4 Major Areas That Offer Growth Opportunities for IVD

MedTech Outlook | Friday, February 28, 2020

In-vitro diagnostic (IVD) testing costs very little to the healthcare system; however, it contributes significantly to clinical practice.

FREMONT, CA: The market of in-vitro diagnostics (IVD) is growing exponentially. It has become the primary reason for companies to track the market by using market research aids continuously. It has been estimated in the recent study of Kalorama Information that the market size of in-vitro diagnostics is at $69 billion and growing at 4 percent.

The following are some significant growth areas where the IVD industry can glow.

Anti-microbial resistance

Anti-microbial resistance continues to remain in the area where IVD is successful. There is an increasing realization that there can be a reduction in blind prescribing of antibiotics with quicker and more targeted testing. There are numerous techniques to handle this, like syndromic pathogen testing, quicker blood culture with few operator steps, and rapid respiratory point of care for avoiding antibiotic prescriptions for viral situations.

Global blood banking

With the increasing globalization of tropical diseases, the blood system in this developing world has come under siege. Earlier it was hepatitis B and C, then HIV, Chagas, BSE, and West Nile and more currently emerging danger Zika Virus, Dengue Virus, Plasmodium species, chikungunya, and yellow fever. Enhanced immunoassay screens, particular pathogen testing, and NAT molecular blood testing can provide assistance, and these will factor into some element of the growth in this market.

Affordability

The affordability of IVDs is convenient to establish as many serious healthcare decisions are made based on a test while costing little to the healthcare system. It has been stated as an educated conjecture for quite some time on the basis of proof provided by the recent study conducted by U.S. and German physicians. The research shows that 66 percent of the clinical decisions were made on the basis of a diagnostic test, while the expense of those tests was only 2.3 percent of healthcare expenditure.

Opioids

In spite of considerable attention and many actions, the crisis of opioid continues to plague the U.S. and other nations. However, doctors wouldn’t have made as many prescribing or diagnostic mistakes if the lab was involved earlier.

Advanced tests, like mass spectrometry tests, can be utilized for making the case. More functions are being performed by standard analyzers; also, like currently, Ortho Clinical Diagnostics declared a test for fentanyl on its VITROS system. Fentanyl is a synthetic opiate analgesic that is usually prescribed for severe and chronic pain management and is a dangerous drug when abused as it is 50 to 100 times stronger than morphine.