Pharmacovigilance Market To Rise Up At Exponential Growth, Due To Increase In The Prevalence Of Cardiovascular And Respiratory Disorders

  

 

 

Pharmacovigilance Industry Overview

 

The global pharmacovigilance market size is expected to reach USD 17.36 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.5% from 2022 to 2030. Increasing incidence of Adverse Drug Reactions (ADRs) is the key growth driver. ADR imposes a substantial burden on healthcare systems and is one of the prominent causes of morbidity in developed countries. According to the National Center for Biotechnology Information (NCBI), approximately 5% of total hospitalizations in Europe each year are due to ADR. Pharmacovigilance services play an integral role in this clinical trial phase by assisting manufacturers in identifying adverse effects associated with the drug.

 

Pharmacovigilance Market Segmentation

Grand View Research has segmented the global pharmacovigilance market on the basis of the product life cycle, service provider, type, process flow, therapeutic area, end-use, and region:

 

Based on the Service Provider Insights, the market is segmented into In-house, Contract Outsourcing.

• Contract outsourcing held the largest share of over 55.0% in 2021 and is expected to witness the fastest growth in the forthcoming years.
• The growth can be attributed to the benefits associated with outsourcing such as risk mitigation, resource flexibility, reduction of upfront investments, and lower fixed cost. Contract outsourcing organizations provide solutions such as process design Standard Operating Procedure (SOP), PV audits, and other customized services.
• The dynamic growth of the contract outsourcing segment can also be attributed to the rapidly emerging CROs providing end-to-end clinical trial solutions, especially in the emerging economies of Asia Pacific, such as India, China, and Japan, enabling resources sharing, cost efficiency, resource flexibility, and the expansion of operative capabilities.
• Contract outsourcing also helps reduce the complexity of clinical trials, allows faster approval of trials, and helps effective utilization of internal resources.
• The in-house segment is anticipated to witness moderate growth over the forecast period as a consequence of extensive R&D for the development of new drugs by major pharmaceutical and biotechnological companies.

 

Based on the Product Life Cycle Insights, the market is segmented into Pre-clinical, Phase I, Phase II, Phase III, Phase IV.

• The phase IV (post-marketing) segment led the overall market with a revenue share of over 75.0% in 2021. These solutions act as an additional safety measure for the drugs undergoing clinical trials. Phase IV is an imperative stage of clinical trials as unsuspected adverse drug reactions can be detected in this stage.
• The phase III segment is expected to witness lucrative growth over the forecast period. Phase III trials are done to determine and establish the efficacy of drugs. These trials also provide additional information regarding possible drug interactions, drug safety, and effectiveness before the commercialization of the drug.

 

Based on the Type Insights, the market is segmented into Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining.

• Spontaneous reporting held the largest share of over 30.0% in 2021 owing to wide usage in the detection of new, serious, and rare ADRs and serves as an efficient and inexpensive method. The wide usage of surveillance reports generated through this method by pharmaceutical industries and regulatory authorities is also responsible for the significant growth of the segment.
• Cohort Event Monitoring (CEM) emerged as the second-largest segment in 2021 owing to the increasing application in the detection of a wide range of adverse clinical events.
• Targeted spontaneous reporting is projected to be the fastest-growing segment over the forecast period owing to the rising government initiatives to incorporate reporting methodologies other than spontaneous reporting by the European Network of Centers for Pharmacoepidemiology and Pharmacovigilance (ENCePP).
• Electronic Health Record (EHR) mining is increasingly used to identify risk factors for patients after discharge from hospitals. Electronic health records are imperative sources of medical information about clinical events in hospitals and research organizations.

 

Based on the Therapeutic Area Insights, the market is segmented into Oncology, Neurology, Cardiology, Respiratory Systems, Others.

• The oncology segment held the largest revenue share of over 25.0% in 2021. Monitoring the safety of cancer drugs is very important due to the associated side effects, which is propelling the demand for pharmacovigilance services. The drugs mostly have intrinsic biological toxicity and a narrow therapeutic window, which can lead to serious adverse reactions in the body.
• Pharmacovigilance helps in the early detection and spontaneous reporting of adverse drug reactions. Moreover, recent advancements in cancer treatments, such as targeted therapy, have some serious adverse effects and can compromise a patient’s quality of life.

Based on the Process Flow Insights, the market is segmented into Case Data Management, Signal Detection, Risk Management System.

• Signal detection dominated the market with a revenue share of over 35.0% in 2021. Spontaneous Reporting Systems (SRSs) use the dominant source of signals through which the suspected cases get voluntarily reported by the healthcare professionals to the other regulatory bodies.
• Nowadays, Artificial Intelligence (AI) and big data are being used by companies for better assessment of signals. The case data management segment is expected to exhibit the fastest growth rate over the forecast period. The adverse event information can be generated from various modes such as post-marketing programs, clinical trials, spontaneous reports, and literature.

 

Based on the End-use Insights, the market is segmented into Pharmaceuticals, Biotechnology Companies, Medical Device Manufacturers, Others.

