in vitro diagnostics technology trend

Personalized medicine is also advancing thanks to advances in in vitro diagnostics technology. “Personalized medicine will continue to make inroads with point-of-care assays and devices to support various new therapies,” said Scott Phillips, CEO and founder, StarFish Medical.
 
For instance, the in vitro diagnostics market is “booming,” says Stacie Depner, engineering program director of Symbient Product Development. “In the not-so-distant past, having the DNA genome sequenced as well as a trend toward more-personalized healthcare and an increasing prevalence of infectious diseases have led this market to be booming in 2019,” she says. “We’re in an era of time in healthcare where people want more answers, more information, and with the trend of machine learning, it’s only going to keep soaring while more and more correlations prove to be causations.” Depner says the in vitro diagnostics market has been the largest and fastest growing within Symbient’s focus. The firm specializes in disposable medical products. "This diagnostics market makes up 70% of our revenue and 'the global in-vitro diagnostics market [that] was valued at USD 61.22 Billion in 2018 is predicted to reach USD 87.11 Billion by 2026, exhibiting a CAGR of 4.5%.' "
 
A trend Depner would like to see “align into 2020 and beyond is the integration of more sophisticated diagnostics into wearables. The wearable market is projected to continue an accelerated growth,” she says, pointing to a global market for wearable medical devices expected to grow from $8.9 billion in 2018 to $29.9 billion by 2023 at a compound annual growth rate (CAGR) of 27.5% for the period of 2018-2023. “However, the majority of that market to date has been made up of me-too wrist-worn devices that track basic vitals and performance information. I’m looking forward with the hope that more devices such as Eccrine Systems’s Sweatronics that 'will enable prescribers to optimize pharmacotherapy—helping to solve a $500B/year problem for U.S. healthcare' continue to hit the market. Further integrating hot trends in the diagnostic and wearables markets along with gaining insights through machine learning will revolutionize healthcare.”