ARLINGTON, Va., Aug. 31, 2021 /PRNewswire/ -- The in vitro diagnostics market was $25.2 billion dollars in 2001. It now exceeds $117 billion, according to Kalorama Information's new report on the in vitro diagnostics market. Not only has COVID-19 testing volumes persisted despite the presence of a vaccine, but other test markets have recovered. This has lead to a 12% increase in the market between 2020 and 2021, according to The Worldwide Market for In Vitro Diagnostics, now in its 14th Edition.
In vitro diagnostics are non-imaging tests utilized for a medical diagnosis, prognosis or therapy selection. The report said that as the world recovered from the most extreme emergency phase of the COVID-19 pandemic and relaxed lockdowns. As provider visits fuel the use of medical testing products, restored visits improved sales of cancer IVDs, glucose testing, immunoassays and bloodwork tests from the end of last year to the current time.
"An early view of this year's IVD market might have predicted that given pandemic testing levels—that associated sales would be reduced while traditional test sectors improved," said Bruce Carlson, Publisher of Kalorama Information and SVP for Science and Medicine Group said. "That didn't happen."
Instead, the report says, both are increasing: COVID-19 volumes are brisk, while IVD sectors for chemistries, immunoassays, and diabetes testing are recovered or recovering. The result is a charged and growing market.
Kalorama said the results in this study exceed even Kalorama's own projections of the market made last year by fifteen percent, due to the strength of COVID-19 test volumes.
Kalorama's report says the market for in vitro diagnostic instruments, reagents and related supplies is estimated at $117 billion in 2021 and is projected to grow to $128 billion in 2026.
"That means while the market grew double digits between 2020 and 2021 that rate of growth can't be sustained in each year of our forecast," Carlson said. "You'll see a larger market, but with more status quo growth."
Kalorama's report estimates the market for many sectors of in vitro diagnostic testing including: clinical chemistry, blood banking, point-of-care, histology, hematology, coagulation and other in vitro diagnostics markets. The report, published each year, can be found at: https://kaloramainformation.com/product/the-worldwide-market-for-in-vitro-diagnostic-tests-14th-edition/
About Kalorama Information
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, healthcare, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
SOURCE Kalorama Information