• The pharmaceuticals held the largest revenue share of over 40.0% in terms of revenue in 2021.
• Outsourcing the pharmacovigilance process is practiced by pharma companies to avoid high upfront investments and fixed overhead costs, increase resource flexibility, and secure additional capacity. Outsourcing pharmacovigilance proves to be a cost-effective endeavor for small and medium-sized companies.
• The biotechnology segment is anticipated to witness lucrative growth in the forthcoming years owing to increasing new product development activities in this sector. In recent years, drugs are being developed and consumed at increasingly high rates.

 

Pharmacovigilance Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is witnessing a significant boost owing to the patent expiration of branded drugs and the increasing number of new drug developments. This has attracted several local and international pharmacovigilance service providers. The presence of a competitive milieu has led to improved clinical data management and has streamlined the R&D process.

 

Some prominent players in the global pharmacovigilance market include

• Accenture
• Linical Accelovance
• Cognizant
• Laboratory Corporation of America Holdings
• IBM Corporation
• ArisGlobal
• ICON plc.
• Capgemini
• ITClinical
• FMD K&L
• IQVIA
• TAKE Solutions Ltd.
• PAREXEL International Corporation
• BioClinica Inc.
• Wipro Ltd.
• United BioSource Corporation

 

Order a free sample PDF of the Pharmacovigilance Market Intelligence Study, published by Grand View Research.

COVID-19 Sample Collection Kits Market Is Expected To Expand At A CAGR Of 8.7% From 2022 To 2030

  

 

 

 

COVID-19 Sample Collection Kits Industry Overview

 

The global COVID-19 sample collection kits market size is expected to reach USD 3.03 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.7% from 2022 to 2030. The continuous approval of diagnostic tests for effective diagnoses of SARS-CoV-2 infection raises the demand for sample collection products, such as swabs and Viral Transport Media (VTM). In addition, a shortage of testing materials such as swabs, reagents, and others has resulted in the proliferation of new players in the space, thereby driving the market revenue.

 

COVID-19 Sample Collection Kits Market Segmentation

Grand View Research has segmented the global COVID-19 sample collection kits market based on product, application, site of collection, and region:

 

Based on the Product Insights, the market is segmented into Swabs, Viral Transport Media, Blood Collection Kits, Other Consumables.

• The swabs segment led the market with a revenue share of over 40.0% in 2021 owing to the reliance on a substantial number of approved diagnostic products for the use of NP swabs. According to the CDC, other samples from the respiratory tract can also be collected when the use of NP swabs alone is not sufficient. These include an oropharyngeal swab or a swab from a nostril.
• In India, for example, Abbott announced the Panbio Covid Antigen Rapid Test in July 2021. This test is used to identify COVID-19 contamination in both adults and children. It is used to identify infection in asymptomatic individuals and provides findings in 15 minutes. It is 93 percent sensitive. Over 300 million of these tests have been distributed worldwide.
• On the other hand, with approvals of blood-based serology tests/antibody detection tests for SARS-CoV-2, the demand for blood collection products is increasing.
• For instance, Puritan Medical Products was granted USD 110 million by the Department of Defense, in collaboration well with the Department of Health and Human Services, on January 8, 2021, to purchase production equipment to increase the national manufacturing capacity of foam tip swabs for use in vital COVID-19 diagnostic

 

Based on the Application Insights, the market is segmented into Diagnostics, Research.

• The diagnostics applications segment accounted for the largest revenue share of over 65.0% in 2021. This is due to the continuous approvals of diagnostic tests for SARS-CoV-2. As of 1^stDecember 2020, a total of 1,295 tests have been approved by the U.S. FDA under EUAs; out of which 227 are molecular tests, 61 are antibody tests, and 7 are antigen tests for the detection of COVID-19 infection.
• The research segment accounted for low penetration in the global market in terms of revenue generation. However, an increase in the number of R&D programs that deploy sample collection kits to examine the effectiveness of various diagnostic tests is expected to drive the segment.

 

Based on the Site of Collection Insights, the market is segmented into Hospitals & Clinics, Home Test.

• The hospitals and clinics segment accounted for the largest revenue share of over 90.0% in 2021 due to the exponential increase in the number of hospitalizations related to the coronavirus. As the number of COVID-19 cases is increasing globally, many hospitals are expanding their testing capabilities for the detection of the SARS-CoV-2 virus. 
• Several states in the U.S. have reported the challenges of inadequate testing capacity. In Maryland, hospitals’ 86% capacity is already occupied with 1,583 COVID-19 patients statewide as of 1^stDecember 2020. As a result, country officials and local hospitals have begun taking initiatives to ensure sufficient testing capacity to keep pace with a rising number of hospital admissions.
• The market for home settings is expected to grow lucratively during the forecast period as the companies are aiming at patient comfort and the safety of healthcare personnel.

 

COVID-19 Sample Collection Kits Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The presence of a substantial number of well-established, small, and medium-sized players has led to an increase in the market competition. Each player is undertaking multiple business strategies to gain a competitive edge in the market.

 

Some prominent players in the global COVID-19 sample collection kits market include

• Puritan Medical Products
• COPAN Diagnostics
• Becton, Dickinson and Company
• Thermo Fisher Scientific, Inc.
• Laboratory Corporation of America Holdings
• Lucence Diagnostics Pte Ltd.
• Hardy Diagnostics
• Trinity Biotech
• Quidel Corporation
• Quest Diagnostics
• Danaher Corporation
• Vitagene Inc.
• Formlabs
• HiMedia Laboratories
• VIRCELL S.L.

