R&D activities in academic and government research institutes have significantly increased in the last few years. Funding for these activities is mainly driven by rising healthcare concerns, the complexity of clinical trials, and the failure of drugs in earlier-phase studies.
U.S. government agencies that extensively spend on R&D, such as the Department of Defense (DOD), the National Institutes of Health (NIH), the Department of Energy (DOE), and NASA, account for 97% of the total R&D investments globally. The National Institutes of Health (NIH) is the largest source of funding for basic and applied research, providing approximately 84% of NIH funds to universities, medical schools, and other research institutes. Furthermore, according to the U.S. Department of Health & Human Services (HHS), the NIH’s budget for research increased to USD 131.8 billion in 2022 from USD 41.7 billion in 2019.
According to Research America, medical and health R&D investments in the U.S. increased by 7.0% between 2019 and 2020. In 2020, the country’s total medical and health R&D expenditure reached USD 245.1 billion. Pharmaceutical, medical technology, biotechnology, and health IT companies accounted for the largest share of medical and health R&D investments in the U.S. These investments were primarily driven by research activities and the high demand for drugs for treating chronic illnesses.
According to the WHO, in 2020, chronic diseases accounted for almost 75% of all deaths worldwide, with the number of people with diabetes increasing 2.5-fold between 2019 and 2020. Thus, the increasing complexities and mortality rates associated with chronic diseases, such as cardiovascular diseases, diabetes, cancers, and chronic respiratory diseases, are expected to boost research funding.
Furthermore, the advent of nucleic acid amplification and detection has improved disease diagnosis. The rising prevalence of diseases has accelerated research to develop treatments.
Some of the important initiatives funding research on infectious diseases are as follows:
- In March 2020, Canada committed USD 205.5 million (CAD 275 million) for coronavirus research, boosting global funds.
- In March 2020, Amazon Web Services, Inc. (U.S.) announced USD 20 million in funding to accelerate the research and development of tests for diagnosing coronavirus.
- In January 2020, the Imperial College of London announced that an international team of investigators had received a five-year, USD 24.9 million (EUR 22.5 million) grant from the EU’s Horizon 2020 Research and Innovation Actions for a project to develop a test to diagnose multiple conditions, such as pneumonia, tuberculosis, and sepsis with one blood sample and in less than two hours.
Furthermore, rising biopharmaceutical R&D spending also supports research activities in the field of in vitro diagnostics, driving the demand for IVD reagents. According to EvaluatePharma, global biopharmaceutical R&D expenditure is estimated to increase from USD 238 billion in 2022 to 285 billion in 2028. This increasing R&D spending is expected to support the development of new therapeutics and antibodies intended for use in diagnostic and research applications, driving the utilization of IVD reagents in the coming years.
The IVD reagents market is growing at a CAGR of 5.4% over the forecast period to reach $75.67 billion by 2030, according to the Meticulous Research® report.
Access Full Report Here @ https://www.meticulousresearch.com/product/in-vitro-diagnostic-reagents-market-5110
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