For instance, Abbott witnessed a revenue growth of around 225% in its molecular diagnostics segment in 2020 as compared to 2019. Market players witnessed a considerable growth in molecular and point-of-care test sales, causing a substantial rise in their revenues. This significantly increased the global demand for serology and molecular techniques based on point-of-care tests. Additionally, there was increased demand for test kits and consumables for monitoring blood glucose and troponin levels among hospitalized patients suffering from COVID-19. Molecular diagnostics techniques were used to diagnose the SARS-CoV-2 virus. The COVID-19 pandemic had a positive and negative impact on different segments however, the increased use of molecular diagnostics overcame the negative effect of other segments, leading to a positive impact on the market during the pandemic. IVD consists of many tests and techniques to diagnose various disorders. Increased Use of Molecular Diagnostics during COVID-19 Pandemic Positively Impacted Market Growth Such new launches are projected to contribute to the in-vitro diagnostics market growth. This test is performed on samples collected through the AerosolSense Sampler. launched the Renvo Rapid PCR Test to detect in-air SARS-CoV-2 pathogens. For instance, in February 2022, Thermo Fisher Scientific Inc.This growth is further augmented by increasing investment by key players in research & development to innovate products and explore new applications of IVD techniques. The rising demand for and adoption of IVD devices have driven the market growth. Furthermore, according to the British In-Vitro Diagnostic Association, these tests influence approximately 70% of clinical decisions. These tests help detect and monitor infectious diseases, autoimmune diseases, and several medical conditions and are also used to analyze drug therapy modifications from time to time. In-Vitro Diagnostics (IVD) are medical devices that perform diagnostic tests on biological samples such as blood, urine, and tissues. The global in-vitro diagnostics market size was valued at USD 94.67 billion in 2022 and is expected to grow from USD 97.12 billion in 2023 to USD 157.02 billion by 2030, exhibiting a CAGR of 7.1% during the forecast period.
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