In Vitro Diagnostics Industry Needs Seismic Change To Improve Patient Outcomes and Deliver Economic Benefits
The Global In-Vitro Diagnostics Market size was valued at USD 83.37 Billion in 2020 and is anticipated to reach USD 118.44 Billion by 2028 at a CAGR of 4.4%. The demand for this type of diagnosis is increasing due to the rise in the number of people suffering from chronic diseases. Infectious diseases, chronic diseases, sexually transmitted diseases, genetic testing, oncology are all increasing the demand for diagnostic tests.
This has impacted the leading companies in this market, immense pressure on companies to build new competencies in product development, manufacturing, and distribution to capture growth opportunities in the in-vitro diagnostics market. The focus on screening, therapy selection, and monitoring has increased, as it is driving IVD companies to include liquid biopsy and companion diagnostics in their product portfolio.
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Market leaders are spending significant capital in the research and development of tests and diagnostics associated with specific diseases that are on the rise.
The rise in the population of the elderly is fueling the growth of the market. An increase in the number of private and public diagnostic centers are also pushing the growth of the market. The government is investing more in healthcare, which is further expected to boost the market. However, stringent regulations regarding the manufacture of IVD products and inadequate reimbursement policies are hampering the growth of the market. The ongoing research and new innovations are anticipated to provide ample opportunities for the growth of the market.
Top competitors of the In-Vitro Diagnostics Market profiled in the report include:
- Siemens Healthineers
- Roche Diagnostics
- Danaher Corporation
- bioMérieux, Abbott Laboratories
- Thermo Fisher Scientific, Inc
- Ortho Clinical Diagnostics
- Sysmex Corporation
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Key insights presented in the report:
- Market revenue shares by major business players, by type, by application, and market scope of global In-Vitro Diagnostics market
- Sales revenue by key players and new entrants
- Competitive analysis of key players, including aspects such as company overview, product or services specification, vendors, and buyers
- Recent mergers, acquisitions, product launches, recent investments, and joint ventures
- Regional analysis to provide insight into recent trends and opportunities
The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size. Additionally, the report also covers details of the company, such as sales and distribution area, product portfolios, specifications, and others.
For the purpose of this report, Emergen Research has segmented into the global In-Vitro Diagnostics Market on the basis of product, devices application, technique, end-user, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Reagents & Kits
- Fully Automated Instruments
- Semi-Automated Instruments
- Data Management Software
- Devices Outlook (Revenue, USD Billion; 2017-2027)
- Reusable IVD Devices
- Disposable IVD Devices
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Infectious Diseases
- Gastrointestinal Disease
- Autoimmune Diseases
- Cardiac Disease
- Drug Testing /Pharmacogenomics
- Nephrological Disease
- Technique Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation and Hemostasis
- Other IVD Technologies
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Diagnostic Laboratories
- Homecare Settings
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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Key Highlights From The Report
- The reagent segment held the largest market share of 37.1% in the year 2019. Developing countries have established local immunoassay reagents programs to produce high quality, low-cost reagents.
- Immunoassays will grow with a significant share during the forecast period. The large share of this segment is mainly attributed to the increasing preference for these technologies in clinical diagnostics over other traditional methods.
- In-vitro diagnostics are often used for a wide range of applications in hospitals and clinics. A continuous upward trend in the number of diseases like diabetes, hypertension, kidney inflammation, and hematological disorders are positively supporting the market. Increasing partnerships, expansion, mergers, and acquisitions are expected to further drive the segment demand.
- North America dominated the market for in-vitro diagnostics. The U.S. is the major contributor owing to the increased investment in healthcare and an increase in point-of-care testing. The region is expected to do well due to the well-established healthcare industry and an increase in infectious disease.
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