Market Trends of Canada In-vitro Diagnostics Industry
Reagent Segment is Expected to hold the Significant Market Share Over the Forecast Period
The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process. Reagents are an integral part of the in-vitro diagnostics testing procedure. They are used for a wide variety of disease diagnoses. With the increasing complexity of diseases and demand for early diagnosis, there is an increased use of complex reagent combinations in laboratories to diagnose these diseases from biological samples. In addition, for the assessment of a patient's general health by a physician, the major information comes from the information supplied by the diagnostics laboratory, where the importance of diagnostic reagents becomes evident. Many diagnostic companies have an excess of more than 50% of sales from consumables, such as assays and reagents, and such agreements guarantee the generation of cyclic revenues associated with the sale of reagents and other consumables.
Furthermore, increasing competition, pressures laboratories to continuously improve quality and provide rapid results, this demand drives the need for reagents that perform multiple functions efficiently. For instance, in May 2021, LaunchWorks, a contract development and manufacturing organization (CDMO) in molecular diagnostics, and Canadienzyme, a Canadian biotech spin-off company, entered into a collaboration to produce a new RT-qPCR Master Mix, an RT-qPCR testing reagent.
Thus, these factors are likely to drive the demand for the reagents segment throughout the forecast period.