 

Order a free sample PDF of the COVID-19 Sample Collection Kits Market Intelligence Study, published by Grand View Research.

 

Clinical Laboratory Service Market Is Developing Rapidly, Owing To Growing Demand For Early Diagnostic Tests

 

 

 

 

 

Clinical Laboratory Service Industry Overview

 

The global clinical laboratory service market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

 

Clinical Laboratory Service Market Segmentation

Grand View Research has segmented the global clinical laboratory service market on the basis of test type, service provider, application, and region:

 

Based on the Test Type Insights, the market is segmented into Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Tests.

• The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020, owing to the presence of numerous clinical chemistry tests, the introduction of new technologies, alternative sampling methods, and the emergence of point-of-care testing methods.
• For instance, in February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1,130 tests per hour with dual-test slides.
• Human and tumor genetics tests are projected to witness the fastest growth rate in the market for clinical laboratory services over the forecast period. Increasing demand for early cancer screening as a consequence of the increasing prevalence of cancer is expected to act as a high impact rendering driver for the growth of human and tumor genetics.

 

Based on the Service Provider Insights, the market is segmented into Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories. 

• The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.0% in 2020.
• Stand-alone laboratories are anticipated to be the fastest-growing segment over the forecast period owing to efforts to improve patient outcomes by providing diagnostic facilities at the retail level.
• Furthermore, many hospitals are expanding their capacity for testing SARS-CoV-2. As per the National Pulse Survey conducted in March 2020, hospitals implemented various strategies to secure necessary equipment, ensure an adequate workforce, and enhance hospital facilities. This is expected to increase the demand for COVID-19 testing kits in hospitals.

 

Based on the Application Insights, the market is segmented into Bioanalytical & Lab Chemistry, Toxicology Testing, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services, Drug Discovery & Development Related Services, Others.

• The bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020.
• Chromatography, mass spectroscopy, immunochemistry, molecular biology, ELISA are the most commonly used technologies in bioanalytical and lab chemistry applications.
• The toxicology testing services segment is expected to grow at the fastest rate during the forecast period. Toxicology testing is in high demand as most of the smaller and/or startup laboratories find toxicology screening clinically and financially feasible.

 

Clinical Laboratory Service Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Market entities are undertaking strategic initiatives to address the growing demand for clinical laboratory services. Major players are involved in the acquisition of small players to enhance their services portfolio and improve their geographical presence.

 

Some prominent players in the global clinical laboratory service market include

• Qiagen
• Quest Diagnostics, Inc.
• OPKO Health, Inc.
• Abbott
• Charles River Laboratories International, Inc.
• Cinven
• Arup Laboratories
• Sonic Healthcare
• Laboratory Corporation of America Holdings (LabCorp)
• NeoGenomics Laboratories, Inc.
• Fresenius Medical Care
• DaVita, Inc.
• Siemens Healthcare GmbH
• Viapath Group LLP
• SGS SA
• Almac Group

 

Order a free sample PDF of the Clinical Laboratory Service Market Intelligence Study, published by Grand View Research.

 

Cancer Biopsy Market To Forsee Commendable Growth, Based On Increasing Adoption And Product Approvals For Liquid Biopsies

 

Cancer Biopsy Industry Overview

 

The global cancer biopsy market size is expected to reach USD 44.51 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 11.13% from 2021 to 2027. The expanding landscape of molecular medicine paved the way for the development of new devices for the molecular characterization of cancers. Thus, increasing adoption and product approvals for liquid biopsies are expected to drive the overall market.

 

Cancer Biopsy Market Segmentation

Grand View Research has segmented the global cancer biopsy market on the basis of product, type, application, and region:

 

Based on the Product Insights, the market is segmented into Instruments, Kits and Consumables, Services.

• Kits and consumables accounted for the largest revenue share of over 60.0% in 2020 as these are integral across various stages of biopsies.
• The segment growth can also be attributed to a considerable increase in the number of patients across the globe that demand instruments and kits to be efficient, accurate, and rapid.
• Cancer biopsy has witnessed several developments in terms of instruments, kits, and consumables. With liquid biopsy emerging as a multimodal tool of diagnosis in the field of clinical oncology, the development of efficient products associated with biopsies is pivotal.
• Several emerging manufacturers are focusing on launching instruments that are able to enhance endoscopy-based biopsies. For instance, BiBB Instruments AB, a Swedish company, has established a strong presence in the instruments market space under the brand – Endo Drill.

 

Based on the Application Insights, the market is segmented into Breast Cancer, Colorectal Cancer, Cervical Cancers, Lung Cancers, Prostate Cancers, Skin Cancers, Blood Cancers, Kidney Cancers, Liver Cancers, Pancreatic Cancers, Ovarian Cancers, Others.

