As per Precedence Research, the In Vitro Diagnostics (IVD) market size estimated at US$ 85.23 billion by 2027 and growing at a CAGR of 5% during the forecast period 2021 to 2027.
As per Precedence Research, the In Vitro Diagnostics (IVD) market size estimated at US$ 85.23 billion by 2027 and growing at a CAGR of 5% during the forecast period 2021 to 2027.
Growth Factors
A key element driving the in vitro diagnostics market’s expansion is the surge in the number of in vitro diagnostics tests, which is due to an increase in chronic and infectious illness events. Furthermore, the growing senior population, which is more sensitive to immunological issues, is a major driver of in vitro diagnostics market growth. In addition, due to technical advancements in in vitro diagnostics products and services, the in vitro diagnostics market is predicted to grow at a rapid pace. Furthermore, the in vitro diagnostics sector is growing as a result of the sector’s increased use of modern technology.
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Report Highlights:
- Based on the product type, the reagents segment dominated the global in vitro diagnostics market in 2020 with highest market share. This is due to the rising usage of self-testing kits and other innovative products in in vitro diagnostics. The rising number of research and development efforts for detecting many chronic disorders is one of the primary factors driving the demand of reagents.
- Based on the technology, the molecular diagnostics segment dominated the global in vitro diagnostics market in 2020 with highest market share. This is due to surge in demand for molecular diagnosis in infectious illnesses. Furthermore, sophisticated techniques such as multiplex real time PCR have increased demand for molecular diagnostics.
- Based on the application, the infectious diseases segment dominated the global in vitro diagnostics market in 2020 with highest market share. In order to combat the rising frequency of infectious disorders, key firms are creating revolutionary diagnostics systems.
- North America is the largest segment for in vitro diagnostics market in terms of region. This is attributed to the well-established healthcare industry and rising prevalence of chronic diseases in the region. The U.S. owns the predominance of the in vitro diagnostics market in the North American region, owing to growing healthcare spending and the rapid implementation of point of care testing.
- Asia-Pacific region is the fastest growing region in the in vitro diagnostics market. This is due to a rise in healthcare expenditure and the frequency of diabetes in the region. Different factors that contribute to the Asia-Pacific market’s growth include the large patient population of other chronic conditions that demand in vitro diagnostics testing.
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Future of In Vitro Diagnostics Market
Every year, infectious illnesses become increasingly common. As the number of infectious disease cases increases, so does the demand for in vitro diagnostics devices, consumables, and tests. The popularity of small diagnostic systems has surged as these nano diagnostic devices provide faster and more accurate medical diagnosis. Moreover, these technologies are portable, disposable, easy to use, and low cost, which will aid the in vitro diagnostics market’s growth in the near future.
COVID-19 Impact Analysis:
- The COVID-19 epidemic prompted international lockdowns in order to monitor social distancing. These lockdowns had a significant influence on every industry and business.
- Furthermore, the COVID-19 pandemic had an impact on the in vitro diagnostics sector. The industry was confronted with new issues such as disrupted supply chains, and fluctuating product demand.
- Moreover, raw material and human resource availability were both impacted. In addition, the in vitro diagnostics industry has seen a surge in demand for new COVID-19 test kits, which presents a significant opportunity for in vitro diagnostics market players.
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Key Developments in the Marketplace:
- F. Hoffmann-La Roche Ltd. and GenMark Diagnostics Inc. announced a definitive merger agreement in March 2021. Roche will have access to GenMark’s unique technology for testing for a wide spectrum of infections with just one patient sample as a result of this acquisition.
- F. Hoffmann-La Roche Ltd declared the release of Cobas pure integrated solutions in countries that accept the CE mark in March 2021. This innovative compact analyzer integrates three technologies on a single platform to assist small and medium sized labs streamline operations.
- Roche Diagnostics had released a SARS-CoV-2 antibody test in September 2020. To some extent, the introduction of new items has aided the company’s growth. The company’s expansion has been aided by the launch of antigen tests during the epidemic.
Market Segmentation
By Product
- Reagents
- Instruments
- Services
By Technology
- Immunoassay
- Hematology
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation
- Microbiology
- Others
By Application
- Diabetes
- Cardiology
- Nephrology
- Infectious Disease
- Oncology
- Drug Testing
- Autoimmune Diseases
- Others
By End User
- Standalone Laboratories
- Hospitals
- Academic & Medical Schools
- Point-of-Care
- Others
By Regional
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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