Bioinformatics in IVD Testing Market to be driven by Increase in penetration of IT in the Healthcare Sector
Healthcare professionals depend on several tools for diagnosis of the condition and guide the decisions for the treatment. Among the most common and widely used is in vitro diagnostics (IVDs). IVDs are generally used for the analysis of human samples including saliva and blood or by detecting the absence & presence of a marker or set of markers such as immune response to an infection or genetic mutation. The use of bioinformatics in IVD enables clinical laboratory professionals to accurately diagnose the diseases.
Global Bioinformatics in IVD Testing Market: Growth Factors
The global bioinformatics in IVD testing market is growing at a rapid rate. Factors that are majorly contributing to the growth of the global market are the rise in penetration of IT in the healthcare sector, the growing prevalence of life-threatening diseases such as cancer & cardiovascular diseases, and the ability of the bioinformatics-based diagnosis to understand the epidemiology of the infection. Bioinformatics is a field of science and a sub-discipline of computer science and biology related to the acquirement, analysis, storage, and distribution of biological data. It uses several programs to determine the functioning of protein & genes, establish evolutionary relationships, and predict 3D shapes of the proteins. Hence, bioinformatics in IVD testing can help diagnose cancer and contribute to therapy management. It also enables detection of hard to culture pathogenic viruses & bacteria and understand the epidemiology of the infections. In addition to this, the analysis of mutations of the known human genome by the use of bioinformatics can help to diagnose inherited diseases, common disorders as well as show the prognosis of malignant diseases.
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Thus, such a huge contribution of bioinformatics-based testing has led to the rise in the adoption of bioinformatics in IVD testing thereby surging the growth of the global bioinformatics in IVD testing market. Moreover, the rise in collaborations of the IT companies with the laboratory testing manufacturers for the development of software and algorithm for the diagnosis of diseases is also among the prime factors that are augmenting the growth of the global market. Furthermore, technological advancements in the development of efficient products may offer several opportunities for the growth of the global bioinformatics in IVD testing market during the forecast period. However, the lack of skilled staff and high cost associated with it may hamper the growth of the global bioinformatics in IVD testing market.
The global bioinformatics in IVD testing market has witnessed rapid growth during the outbreak of the Covid-19. The coronavirus rapidly infected millions of people and thus rapid testing became an essential factor. The BioFire® COVID-19 Test is an FDA-approved test for Covid-19. In silico analysis of BioFire® COVID-19 Test was done using bioinformatics to survey all high coverage genomes from the GISAID EpiCoV database. BioFire Defense continuously monitors emerging strains/sequence variants of SARS-CoV-2 and assessing predicated assay performance. This has majorly contributed to the growth of the global market amid the pandemic situation.
Global Bioinformatics in IVD Testing Market: Segmentation
The global bioinformatics in IVD testing market is bifurcated based on the type of test, application, type, and region. Based on the type of test, the global bioinformatics in IVD testing market is fragmented into blood based tests and tissue based tests. Based on the application, the global market is divided into cancer, chronic diseases, cardiovascular diseases, diabetes, and others. The type segment is split into hardware and software.
Global Bioinformatics in IVD Testing Market: Regional Analysis
Regionally, North America is estimated to account for the largest share in the global bioinformatics in IVD testing market over the forecast period. The presence of the well-established IT & healthcare sector, rise in research on genomic sequences, and rapid adoption of advanced technologies are the key factors that are contributing to the remarkable growth of the market in this region. Europe is also anticipated to hold a noteworthy share in the market due to huge investments in the development of the software & algorithm required for bioinformatics-based diagnostic tools. On the other hand, Asia Pacific region is estimated to grow with a significant CAGR over the forecast period. This is due to growing awareness related to the use of biobanks and rapidly growing healthcare infrastructure.
Global Bioinformatics in IVD Testing Market: Competitive Players
Affymetrix, IBM Corporation, Medtronic Inc, Life Technologies, CardioDx Inc, Biodesix Inc, Aperico Technologies Inc, AssureRx Health Inc, Datech Oncology, and Bioreference Laboratories Inc are some of the key participants that are operating in the global bioinformatics in IVD testing market.
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