Insight into the global in vitro Diagnostics market
According to relevant data, the global market size of in vitro diagnostics in 2020 is $71.49 billion, and that of 2021 is $92.08 billion, which is expected to grow from $71.43 billion in 2022 to $107.42 billion in 2029, with a compound annual growth rate of 6% during the forecast period. During this period, the COVID-19 pandemic has increased the demand for in vitro diagnostics, and market participants have collectively witnessed a significant increase in sales and revenue from point-of-care tests.
In vitro diagnosis refers to the medical method of diagnosing diseases in vitro through chemical, immunological and molecular biological methods such as human blood, urine and tissue. The burden of disease is increasing as populations age and diseases become more prevalent. And IVDs are useful for detecting and monitoring infectious diseases, autoimmune diseases, chronic diseases, and a variety of medical uses for analyzing drug efficacy and therapies. According to the British Society for In Vitro Diagnostics, 70 percent of clinical decisions are influenced by in vitro diagnostic tests, which shows that in vitro diagnostics has an extremely important role to play in medical development.
Currently, in vitro diagnostics are used to diagnose a wide range of medical conditions, including digestive tract, respiratory tract, infectious diseases, diabetes, tumor/cancer, heart disease, autoimmune diseases, kidney disease, and AIDS. Technologies such as rapid test kits in the IVD industry have advanced at an astonishing rate in recent years and are expected to continue to do so in the future. The use of in vitro diagnostic tests has increased worldwide as awareness of health management has increased. It will also spur a surge in awareness and demand for instant testing.
In addition, the in vitro diagnostics industry is focused on introducing new portable devices that can be easily used outside the laboratory, providing great convenience to both patients and physicians, and advances in diagnostic equipment technology are directly providing another driver for the development of this field.
As a high-tech company engaged in R&D, production and sales of rapid diagnostic reagents and instruments, WIZ focuses on technological innovation and develops POCT testing reagents and instruments. Up to now, the company has an actual plant area of 26,000 square meters and nearly 1,600 square meters of research and development center. Wiz has more than 80 certified reagents based on mature immune chromatography technology platform, covering novel coronavirus, gastrointestinal function, infection, infectious disease, hepatitis, AIDS and other series of products. In addition, the company has made significant progress in the layout of chemiluminescence, microfluidic platforms, molecular diagnostics and other technology platforms. At present, the company's products have been used in more than 100 third-level terminal hospitals in China and exported to Germany, Italy, Spain, Finland, Netherlands, Indonesia, Malaysia, Peru and other countries. The company has developed strategic cooperation with Abbott, one of the world's top 500 companies and a leading enterprise in the field of in vitro diagnosis, and become the cooperative institution of Abbott rapid diagnosis in China.
