In Vitro Diagnostic (IVD) Reagents Market Worth $77.6 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

LONDON, Aug. 18, 2020 /PRNewswire/ -- According to a new market research report "In Vitro Diagnostic Reagents Market by Type (Antibodies, Oligonucleotide, Nucleic Acid Probe), Technology (Immunoassay, Hematology, Microbiology), Use (Research, Analyte Specific Reagent), End User (IVD Manufacturer, Clinical Laboratory) – Global Forecast to 2027", published by Meticulous Research^®, the IVD reagents market is expected to grow at a CAGR of 7% from 2020 to reach $77.6 billion by 2027.

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The epidemiological burden of infectious diseases across the globe has increased in the past few years. During past few decades, various infections such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika are the majorly occurred emerging infections. The recent outbreak of the coronavirus (COVID-19) disease is an example of the same. In this global pandemic, although many dedicated healthcare professionals work tirelessly on the frontlines to fight against this crisis, it's equally important to minimize the spread of disease by preparing kits for early diagnosis. Testing is one of the greatest tools in understanding and managing the coronavirus pandemic. In response to the growing COVID-19 pandemic and shortages of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers have developed and begun selling various assays & kits requiring IVD reagents. These simple test kits are based either on detection of proteins from the COVID-19 virus in respiratory samples (e.g. sputum, throat swab) or detection, in blood or serum, of human antibodies generated in response to infection. Thus, the increasing prevalence of infectious diseases across the globe significantly increases the demand for the diagnosis of these specific diseases which will increase the demand for IVD reagents for assay preparation, thereby driving the market growth during the forecast period.

Impact of COVID-19 on IVD Reagents Market

The outbreak of the COVID-19 pandemic has created immense opportunities for the IVD reagents market as testing has provided one of the greatest solutions in managing and controlling the pandemic. This has led to the development of new kits and assays by the key manufacturers. For instance, in May 2020, ERBA Diagnostics Mannheim GmbH (Germany) launched its immunoassay-based kit, ErbaLisa COVID-19 ELISA kits, for the detection of IgG and IgM antibodies to SARS-CoV-2. This kit allows qualitative as well as semi-quantitative detection of IgG and IgM antibodies. In February 2020, Altona Diagnostics GmbH (Germany) also launched the RealStar SARS-CoV-2 RT-PCR Kit 1.0 for detecting the coronavirus using PCR. Thus, this increase in the launch of newer diagnostic kits will result in the increased adoption of IVD reagents for the kits or the assay development, thereby providing lucrative opportunities for the IVD reagents market growth in the upcoming years.

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The IVD reagents market study presents historical market data in terms of value (2018, and 2019), estimated current data (2020), and forecasts for 2027 - by type, technology, use, and end user. The study also evaluates industry competitors and analyzes the market at a regional level.

Based on technology, the immunoassay/immunochemistry segment is estimated to dominate the overall IVD reagents market in 2020. Advantages offered by the segment like inherent specificity, high-throughput, high sensitivity, and low cost are driving the growth of this technology segment. Further, the increasing use of immunoassays in POC & infectious disease testing, development of novel tests, and rising demand for immunoassay-based tests are the other factors driving the growth of this market.

Based on type, the antibodies segment is estimated to hold the largest share of the overall IVD reagents market in 2020. The large share of this segment is mainly attributed to the factors such as increasing adoption of monoclonal and polyclonal antibodies in research, diagnostic, and clinical applications; rising R&D expenditure and government investment; and acquisition of various small-scale companies by major key players. However, the oligonucleotides segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the factors such as advancements in the field of genomics research, growing adoption of custom oligonucleotides, and rising strategic developments such as agreements and collaborations to expand oligonucleotides market.

Based on use, the research use segment is estimated to hold the largest share of the overall IVD reagents market in 2020. The large share of this segment is mainly attributed to the factors such as increasing research in the field of diagnostics, rising R&D activities in research and academics, and increasing funding. However, the clinical use segment is expected to grow with the fastest CAGR during the forecast period, mainly due to the factors such as rising adoption of advanced diagnostic modalities, growing importance of early disease diagnosis, number of diagnostic product launches, and demand for innovative reagents and assays for clinical usage.