• Breast biopsy held the largest share of over 14.0% in 2020. Breast cancer has the largest prevalence rate. Around 1 in 8 U.S. women develop invasive breast cancer as per the U.S. breast cancer statistics.
• The rising number of patients suspected of having breast cancer is subjected to microscopic analysis of breast tissue, which is mandatory to obtain a definitive diagnosis, along with detecting the stage and characterization of type.
• Circulating tumor cells(CTC)-based liquid biopsies have the ability to track the minimal residual disease (MRD) in non-metastatic prostate cancer patients, along with the follow-up evaluations performed to offer independent prognostic insights.
• A novel European project, Transcan-PROLIPSY is designed to assess the potential of combined use of CTCs, exosomes, and ctDNA as a noninvasive liquid biopsy modality to diagnose prostate cancer followed by its routine evaluation.

 

Based on the Type Insights, the market is segmented into Tissue Biopsies, Liquid Biopsies, Others.

• Tissue biopsy accounted for the largest revenue share of over 80.0% in 2020. It is still considered to be a mainstay of biopsies and is largely adopted across various cancer diagnosis applications. This is attributed to robust research activities evaluating its safety and efficacy, which has contributed to this segment growth.
• Advancements targeted towards enhancing tissue biopsy procedures are expected to maintain the lead of the tissue biopsy segment for the next few years. For instance, Cernostics is developing an assay suitable for diagnosing cancer patients suffering from Barrett's Esophagus.
• The rising preference for liquid biopsy among physicians has been observed in recent years, which is supplemented by its ability to offer disease snapshots from the primary and distant tumor sites.

 

Cancer Biopsy Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key players are contributing to market growth by expanding their diagnostics portfolio, further enhancing the uptake of their proprietary biopsy products. For instance, in March 2021, Illumina, Inc. announced medical device registration for its NextSeq 550Dx platform and associated reagent kits in Russia.

Some prominent players in the global cancer biopsy market include

• Qiagen N.V.
• Illumina, Inc.
• ANGLE Plc
• BD (Becton, Dickinson and Company)
• Myriad Genetics
• Hologic, Inc.
• Biocept, Inc.
• Thermo Fisher Scientific, Inc.
• Danaher
• Hoffmann-La Roche Ltd.
• Lucence Diagnostics Pte. Ltd.
• GRAIL, Inc.
• Guardant Health
• Exact Sciences Corporation
• Freenome Holdings, Inc.
• Biodesix (Integrated Diagnostics)
• Oncimmune
• Epigenomics AG
• HelioHealth (Laboratory for Advanced Medicine)
• Genesystems, Inc. (Genesys Biolabs)
• Chronix Biomedical, Inc.
• Personal Genome Diagnostics Inc.
• Natera, Inc.
• Personalis Inc.

 

Order a free sample PDF of the Cancer Biopsy Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Histology And Cytology Market To Grow As Of Increasing Demand For The Detection Of Cell And Tissue Characteristics

 

 

 

Histology And Cytology Industry Overview

 

The global histology and cytology market size is expected to reach USD 37.10 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.74% from 2021 to 2028. The factors contributing to the market growth include an increase in the demand for the early detection of diseases, increased standardization of pathology laboratories, and implementation of immunohistochemistry and innovation in microscopy.

 

Histology And Cytology Market Segmentation

Grand View Research has segmented the global histology and cytology market on the basis of type of examination, product, application, and region:

 

Based on the Type Of Examination Insights, the market is segmented into Histology, Cytology.

• The cytology segment dominated the market with a revenue share of over 65.0% in 2020 and the trend is expected to continue during the forecast period. The integration of Artificial Intelligence(AI) for developing advanced cytology systems is contributing to the segment growth.
• In the cytology segment, by application, breast cancer accounted for the second-largest revenue share in 2020. The prognosis of breast cancer depends on early screening and detection. Fine Needle Aspiration Cytology (FNAC) is the most affordable procedure used to detect breast cancer. 
• The WHO has recommended Papanicolaou cytology (Pap smear) for cervical cytology screening as it has the ability to detect precursor lesions of cervical cancer at low cost, with flexibility, and at high rates. 
• Advanced histology technologies have improved the workflow by speeding up the diagnostic capabilities of clinical laboratories. Moreover, companies are focusing on integrating AI platforms in histology.

 

Based on the Product Insights, the market is segmented into Instruments and Analysis Software System, Consumable and Reagents.

• The consumables and reagents segment dominated the market with a revenue share of more than 55.0% in 2020. The segment is expected to maintain its lead from 2021 to 2028.
• Several consumables are used for the histology and cytology process such as tissue sample containers, kits, stain reagents, fixative solutions, medium reagents, and other reagents. The segment growth can be primarily attributed to the routine adoption of histology and cytology consumables.
• The instruments and analysis software system segment is expected to grow from 2021 to 2028 owing to the increasing application of technologically advanced instruments, such as multimodal nonlinear microscopy, photoacoustic microscopy, and stimulated Raman spectroscopy for histopathology.

 

Based on the Application Insights, the market is segmented into Drug Discovery & Designing, Clinical Diagnostics, Research.

• The drug discovery and designing segment dominated the market with a revenue share of over 45.0% in 2020. The segment is expected to maintain its position over the forecast period.
• The growth of the segment can be attributed to the wide use of histomorphometry and IHC staining in pharmaceutical and biotechnology companies for drug development. The image analysis is applied across several steps of drug discovery and development such as drug efficacy and safety studies, target validation, drug repositioning, patient stratification, and biomarker expression studies.
• The clinical diagnostics segment is expected to register a CAGR of 14.31% over the forecast period owing to the increasing application of histopathology studies for the diagnosis of different types of cancer.

