenue was estimated to be worth USD 58 billion in 2022 and is poised to reach USD 93.58 billion by 2032, growing at a CAGR of 4.90% from 2023 to 2032 according to a new report by Nova One Advisor.

Download Sample Pages for Better Understanding @ https://www.novaoneadvisor.com/report/sample/7717

KeyInsights:

You can further customize the report@ https://www.novaoneadvisor.com/report/customization/7717

Medical instruments that perform diagnostic tests on bio-fluids including blood, urine, and tissues are known asin vitro diagnostics(IVD). The IVD tests are used to study pharmacological therapy and to identify and evaluate infectious diseases, autoimmune disorders, and a variety of medical ailments.

The rising prevalence of chronic and pathogenic diseases, the aging population, the increasing popularity of point-of-care testing, and personalized medicine are anticipated to increase the demand for IVD testing in the country. Moreover, with developments in genomics & proteomics, this industry is seeing new prospects as molecular diagnostics expands its reach and introduces a new variety of condition-specific indicators and tests.

Several ailments, such as genetic, cardiovascular, and neurological disorders, are becoming more common. Cardiovascular diseases (CVDs) are the major cause of death in the U.S., killing an estimated 659,000 people each year, as per the Centers for Disease Control and Prevention (CDC). This has resulted in a significant public awareness about early diagnosis and a rise in routine diagnosis, both of which support the market's overall development.

The launch of new advanced IVD products is assisting the market's rapid expansion. Moreover, market players and research institutes are actively involved in the development of novel products to reduce the overall disease burden in the country. For instance, in May 2021, the University of California developed an ultrasensitive molecular test. This test is based on a chip technology that can detect the presence of influenza A and SARS-CoV-2 antigens. The test is under further study for conversion into a Point-of-Care (PoC) test.

The adoption of IVD testing at the point-of-care testing facilities is increasing rapidly. As several players are focusing on launching tests for home care facilities, there has been a shift in the industry dynamics. Moreover, in 2021, FDA also prioritized home-based molecular diagnostics tests. In March 2021, BATM Advanced Communications Limited announced the launch of its molecular diagnostics self-test kit for the detection of COVID-19.

The market is gaining strength as diagnostic laboratories increasingly employ fully automated tools. Automated instruments, as opposed to manual and semi-automated equipment, are more expandable, meet high level of performance, reduce technologists' hands-on time, eliminate batch testing, and provide faster results to physicians. Market participants are increasingly working on building automated instruments as a result of these benefits.

Furthermore, laboratory automation facilitates, expedites, and improves the efficiency and efficacy of diagnostic tests. From loading specimen tubes to providing findings for all major laboratory disciplines, a total lab automated system can handle all parts of the testing process. As more manufacturers enter the market with broader automation choices, the evolution of lab automation in the clinical diagnostics business is continuing to accelerate.

Since it is utilized to detect the SARS-CoV-2 virus, the COVID-19 pandemic has increased the demand for molecular diagnostics tools. Additionally, among hospitalized patients suffering from COVID-19, there was a surge in demand for test kits and consumables for measuring blood glucose levels, troponin levels, and a variety of other parameters. As a result, the usage of IVD devices increased during the pandemic and propelled the market growth.

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Growing Awareness On Personalized Medicine Drive The US IVD Market

Growing patient awareness for personalized medicine is one of the key factors resulting in the increased use of molecular diagnostics and IVD technologies. Diagnostic tests, especially those that provide rapid or real-time results are an essential part of individualized treatment regimens for many chronic diseases and conditions. These tests enable physicians to make an informed clinical decision and reduce the likelihood of unnecessary adverse events. Some of the most widely used personalized treatment regimens include HbA1c tests (glycated hemoglobin) for monitoring diabetes; therapeutic drug monitoring tests to select drugs for resistant HIV strains; cholesterol (and other lipid) testing to monitor the effectiveness of lipid lowering therapy; and so on. Personalized medicine also involves pharmacogenomics testing. In a March 2012 survey conducted by the United Health Center for Health Reform & Modernization, more than 75% respondents agreed that genetic testing allowed physicians to offer personalized treatment. The survey also stated that the U.S. currently spends USD 5 billion on genetic tests, which could reach USD 25 billion by 2021. Hence, an increase in the uptake of personalized medicine approach is expected to drive the growth of the IVD technologies market in the U.S. in the coming years.

Procure Complete Report (250+ Pages PDF with Insights, Charts, Tables, and Figures)@ https://www.novaoneadvisor.com/report/checkout/7717

Product Insights

The reagent segment held the highest market share of 66.19% in 2022, owing to the increasing demand for genetic testing and the availability of advanced cancer diagnostic tests. The high demand for testing for SARS-CoV-2 infection significantly increased the growth during the pandemic.

