New York, USA, June 06, 2023 (GLOBE NEWSWIRE) -- In Vitro Diagnostics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “In Vitro Diagnostics Market Information By Product & Services, Applications, End User - Forecast till 2032”, the market size was valued at USD 92.1 Billion in 2022 and is projected to grow from USD 94.12 Billion in 2023 to USD 112.02 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.20% during the forecast period (2023 - 2032).
Market Scope:
In vitro diagnostics can detect diseases and other disorders, which can then be used to monitor a patient's health and direct therapy or preventive measures. In vitro diagnostics (IVD) refers to the reagents, equipment, and software used to evaluate specimens collected from the human body, such as blood, urine, stool, tissues, and other physiological fluids, for the goal of identifying illnesses, disorders, and infections.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 112.02 Billion |
| CAGR | 2.2% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product & Services, Applications and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased instances of chronic diseases and rising health concerns |
| The utilization of cutting-edge technology in the IVD industry |
In Vitro Diagnostics Market Competitive Outlook:
While there are many large firms in the in vitro sector, there are also many smaller and medium-sized businesses that have distinguished themselves by incorporating technological developments and innovations into their goods. These strategies comprise selling things at drastically reduced costs.
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Hoffmann-La Roche AG
- Grifols S.A, bioMérieux S.A
- DiaSorin S.p.A
- Ortho Clinical Diagnostics
- Qiagen N.V.
- Siemens AG
- Becton Dickinson and Company
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
In Vitro Diagnostics Market Trends:
Market Drivers
Chronic diseases are getting increasingly widespread, according to data collected from throughout the world. The in vitro diagnostics business has thrived as the prevalence of infectious and non-infectious disorders such as diabetes, cancer, and cardiovascular disease has increased. Because of the rising prevalence of these diseases on a global scale, the market for in-vitro diagnostics has developed considerably.
Millions of lives have been saved as a result of rapid and precise diagnosis, which has increased the global need for IVD. In-vitro diagnostics, on the other hand, have evolved dramatically in recent years, allowing the addition of more tests to the market. It's exciting to learn that the in vitro diagnostics (IVD) industry in industrialized countries is likely to rise in the future years.
Latest technological advancements have enabled the diagnostic discipline known as "precision medicine" to become a reality. A patient's genetic profile can be utilized to adjust therapy and medications, improving the likelihood of efficacy while decreasing the risk of negative side effects. The global in vitro diagnostics market is expected to expand due to the increasing diagnostic value of this method.
Market Restraints
There is currently no suitable reimbursement structure in place for in-vitro diagnostics to limit demand growth.
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COVID-19 Analysis:
These devices have surged in value as a result of the current COVID-19 outbreak's demand for quick and simple at-home screenings. The rapid rise of the Kist and reagent markets may explain the stimulatory effect of Covid-19 on IVD product demand. Since the Covid-19 pandemic's emergence, there has been an increase in the market for reagents and kits that allow for rapid diagnosis and assist mitigate its destructive effects.
In Vitro Diagnostics Market Segmentation:
By Product & Services
Because of the growing popularity of point-of-care testing, the market share for reagents and kits has climbed to 74.8 percent. The market for in vitro diagnostics services is predicted to grow rapidly throughout the study's evaluation period.
By Technology
The clinical chemistry industry's ability to generate faster findings, along with a growing preference for cutting-edge technology, has propelled the latter to its current leadership position. The market for in vitro diagnostics, on the other hand, is expected to grow at a 6.41 percent CAGR during the forecast period.
By Application
More people are resorting to IVD for infectious illness detection; IVD sales in this area totaled USD 38,685 in 2017. Nonetheless, the market for non-infectious disease therapeutics is expected to grow at a CAGR of 9.48% throughout the assessment period.
By End-user
In-vitro diagnostic technologies are often used in hospital laboratories, and healthcare facilities now account for 39.4% of the market. Nonetheless, the lab sector is expected to develop at the fastest CAGR during the studied period.
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In Vitro Diagnostics Market Regional Analysis:
The Americas dominated the global market for in vitro diagnostics, accounting for more than 39% of the total. Because of the concentration of advanced economies in regions like the United States and Canada, the Americas are today divided into northern North America and southern South America. One of the various causes driving the growth of the IVD sector is the aging of the world's populations. The market in North America has grown due to the large number of chronic diseases that have been and continue to be diagnosed there. This is one factor that has helped to the country's rise to the top of the worldwide in vitro diagnostics market.
Europe's economy, the world's second largest, is expanding at a rate comparable to that of the Americas. Many healthcare-related organizations have worked to raise public knowledge about the advantages of point-of-care assessments for local business expansion. The sector is also expected to maintain its market share throughout the projected period, owing to increased healthcare expenses and an emphasis on early disease identification.
The Middle East and Africa (MEA) have the smallest market, while Asia-Pacific (APAC) is growing the fastest. Both regions are expected to grow at comparable rates over the forecasted time period. APAC is a lucrative sector because to the region's large patient population and growing need for specialized healthcare. Economic development is expected as healthcare infrastructure spending increases. Rising birth rates in countries such as China and India are also fuelling the in vitro diagnostics industry. The Middle East and Africa (MEA) region is significant due to the abundance of potential prospects available there.
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