 

Histology And Cytology Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Rapid introduction and approvals attained by different cancer screening pathology solutions have been witnessed in recent years. For instance, in May 2021, Hologic, Inc., received premarket approval from the U.S. FDA for its ThinPrep Genesis Processor. This instrument combines sample aliquoting and cytology processing with improved workflow.

 

Some prominent players in the global histology and cytology market include

• Hologic, Inc.
• Abbott
• Becton, Dickinson and Company
• Hoffmann-La Roche Ltd.
• Merck KGaA
• Thermo Fisher Scientific, Inc.
• Danaher
• Sysmex Corporation
• Trivitron Healthcare
• Koninklijke Philips N.V.

 

Order a free sample PDF of the Histology And Cytology Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

In Vitro Diagnostics Market Is Extrapolated Rise, Due To To High Prevalence Of Cancer And Cardiovascular Diseases

 

 

 

In Vitro Diagnostics Industry Overview

 

The global in vitro diagnostics market size is expected to reach USD 113.38 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 0.2% over the forecast period driven by the increasing geriatric population, COVID-19 pandemic, and technological advancements in diagnostics that are supporting its adoption. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be one of the high-impact rendering drivers. Technological advancements were further accelerated by the launch of COVID-19 IVD diagnostics and enhanced the adoption of instruments and consumables for technologies, such as PCR. Competitors in the market are increasingly adopting agreement and partnership strategies to maintain a constant flow of business for manufacturers & diagnostics for users.

 

In Vitro Diagnostics Market Segmentation

Grand View Research has segmented the global in vitro diagnostics market based on product, technology, application, end-use, test location, and region:

 

Based on the Product Insights, the market is segmented into Instruments, Reagents, Services.

• The reagents products segment led the global market in 2021 and accounted for the largest revenue share of more than 65.00%.
• The region is expected to retain its dominance growing at the second-fastest CAGR during the forecast period owing to the extensive R&D initiatives being undertaken by major market players for the development of novel reagents. The launch of kits that enable faster detection of cancer is allowing companies to focus on niche profitable areas in the IVD business.
• The growth in precision medicineis projected to enhance the overall demand for such novel reagents and consumables. Players are aligning their instrument launches in line with the increasing genetic test requirement globally.

 

Based on the Technology Insights, the market is segmented into Immunoassay, Hematology, Clinical Chemistry, Molecular Diagnostics, Coagulation, Microbiology, Others.

• The molecular diagnostics application segment held the highest market share of 37.95% in 2021 owing to the launch of novel products and continuous evolution in technology.
• This can be attributed to the continued impact of the COVID-19 pandemic on the market and the enhanced need of consumers in the market. For instance, flu and COVID-19 have similar symptoms, which made differentiation difficult.
• This unmet need was fulfilled by the launch of novel products that could detect Flu as well as SARS-CoV-2. Companies, such as Roche, have made SARS-CoV-2 & Flu A/B Rapid Antigen Test available in the market to fulfill the demand.
• Diagnosis is done by plating patient samples and selecting pure cultures from the same. Antibiotic susceptibility testing is considered one of the fastest-growing applications in microbiology testing. A rise in the prevalence of pathogenic diseases is expected to fuel the growth of the microbiology segment.

 

Based on the Application Insights, the market is segmented into Infectious Disease, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disease, Drug Testing, Others.

• The infectious disease application segment held the highest market share of 59.49% in 2021. IVDs enable the detection of microorganisms that cause infectious diseases. The most common life-threatening infections are HIV/AIDS, tuberculosis, hepatitis, and pneumonia.
• The spread of COVID-19 has caused a sudden spike in uptake of IVD in this segment, leading to a higher market share.
• Diabetes is one of the leading causes of death globally. According to the International Diabetes Federation (IDF), in 2021, there were 537 million people across the globe suffering from diabetes, and the number is expected to increase to 643 million by 2030. Among the total number of people diagnosed with diabetes, about 49.7% remain undiagnosed.
• Cancer, a chronic disease, is one of the major causes of death globally. In February 2022, Cancer Moonshot was initiated by the U.S. government to enhance the screening rate for cancer for identifying the missed cases due to the COVID-19 pandemic.

 

Based on the End-use Insights, the market is segmented into Hospitals, Laboratories, Home Care, Others.

• The laboratory end-use segment led the global market in 2021 and accounted for the highest revenue share of more than 39.00%. An increase in awareness about personalized medicine, a rise in demand for affordable services, and technological advancements are some of the key factors expected to boost the growth of the laboratory segment.
• The demand for hospital-based IVD tests is increasing. Most of the IVD devices are purchased by hospitals and are used in significant volumes. In 2022, there are over 6,093 hospitals in the U.S. that require constant aid from IVD for critical decision-making, as IVD tests provide faster and more accurate results.

 

Based on the Test Location Insights, the market is segmented into Point of Care, Home Care, Others.