Increasing approval of COVID-19 tests for emergency use by regulatory authorities is anticipated to drive the market. For instance, in April 2020, the U.S. FDA approved the EUA for the VITROS Anti-SARS-CoV-2 Total reagent pack and calibrators of Ortho Clinical Diagnostics.

In 2022, the instruments accounted for 26.33% of the revenue share. Increasing technological advancements, such as the introduction of portable instruments like cobas 4800 developed by Roche Diagnostics and GeneXpert by Cepheid, and others are increasing market penetration of IVD instruments in the country.

Technology Insights

Molecular diagnostics held the largest share of 50.03% in 2022, attributed to the increasing adoption of point-of-care testing and rapid testing. The increasing product launches due to Emergency Use Authorization for various COVID-19 diagnostic tests have also contributed to the growth.

For instance, in March 2020, Abbott received EUA from the U.S. FDA for its molecular test, RealTime SARS-CoV-2 for COVID-19. Moreover, in November 2021, Roche announced the launch of the cobas 5800 System for molecular testing in infectious diseases such as sexually transmitted diseases and respiratory infections.

Coagulation is expected to be the fastest-growing segment with a CAGR of 6.37% over the forecast period, driven by an increase in the adoption of IVD assays and a rise in the demand for point-of-care diagnostics.The rising prevalence of cardiovascular diseases, blood-related disorders, and autoimmune diseases is expected to boost the demand for coagulation testing.

Application Insights

In 2022, the infectious diseases segment held the highest revenue share of 70.1 %, and this is expected to maintain its dominance throughout the projection period. The increased testing rate for COVID-19 is one of the major factors for the dominance of this segment. Moreover, the introduction of new products and an increase in the prevalence of infectious diseases have increased segment share in the market.

Prominent market participants are collaborating to promote patient and healthcare provider access to high-quality, innovative laboratory services. For instance, in January 2020, Quest Diagnostics partnered with Memorial Hermann Health System to provide 21 hospital laboratories in Houston with better, cost-effective, high-quality, and creative diagnostic services.

The oncology segment is anticipated to experience the fastest CAGR of 4.6% over the forecast period.Increasing prevalence of cancer, increasing awareness about early diagnosis of cancer, and government initiatives are anticipated to increase the segment growth over the forecast period.

For instance, in February 2022, Cancer Moonshot was initiated by the U.S. government to enhance the screening rate for cancer for identifying the missed cases due to the COVID-19 pandemic. In the next 25 years, the government aims to reduce the cancer death rate by 50% with early diagnosis and treatment.

End-use Insights

The hospitals segment dominated the U.S. in vitro diagnostics market in 2022 with a revenue share of 46.3 %, due to huge & extensive infrastructure, and an increase in hospitalization. In addition, an increase in hospital-acquired infections among hospitalized patients has increased the segment share.

As per the CDC, around 5% of hospitalized individuals are infected with MRSA and carry germs. As a result, the FDA approved the Cobas vivoDx MRSA screening test in December 2019, which can screen patients for bacterial colonization faster than traditional culture-based procedures. The FDA's measures to allow diagnostic tests with technological advances and improved accuracy are expected to maintain their dominance throughout the forecast period.

Home care segment is expected to exhibit the fastest CAGR of 3.60% during the forecast period due to the rising geriatric population and increasing demand for home care IVD devices.A few of the home diagnostics tests are the Home Access Hepatitis C Test (Home Access Health Corp), ADEXUSDx HIV 1/2 Test, and Home Access Express HIV-1 Test (Home Access Health Corp).

Moreover, regulatory authorities rigorously evaluate the performance of diagnostic tests to meet standards of safety, performance, and quality. For instance, in July 2019, Mylan N.V. and Atomo Diagnostics received prequalification approval from WHO for Mylan HIV Self-Test.

Some of the prominent players in the U.S. in vitro diagnostics Market include:

Segments Covered in the Report

This report forecasts the volume and revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor has segmented the U.S. in vitro diagnostics market.

By Product

By Technology

By Application

By End-use

Immediate Delivery Available | Buy This Premium Research Report@ https://www.novaoneadvisor.com/report/checkout/7717

Unlocking Market Insights through Data Excellence

The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.

Access our Premium Real Time Data Intelligence Tool, Visit: http://www.precedencestatistics.com

You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333

About US

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

Connect with US

Web: https://www.novaoneadvisor.com/

Blog: https://www.precedenceresearch.com/

Blog: https://www.towardshealthcare.com

Blog: https://www.towardspackaging.com

Blog: https://www.visionresearchreports.com/

See the original post:

U.S. In Vitro Diagnostics Market Poised to Surge USD 93.58 Bn by ... - BioSpace