In Vitro Diagnostics are medical devices that are used to carry out tests on human samples, (e.g., tissue, urine, and blood) in order to: diagnose medical conditions, regulate drug therapies prevent diseases, or diagnose infections. The devices ranges from simple tests to sophisticated DNA technology including calibrators, reagents, kits, software, control materials, and related instruments. Some test are performed at diagnostics laboratories or hospitals while some are performed at home. In vitro diagnostics add significant value to diagnosis of disease and treatment procedure, enhancing the quality of life.
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Rising Incidence of Chronic Ailments to Fuel Demand for In Vitro Diagnostics
The demand for in vitro diagnostics has risen in response to the increasing incidence of infectious diseases and chronic ailments worldwide. For instance, the market is likely to benefit from the rising incidence of human immunodeficiency infections, diabetes, obstructive pulmonary diseases, and cancer. In addition, the rising healthcare expenditure and willingness to spend on advanced treatment will create an environment conducive to the market’s growth in the coming years. With the demand for minimally invasive and non-invasive diagnostic procedures rising at an impressive pace, the market players can expect newer venues of sales opening up for them during the forecast period. Also, TMR expected the market to benefit from the recent improvements in treatment monitoring and the increased availability for over-the-counter tests.
Unfavorable Reimbursement Policies Could Hamper Growth
On the downside, complicated and often limited availability of reimbursement policies could restrain the market’s trajectory to an extent. However, in the coming years, the in vitro diagnostics market is likely pick pace on account of the rise in epigenomics-based diagnostics tool. Also, it is slated to benefit from the proficiency of molecular diagnostics in identifying diseases at an early stage. With the demand for early and precise diagnosis escalating, the global in vitro diagnostics market is expected to have lucrative prospects to capitalize on in the coming years.
Over the past few decades, the use of in vitro diagnostics was limited to clinical labs alone. For instance, pregnancy tests were always conducted in laboratories. The scenario has hugely changed in the last few years. With recent medical advancements, favorable policies it is now possible to test for pregnancy at home. Besides providing accurate results, these tests are also less time-consuming and can be performed easily. Similar, due to the recent technological advancements, it is possible to measure blood glucose levels and blood pressure home using portable medical devices. These and various other advancements contribute significantly to the growth witnessed in the global in vitro diagnostics market.