• The point-of-care test location segment held the largest revenue share of more than 20.5% in 2021. The demand for point-of-care tests and devices is rising owing to the increased demand for rapid identification of diseases in close proximity to patients to facilitate faster decision-making.
• The U.K. government granted funding of USD 20.12 million to the company to develop the system. Homecare testing location trend has witnessed a surge in recent years. These tests have been an important source to mitigate the spread of the SARS-CoV-2 pandemic.

 

In Vitro Diagnostics Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Market players undertake this strategy to strengthen their product portfolios and offer diverse technologically advanced & innovative products to their customers. In January 2021, Abbott received FDA approval for its rapid handheld Traumatic Brain Injury (TBI) blood test. The first-of-its-kind test is used for assessing mild TBIs and concussions in patients.

Some prominent players in the global In vitro diagnostics market include

• Abbott
• bioMérieux SA
• Quidel Corp.
• Siemens Healthineers
• Bio-Rad Laboratories, Inc.
• Qiagen
• Sysmex Corp.
• Charles River Laboratories
• Quest Diagnostics
• Agilent Technologies, Inc.
• Danaher Corporation
• Becton Dickinson and Company
• Hoffmann-La Roche Ltd.

 

Order a free sample PDF of the In Vitro Diagnostics Market Intelligence Study, published by Grand View Research.

 

C-reactive Protein Testing Market Is Estimated To Grow As Of A Rise In Number Of Strategic Deals And Developments

 

 

 

C-reactive Protein Testing Industry Overview

 

The global C-reactive protein testing market size is expected to reach USD 5.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 0.3% from 2021 to 2028. The market growth can be attributed to substantial research activities to explore the applications of C-reactive protein (CRP) testing coupled with the presence of private as well as public agencies which grant funds to expedite the research proceedings in this arena.

 

C-reactive Protein Testing Market Segmentation

Grand View Research has segmented the global C-reactive protein testing market on the basis of assay type, detection range, disease area, end-use, and region:

 

Based on the Assay Type Insights, the market is segmented into Immunoturbidimetric Assay, ELISA, Chemiluminescence Immunoassay, Others.

• The immunoturbidimetric assays dominated the market and accounted for the largest revenue share of 48.5% in 2020.
• The application of this technique in several, chronic disorders of the cardiac and respiratory systems is expected to aid in the dominance of the segment in the coming years
• Developments in the Chemiluminescence Immunoassay(CLIA) technique to provide accurate results are expected to propel growth in the market, by driving the segment.
• Agappe Diagnostic Limited has developed a new reagent for this assay. Furthermore, presence of POC devices based on the principle involved in this technique contributes substantially to the estimated share.

 

Based on the Disease Type Insights, the market is segmented into Cardiovascular Diseases, Cancer, Rheumatoid Arthritis, Inflammatory Bowel Disease, Endometriosis, Lupus, Others.

• The Cardiovascular diseases (CVD) segment dominated the market and accounted for the largest revenue share of 21.8% in 2020. An increase in the prevalence of CVDs is the major factor contributing to the growth of the market.
• The cancer segment held the second-largest revenue share in 2020. It is a crucial public health burden across the globe. According to the WHO, there are more than 1.9 million deaths and 3.7 million new cancer cases every year in the European region, hence, there is a need for large-scale adoption of POC CRP testing solutions to aid in the management of cancer in developed and developing countries across the globe.
• The rapid transmission of COVID-19 infection has increased the demand for CRP testing services and products. This has led to an increase of more than 600%; from 2019 to 2020; in the revenue generation of other disease-type segments.
• This study was published in the Journal for Therapeutic Apheresis and Dialysis in June 2020. This therapy option includes C-reactive protein apheresis for SARS-CoV-2 patients suffering from organ damage.

 

Based on the Detection Range Insights, the market is segmented into hs-CRP, Conventional CRP, cCRP.

• The hs-CRP segment dominated the CRP testing market and accounted for the largest revenue share of 42.8% in 2020. The segment is anticipated to witness a CAGR of 0.3% from 2021 - 2028.
• According to American Heart Association (AHA) and Centers for Disease Control and Prevention (CDC), hs-CRP acts as an independent marker that facilitates in the estimation of cardiovascular disorders such as myocardial infarction.
• A research study on inflammatory markers found the association between high hs-CRP levels and disease activities in rheumatoid arthritis. According to the study, a higher level of serum hs-CRP is a potential biomarker for determining the pathogenesis of rheumatoid arthritis.
• The development of various hs-CRP-based POC testing devices by various market entities is also predicted to boost market growth. Technological advancements in conventional CRP methods are anticipated to propel the segment growth during the forecast period.

 

Based on the End-use Insights, the market is segmented into Clinics, Hospitals, Laboratories, Assisted Living Healthcare Facilities, Home, Others.

• The hospitals segment dominated the market and accounted for the largest revenue share of 27.2% in 2020. The growth of the hospitals segment can be attributed to the rising penetration of CRP testing in hospitals, especially in developing regions across the world.
• The rising incidence of COVID-19, cardiovascular disorders, and cancer-related infections has led to an increase in hospital visits and thereby the adoption of CRP testing kits. This would further provide growth avenues to the market.
• The clinics segment held a substantial market share throughout the analysis period. CRP testing technology has expanded in the past few years with noteworthy developments in areas of point-of-care and hs-CRP.

