Combo IVD Market worth $920.9 Mn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

JERSEY CITY, N.J., March 14, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Combo IVD Market – By Test Type (SARS-CoV-2 Flu A/B Combo Test, COVID-19, Influenza A/B, RSV Combo test, COVID-19 IgM/IgG Combo Test, HIV-1/2 Ag/Ab Combo Test, HIV/Syphilis Ab Combo Test, HIV, HBsAg, HCV & Syphilis Combo, hCG Combo Test, Thrombophilia Detection Combo Test, Other Test Types), By Testing, By End-User, By Channel, By Sample Type), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Combo IVD Market is valued at US$ 550.12 Mn in 2023, and it is expected to reach US$ 920.86 Mn by 2031, with a CAGR of 6.84% during the forecast period of 2024-2031.

Combo IVD Market Report Scope:

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Combo In vitro diagnostic procedures involve the examination of a patient's blood or tissue samples. They help monitor the patient's vitals and are utilized for precise diagnostic testing of illnesses and other underlying conditions. Each patient's best course of treatment can be better determined with the help of these diagnostic tests. With the rise in both acute and chronic disorders continues to rise, the in vitro diagnostics business is seeing rapid growth.

The frequency of long-term health problems, such as diabetes and cancer, heart disease, and tuberculosis, is on the rise in modern workplaces, which is cause for concern. There has been a staggering rise in the number of cases of infectious infections, respiratory disorders, and gastrointestinal difficulties.

It is anticipated that the demand for diagnostic equipment will be driven by the increasing occurrence of these illnesses, which drives the IVD market. The rise in investments in research and development (R&D) aimed at developing more affordable treatments is likely to open up promising prospects for market growth. However, the high cost of instruments and the maintenance of diagnostic tablets impeded the market's growth.

List of Prominent Players in the Combo IVD Market:

• DRG International Inc.
• Becton, Dickinson and Company
• DiaCarta Inc
• Abbott Laboratories
• bioMérieux SA4
• Bio-Rad Laboratories
• Alpha IVD Srl
• BioGX BV
• Thermo Fisher Scientific Inc.
• Megna Health Inc
• CTK Biotech, Inc.
• Biopanda Reagents Ltd
• F. Hoffmann-La Roche Ltd
• Hologic Inc
• Siemens AG
• Other Prominent Players

Market Dynamics:

Drivers- 

The growing demand for the combo IVD market is fueled by the increasing number of elderly patients who need frequent health monitoring. Improvements in in vitro diagnostics technologies are also driving the industry forward. Thanks to technological advancements, more precise, sensitive, and time-saving diagnostic tools are now available. Point-of-care (POC) testing, liquid biopsy, next-generation sequencing, and molecular diagnostics fall under this category. Advances in diagnostic technology have boosted patient outcomes, which has fueled market expansion.

Challenges:

The prime challenges are strict rules and regulations, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the combo IVD market.

Market participants may face obstacles because of ethical concerns and strict rules around gene editing and human studies. The knowledge of biological methods is essential for success in the in-vitro diagnostic industry. Rising negative reimbursement circumstances and ongoing modifications to government regulations are among the primary challenges limiting industry expansion.

The COVID-19 pandemic broke out, and virus-related disruptions have become increasingly widespread in several industries, including the worldwide in-vitro diagnostic market. Service providers have prioritized sanitizing and reorganizing workspaces as a defense mechanism to increase resilience and decrease security risks.

Integrating digital collaboration tools has also been a need for remote customer support. Businesses in the in-vitro diagnostic industry are gradually making a return from the recession by embracing digital technologies that allow them to grow their customer base and increase productivity.

Regional Trends:

The North American combo IVD market is anticipated to register a large market share in revenue. It is projected to grow at a high CAGR in the near future because local businesses have a strong presence in the area, and the infrastructure supporting various industries is expanding. The rising prevalence of long-term health issues, including diabetes, heart disease, and cancer, is also a key factor propelling the IVD industry forward. Besides, Europe had a remarkable share in the market due to improvements in healthcare expenditure and increased usage of point-of-care devices.

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Recent Developments:

• In Jan 2023, Bio-Rad Laboratories introduced the CFX Opus Deepwell Dx Real-Time PCR System. This system is a real-time PCR system that officially granted approval by the U.S. Food & Drug Administration (FDA) for in vitro diagnostic (IVD) testing. It has also been developed in compliance with the European Union's regulations for in vitro diagnostic medical devices.
• In June 2022, BD (Becton, Dickinson and Company) has notified the IVD directive 98/79/EC of the CE marking of the BD MAX™ Respiratory Viral Panel (RVP), a novel molecular diagnostic combination test that detects Respiratory Syncytial Virus (RSV), SARS-CoV-2, and Influenza A + B. A solitary nasal or nasopharyngeal biopsy sample was utilized in the test to ascertain whether a patient was infected with COVID-19, influenza, or RSV. This facilitated the prompt implementation of the appropriate treatment plan by clinicians and reduced the necessity for numerous tests or medical visits.

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Segmentation of Combo IVD Market-

By Test Type-

• SARS-CoV-2 Flu A/B Combo Test
• COVID-19, Influenza A/B, RSV Combo test
• COVID-19 IgM/IgG Combo Test
• HIV-1/2 Ag/Ab Combo Test
• HIV/Syphilis Ab Combo Test
• HIV, HBsAg, HCV & Syphilis Combo
• hCG Combo Test
• Thrombophilia Detection Combo Test
• Other Test Types

By Testing -

• Rapid Testing
• Point Of Care Testing

By End-User-

• Diagnostics Centres
• Hospitals
• Homecare Setting
• Other End-Users

By Channel-

• Over-the-Counter
• Laboratory based

By Sample Type-

• Orals and Nasal Swabs
• Human Serum
• Whole Blood
• Other Sample Types

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Why should buy this report:

• To receive a comprehensive analysis of the prospects for global Combo IVD market
• To receive industry overview and future trends of global Combo IVD market
• To analyze the Combo IVD market drivers and challenges
• To get information on the Combo IVD market size value (US$ Mn) forecast till 2031
• Major Investments, Mergers & Acquisition in global Combo IVD market industry

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