The United Kingdom In Vitro Diagnostics Market is expected to register a CAGR of 8. 05% over the forecast period with a revenue of USD 2,628. 68 million in 2020, and it is expected to reach USD 4,604. 73 million by 2026.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "United Kingdom In-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06129738/?utm_source=GNW
The emergence of the COVID-19 pandemic transformed the in vitro diagnostics market in the country, both an advancement perspective and awareness about it among the general public. It led to the high demand for in vitro diagnostics products for COVID-19 diagnosis and treatment.
In the diagnosis and detection of COVID-19, in vitro diagnostics tests were majorly used even in the non-symptomatic patients in the United Kingdom. The two primary testing methods used in the detection of COVID-19 infection include the antibody test and the antigen test. These are types of in-vitro diagnostics tests. The National Health Service of the United Kingdom and the government used these methods for the rapid and accurate testing of the SARS-CoV-2 infection in the country. Thus, COVID-19 is likely to have a profound impact on the market studied.
The rising prevalence of chronic disease has increased the demand for early and effective diagnostic tests. There has been an increased use of point-of-care (POC) diagnostics that is also increasing its demand in the market. Moreover, increasing awareness and acceptance of personalized medicine and companion diagnostics have also helped the market growth.
As per the July 2021 report of the British Heart Foundation, there were about 7.6 million people in the United Kingdom were living with heart and circulatory diseases, of which 4 million people were male, and 3.6 million were female. Also, the rising geriatric population of the country will have a positive outlook on the market, as it is more prone to diseases and other medical conditions. The Future of an Ageing Population report by the Government Office of Science estimated that by 2040, one in seven people of the country is projected to be aged over 75.
The increasing investment in research and development, along with the launch of new and advanced products from key market leaders and government initiatives in the country, is expected to boost the growth of the market studied, during the forecast period. For instance, in May 2020, the UK government signed a contract with Abbott Laboratories for the supply of laboratory-based IgG-antibody tests to the National Health Services in different parts of the country.
However, stringent regulatory frameworks in the country is expected to impede the growth of the in-vitro diagnostics market in the United Kingdom.
Key Market Trends
By Application, the Infectious Diseases Segment Holds the Major Share During the Forecast Period
The infectious diseases include HIV/AIDS, tuberculosis, hepatitis B, hepatitis C, still posing a significant burden in the United Kingdom. Also, the impact of the COVID 19 pandemic positively impacted the segment’s growth. According to Public Health England Hepatitis C in the United Kingdom 2020, an estimated 118,000 people were chronically infected with hepatitis C (HCV) with many of them belonging to marginalized and underserved groups in society.
Moreover growing awareness regarding the early diagnosis and treatment, especially for infectious diseases in the country, is expected to contribute to market growth over the period. TB Alert is the United Kingdom’s national tuberculosis charity raising public and professional awareness about TB. TB Alert’s work in the United Kingdom focuses on making sure people with TB are diagnosed and treated as quickly as possible. Such initiatives in the country boosted diagnostics of the diseases, boosting the segment’s growth.
Hence, owing to the rising burden of infectious diseases, and the COVID-19 pandemic, along with the expansion of the international market, players are driving the market growth for in-vitro diagnostics for infectious diseases in the United Kingdom
United Kingdom is a developed region with well-structured healthcare system. As a result, many global players in the in-vitro diagnostics market are present in the country. Moreover, some domestic players have also been competing in the UK market. These factors have made the region very competitive. Abbott Laboratories announced the signing of a contract with the UK government for the supply of laboratory-based IgG-antibody tests to the National Health Services (NHS) in May 2020.
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