 

C-reactive Protein Testing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key market participants are involved in growth strategies to expand their C-reactive protein testing business. For instance, in July 2021, Boditech Med, Inc. announced plans for expansion of its production capacity two-fold.

 

Some prominent players in the global C-reactive protein testing market include:

• Thermo Fisher Scientific, inc.
• F. Hoffmann-La Roche Ltd.
• Danaher
• Quest Diagnostics
• Siemens Healthineers AG
• Abbott
• Merck KGaAA
• Zoetis
• Ortho Clinical Diagnostics
• Getein Biotech, Inc.
• HORIBA, Ltd
• Randox Laboratories Ltd.
• BODITECH MED, INC.
• Aidian

 

Order a free sample PDF of the C-reactive Protein Testing Market Intelligence Study, published by Grand View Research.

 

Ophthalmic Drugs Market To Predict Global Expansion, Based On Increasing Awareness Regarding Eye-Related Diseases

 

 

Ophthalmic Drugs Industry Overview

 

The global ophthalmic drugs market size is expected to reach USD 60.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. An increase in the prevalence of eye-related disorders, such as presbyopia, macular degeneration, and diabetic retinopathy, is one of the major drivers of the market. According to the American Academy of Ophthalmology, over 2.71 million people in the U.S. were affected by Primary Open-angle Glaucoma (POAG) in 2011, and the number is estimated to reach 7.3 million by 2050.

 

Moreover, due to COVID-19, it has become increasingly unsafe for individuals to touch their face several times a day, which is a known cause of transmission. Therefore, companies are developing long-acting, hands-free therapies to combat such challenges. For instance, in April 2020, Ocular Therapeutix, Inc. completed Phase III clinical trial to evaluate the safety and efficacy of DEXTENZA for allergic conjunctivitis. It is a hands-free therapy administered in the office setting as an intracanalicular insert. It is bioresorbable and designed to release the corticosteroid dexamethasone to the ocular surface, lasting 30 days. It is a one-time and long-acting therapy that can be useful during the COVID-19 crisis.

 

Ophthalmic Drugs Market Segmentation

Grand View Research has segmented the global ophthalmic drugs market on the basis of drug class, disease, dosage form, route of administration, product type, and region.

 

Based on the Drugs Class Insights, the market is segmented into Antiallergy, Anti-VEGF Agents, Anti-inflammatory, Antiglaucoma, Others.

• The Anti-VEGF (Vascular Endothelial Growth Factor) segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 31.1% in 2020, due to the high adoption rate and presence of global market players with extensive product portfolio.
• In addition, several companies are undergoing clinical studies to develop a new anti-inflammatory drug for dry eye disease, thereby boosting the market growth.

 

Based on the Disease Insights, the market is segmented into Dry Eye, Eye Allergy, Glaucoma, Eye Infection, Retinal Disorders, Uveitis, Others.

• The retinal disorders segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 33.5% in 2020. The presence of strong pipeline products and increasing sales volume of ophthalmic drugs for retinal disorders is expected to be one of the major factors driving the market over the forecast period.
• Furthermore, increasing cases of COVID-19 and COVID-19 related eye disorders is anticipated to propel the market growth. For instance, according to data published in the Indian Journal of Ophthalmology, it was found that in China 31.6% of patients with COVID-19 had ocular involvement and 91.7% of COVID-19 patients tested positive for related conjunctivitis.

 

Based on the Route of Administration Insights, the market is segmented into Topical, Local Ocular, Systemic.

• The topical route of administration segment dominated the market for ophthalmic drugs and accounted for the largest revenue share 62.2% in 2020 and is estimated to continue the dominance over the forecast period. 
• The increasing launch of new products to replace existing formulations is anticipated to accelerate the market growth. For instance, in October 2019, PreserVision AREDS 2 Formula mini-gel eye vitamins was launched by Bausch + Lomb for the treatment of moderate to advanced AMD in the U.S.

 

Based on the Product Type Insights, the market is segmented into Prescription Drugs, OTC Drugs.

• The prescription drugs segment dominated the market for ophthalmic drugs and accounted for the largest revenue share of 59.9% in 2020. Improved safety and efficacy profiles and higher price of ophthalmic drugs and are expected to propel market growth. 
• The OTC segment is positioned to demonstrate a strong growth rate over the forecast period. The availability of OTC products to increase patient access is expected to accelerate market growth in the near future.

 

Based on the Dosage Form Insights, the market is segmented into Gels, Eye Solutions, Capsules & Tablets, Eye Drops, Ointments.

• The eye drops segment dominated the ophthalmic drugs market and accounted for the largest revenue share of 34.6% in 2020.
• The segment was driven by the ease of usage and high patient compliance. In addition, the development of eye drops for the treatment of rare eye diseases with low prevalence yet has a devastating impact on patients is expected to drive the market.
• The presence of advanced technology for ophthalmic drug delivery in order to improve physicochemical stability and bioavailability is anticipated to boost the market growth.

 

Ophthalmic Drugs Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key companies are focusing on the research and development of novel drugs to combat the rising prevalence of eye disorders. For instance, in June 2020, Novartis received label update approval from the U.S. FDA for Beovu (brolucizumab). The update included additional safety information related to retinal vascular occlusion and retinal vasculitis.