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Based on end user, the IVD manufacturers segment is estimated to command the largest share of the overall IVD reagents market in 2020. The factors such as rising number of research activities for the development of innovative IVDs, growing public and private funds, and rising demand for advanced disease diagnostics are expected to drive the growth of the IVD reagents market for IVD manufacturing during the forecast period. Moreover, the recent outbreak of COVID-19 is also expected to support the growth of the IVD reagents market for this segment. However, the clinical laboratories segment is expected to register the highest growth during the forecast period, due to the rising number of accredited clinical laboratories; growing collaborations, partnerships, and other strategies undertaken by the key players; and outbreak of COVID-19.

Geographically, North America is estimated to dominate the global IVD reagents market in 2020, followed by Europe and Asia Pacific. The factors such as growing healthcare sector, increasing need to treat various infectious diseases in early stage, increasing healthcare expenditure, and growing investments in personalized medicine and development of novel advanced technologies for diagnosis are supporting the largest share of North America in the IVD reagents market. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of Asia Pacific IVD reagents market are rapid urbanization, increasing investments by healthcare providers towards infrastructure improvement, rising need to manage growing burden of infectious diseases, growing accessibility to healthcare services & advanced products, growing income levels of middle-class population, and increasing number of hospitals and clinics.

The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2017–2020). The IVD reagents market has witnessed number of collaborations and expansions in recent years. For instance, in April 2019, Bio-Techne Corporation (U.S.) collaborated with Elpiscience BioPharma (China) for the development of anti-cancer therapeutics. The key players operating in the overall IVD reagents market are Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Thermo Fisher Scientific (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Beckman Coulter, Inc. (U.S.), LGC Biosearch Technologies (U.K.), BioLegend, Inc. (U.S.), InBios International, Inc. (U.S.), LakePharma, Inc. (U.S.), Bioline (U.K.), Abcam plc (U.K.), The Binding Site Group Ltd.(U.K.), SDIX, LLC (U.S.), DIACLONE SAS (France), Bio-Techne Corporation (U.S.), Agilent Technologies, Inc. (U.S.), Hologic Inc. (U.S.), Bio-Synthesis Inc. (U.S.), RayBiotech, Inc. (U.S.), and Sino Biological Inc. (China), among others.

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Scope of the Report:

IVD Reagents Market, by Technology

• Immunoassay/Immunochemistry
• Enzyme-Linked Immunosorbent Assays (Elisa)
• Western Blotting
• Immunofluorescence
• Immunohistochemistry
• Functional Assays
• Immunoprecipitation
• Other Technologies
• Biochemistry/Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Hematology
• Coagulation/Hemostatis
• Urinalysis
• Other Technologies

^{Other Technologies comprises of hybridization and loop-mediated isothermal amplification among others}

IVD Reagents Market, by Type

• Antibodies
• Antibodies Market, By Type
• Monoclonal
• Polyclonal
• Antibodies Market, By Target
• CD
• TCR
• EGFR
• Other Targets
• Oligonucleotides
• Nucleic Acid Probes
• Purified Proteins or Peptides
• Other Reagents

^{Other reagents include Blocking Agents, Detergents, Surfactants, Wetting Agents, Buffers, Stabilizers, Purified Water, Dyes, Standards & Controls, Enzymes, Cell Culture Reagents, and Anti-coagulants}

IVD Reagents Market, by Use

• Research Use Only
• Analyte Specific Reagents
• Clinical Use

IVD Reagents Market, by End User

• IVD Manufacturers
• Reference Laboratories
• Academic and Research Institutes
• Hospital Laboratories

IVD Reagents Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• Italy
• France
• U.K.
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• India
• Rest of Asia Pacific (RoAPAC)
• Latin America
• Middle East & Africa

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