In vitro diagnostics (IVD) refer to medical tests and diagnostic procedures that are performed on biological specimens (e.g., blood, urine, tissue) outside of the human body, in a laboratory setting. These tests are designed to provide information about a patient’s health status or medical condition, and are used by healthcare professionals to make informed decisions about patient care.
IVD tests can be used to diagnose a wide range of medical conditions, including infectious diseases, cancer, genetic disorders, and metabolic abnormalities. They can also be used to monitor disease progression, assess treatment efficacy, and predict disease risk. Some common types of IVD tests include blood tests, urine tests, imaging tests, and molecular diagnostic tests (such as polymerase chain reaction, or PCR).
IVD is a critical component of modern healthcare, enabling healthcare professionals to make accurate and timely diagnoses, monitor patient health, and provide personalized treatment options. The IVD industry is constantly evolving, with new technologies and innovations driving advancements in disease diagnosis and treatment.
The In Vitro Diagnostics (IVD) market in the United States has been growing steadily in recent years and is expected to continue its growth trajectory in the coming years. According to a market research report by Allied Market Research, the US IVD market size was valued at USD 25.4 billion in 2020 and is expected to reach USD 42.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period.
The growth of the IVD market in the US can be attributed to several factors, including the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, which require accurate and timely diagnosis. Additionally, the aging population in the US is driving the demand for IVD testing, as older individuals are more likely to develop chronic diseases and require regular monitoring and testing.
Another key factor driving the growth of the IVD market in the US is the increasing adoption of advanced technologies, such as molecular diagnostics and point-of-care testing. These technologies offer rapid and accurate diagnostic results, enabling healthcare professionals to make more informed decisions about patient care and treatment.
In summary, the US IVD market is expected to continue its growth trajectory in the coming years, driven by the increasing prevalence of chronic diseases, the aging population, and the adoption of advanced technologies.
Increase in prevalence of chronic and infectious diseases such as tuberculosis, diabetes, and lifestyle diseases and increase in geriatric population in the U.S. primarily drives the market. In addition, implementation of the Affordable Care Act (ACA) and increase in adoption of automated instruments in laboratories that enable accurate and fast test results have increased the IVD market growth. Furthermore, advert of point of care diagnosis and personalized medicine is anticipated to boost the market growth. However, lack of favorable reimbursement policies and stringent government regulations associated to the product approval, manufacturing, and sale of IVD are expected to hamper the market growth. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the market.
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