Some prominent players in the global ophthalmic drugs market include

• Alcon
• Johnson & Johnson Services, Inc.
• Bausch Health
• Allergan
• Pfizer, Inc.
• Bayer AG
• Santen Pharmaceutical Co. Ltd.
• Genentech, Inc.
• Novartis AG
• Regeneron
• Merck & Co.
• Coherus Biosciences, Inc.

 

Order a free sample PDF of the Ophthalmic Drugs Market Intelligence Study, published by Grand View Research.

 

Lateral Flow Assays Market To Boost, Due To Continuous Strategic Initiatives Undertaken By Leading And Emerging Players To Develop And Launch Advanced Products

 

 

Lateral Flow Assays Industry Overview

 

The global lateral flow assays market size is expected to reach USD 9.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Major drivers of the market include an increase in the prevalence of infectious diseases, a rise in government initiatives to curb infectious and chronic diseases, a rise in demand for point of care testing, and strategic mergers and acquisitions.

 

Lateral Flow Assays Market Segmentation

Grand View Research has segmented the global lateral flow assays market report on the basis of product, application, technique, end use, and region:

 

Based on the Product Insights, the market is segmented into Kits & Reagents, Lateral Flow Readers.

• The kits and reagents segment dominated the market for lateral flow assays and accounted for the largest revenue share of 67.8% in 2020. The launch of new kits by major players is anticipated to boost market growth during the forecast period.
• Lateral flow readers are anticipated to grow at a lucrative rate owing to their high demand to ensure precise and accurate interpretation of results for R&D and sample testing applications. There are two types of lateral flow readers, digital/mobile lateral flow readers, and benchtop lateral flow readers.
• Introducing a digital connectivity platform to lateral flow readers is expected to revolutionize single-use diagnostic tests as the test results will be available at any laboratory setting, thereby saving time. Therefore, advanced technology products offered by players are anticipated to positively impact market growth.

 

Based on the Application Insights, the market is segmented into Clinical Testing.

• The clinical testing segment dominated the market for lateral flow assays and accounted for the largest revenue share of 67.9% in 2020.
• This is owing to the increased incidence of infectious diseases, including the outbreak of COVID-19. Lateral flow-based tests are widely used in physicians’ offices, hospitals, and clinical laboratories for the quantitative and qualitative detection of specific antibodies, products of gene amplification, and antigens. Lateral flow assay testing facilitates disease testing due to the ease of use and portability.
• The drug development and quality testing segment are anticipated to register the fastest CAGR during the forecast period owing to the increase in the use of lateral flow assays for therapeutic drug monitoring.
• Complementary and companion lateral flow immunoassays are used across various less regulated and regulated industries for the rapid production of fully and semi-quantitative results.

 

Based on the Technique Insights, the market is segmented into Sandwich Assays, Competitive Assays, Multiplex Detection Assays.

• The sandwich assays dominated the market for lateral flow assays and accounted for the largest revenue share of 39.5% in 2020 owing to their accuracy, affordability, and ease of use.
• In this technique, a positive test is mostly represented by a colored line at the test line position. The test can also be used in any low-resource healthcare or field setting and does not require training. The growing number of research activities undertaken by various research institutes is expected to boost the market growth.
• A research study published in the Asian Pacific Journal of Tropical Biomedicine, in July 2019, aimed at developing a lateral flow that is a sandwich-based immunochromatographic strip used for rapidly detecting circulating Schistosoma mansoni antigens in urine and serum samples of patients diagnosed with active schistosomiasis.
• The multiplex detection assays segment is anticipated to witness the fastest growth over the forecast period. This technique is used for the detection of multiple targets in a single test, rather than using various individual tests. 

 

Based on the End-use Insights, the market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, Others.

• The hospitals and clinics segment dominated the lateral flow assays market and accounted for the largest revenue share of 39.5% in 2020. Hospitals and clinics are primary care settings for the diagnosis and treatment of medical conditions.
• The pharmaceutical and biotechnology companies’ segment is anticipated to witness lucrative growth during the forecast period. These companies are involved in strategic initiatives, such as product development, mergers and acquisitions, product approval and launches, and the expansion of global presence.
• For instance, Hutano Diagnostics was supported by Cytiva for the development of its lateral flow device. An increase in such strategic collaborations is expected to enhance the development of lateral flow assays during the forecast period.

 

Lateral Flow Assays Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market for lateral flow assays is highly competitive with the presence of a large number of key players as well as emerging players in it. The advent of new strategic plans to maintain competitiveness stimulates market growth. The COVID-19 pandemic has resulted in an increasing number of new market entrants, in turn intensifying the market competition.

 

Some prominent players in the global lateral flow assays market include

• Abbott
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche AG
• Bio-rad Laboratories, Inc.
• Biomérieux SA
• Quidel Corporation
• Hologic, Inc.
• Perkinelmer, Inc.
• Merck KGAA
• Becton, Dickinson and Company
• Siemens Healthineers
• Danaher Corporation
• Qiagen N.V

 

Order a free sample PDF of the Lateral Flow Assays Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.