Market Trends of Biotechnology Instruments Industry
IVD Instruments Segment is Expected to Witness Growth Over the Forecast Period
An in vitro diagnostic (IVD) medical instrument analyzes human samples to use the results to help with clinical diagnosis or management. A test kit, reagent, software, system, or instrument, like a qPCR cycler, could all be considered IVD devices. The IVD instrument segment is expected to witness significant growth owing to factors such as an increase in the prevalence of various chronic and infectious diseases and a rise in product launches. For instance, according to the American Cancer Society 2023 Cancer Statistics, the estimated new number of cancer cases is likely to be 1.9 million in the United States in 2023. This estimation includes 1 million males and 948,000 females. The high burden of cancer is augmenting the demand for diagnostic testing and thereby boosting segment growth over the forecast period.
Furthermore, an increase in strategic initiatives by the key players, such as mergers, acquisitions, and product launches, is expected to fuel the market growth over the forecast period. For instance, in November 2022, Linear Chemicals presented its range of in vitro diagnostic (IVD) products, including instruments and reagents covering clinical chemistry, serology, urinalysis, hematology, and immunology, at the MEDICA 2022 Trade Fair being held in Düsseldorf, Germany. Similarly, approvals by the Government authorities for the IVD devices are expected to provide opportunities for segment growth. For instance, in April 2022, GenDx received a medical device license from Health Canada for in vitro diagnostic use of NSGgo-MX11-3. NGSgo-MX11-3 provides multiplexed genotyping of 11 HLA loci with incredible speed and high accuracy, contributing to the success of stem cell transplantation. In addition, NGSgo-MX11-3 offers the highest available gene coverage of any HLA multiplex strategy on the market.
Hence, owing to the increase in chronic diseases, the rise in product launches, and the approvals of key players, the studied segment is expected to witness significant growth over the forecast period.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share in the studied market owing to factors such as the increasing number of biotechnology research-related activities and the rising prevalence of chronic diseases in the region. For instance, as per the Canadian Cancer Statistics 2022 Special Report, 233,900 people were diagnosed with cancer in 2022. Also, 1 in 24 people in Canada was diagnosed with cancer within the previous 25 years. Breast, prostate, and colorectal cancers are the most prevalent cancers. Thus, an increase in chronic diseases like cancer in the North American region is expected to utilize biotechnology instruments for the development of various point-of-care products, thereby driving market growth.
Additionally, the presence of key market players and their strategic activities in this region is expected to accelerate market growth. For instance, in March 2022, Thermo Fisher Scientific launched a CE-IVD-marked next-generation sequencing instrument for use in clinical laboratories. The system allows users to perform both testing and clinical research and diagnosis on a single instrument. Since biotechnology instruments play a vital role in the R&D of several disease diagnostics and research, the increased number of research and development activities in the region is expected to surge the market growth over the analysis period.
Therefore, owing to the rise in chronic diseases, the presence of key players, and the rise in strategic activities, the studied market is expected to witness significant growth in the North American region.
