IVD Market to Decline Steadily by 2030

It was inevitable.

Following a significant boost in the use of in-vitro diagnostics (IVD) from COVID-19 testing, the IVD market is now expected to contract, according to GlobalData. The worldwide data and analytics company estimates the market’s value at $84.3 billion last year and anticipates it will decline 4% annually through 2030. 
 
IVDs are tests performed on samples that have been taken from the human body, such as blood or tissue. IVDs can detect diseases or other conditions and are used to monitor a person’s overall health to help cure, treat, or prevent diseases.
 
“It was always going to happen that, as the pandemic slows down, so does the related growth areas, and several sectors related to COVID-19 testing will see similar declines,” said Cynthia Stinchcombe, a medical devices analyst at GlobalData. “However, not every IVD sector will see losses. The oncology IVD market, for example, is expected to grow at a [compound annual growth rate) CAGR of 6% due to the development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses.” 
 
The rising number of IVD products being launched by key players is fueling the growth of the cancer IVD market. A good example is Abbott Diagnostics’ pipepline product, a diagnostic assay for Chronic Lymphocytic Leukemia (CLL). This product is expected to use genetic testing as a way to detect CLL in those who have not been diagnosed, in order to guide them through an early treatment plan. Those that offer molecular diagnostic capabilities deliver effective and accurate results.
 
As COVID-19 has spread, the demand for molecular testing, regarded as the gold standard for diag­nosing infectious disease, has exploded, leading to a rise in the number of new products being launched. The Asia-Pacific region currently leads the global market in terms of revenue share; however, North America is expected to surpass Asia-Pacific by 2030 by 2%. This may be due to the expected growth of Abbott Laboratories, which holds significantly more shares in North America than in Asia-Pacific.