Westford, June 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global In-Vitro Diagnostics Market will attain a value of USD 132.90 Billion by 2031, with a CAGR of 5.3 % during the forecast period (2024-2031). The IVD sector works in a controlled setting to ensure test accuracy and patient safety. The growth of the IVD market is increasing mainly because of personalized medicine, which is an individualized approach to treatment based on a patient's unique genetic, molecular, and clinical circumstances. Companion diagnostics, a distinct subset of IVDs, actively participates in determining whether patients are suitable for therapy or at risk of toxicity or adverse drug reactions. By eliminating unnecessary treatments, these tailored interventions not only improve the effectiveness of treatment but also keep healthcare costs under control, highlighting market expansion.
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Browse in-depth TOC on the "In-Vitro Diagnostic Market"
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In-Vitro Diagnostic Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $87.93 Billion |
| Estimated Value by 2031 | $132.90 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Technology, Specimen, Test Type, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increase in the launch of new and advanced products to improve treatment is driving market |
| Key Market Opportunities | The rising movement toward personalized medicine is creating favorable development opportunities for the In-Vitro market |
| Key Market Drivers | The rising incidents of chronic illnesses like heart disease will drive the market growth |
Popularity of PoC Testing Devices Will Increase the Demand for In-Vitro Diagnostics
The rise in chronic illness has prompted medical device organizations to accelerate the development of highly advanced diagnostic equipment. Hospitals and laboratories depend heavily on point-of-care devices because of their capacity to give quick and real-time data. Point-of-Care (PoC) testing is a diagnostic method that is done close to the patient who needs a minimal quantity of blood. It also provides rapid test results that are critical for clinical decision-making, allowing the physician to start immediate treatment without waiting for central laboratory results. As a result, the demand for these instruments will rise, increasing the requirement for in vitro diagnostics devices.
Early Detection of Non-Communicable Diseases Ensures Better Patient Outcomes and Boosts Market Growth
A significant percentage of the mortality and morbidity is attributable to non-communicable diseases (NCDs), which include diabetes, cancer, chronic respiratory conditions, and cardiovascular disorders. In-Vitro Diagnostics (IVD) helps in identifying these disorders early and enables medical practitioners to start treating patients immediately. IVD technologies facilitate early treatment, which guarantees better patient outcomes and lessens the total burden on the healthcare system by enabling timely detection of disease.
Rapid Expansion of In-Vitro Diagnostic Market in North America Due to Technical Advancements in the Manufacturing Sector
North America accounted for the majority of the in vitro diagnostics market, and it is expected to maintain its lead over the market. Their success stems mostly from the involvement of a large number of top players. Aside from that, the region has seen technical advancements in the manufacturing sector for in vitro diagnostics, which is another driver driving this market. The Asia-Pacific region is predicted to experience the fastest growth rate in the in vitro diagnostics market over the forecast period. This expansion can be attributed to growing demand from countries with large populations and high purchasing power.
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In-Vitro Diagnostic Market Insights
Drivers:
- Healthcare practitioners can promptly administer an appropriate treatment thanks to In-Vitro Diagnostics (IVD), which aids in the early detection of chronic illnesses.
- Government organizations promote IVD's adoption through awareness campaigns, thereby expanding the market.
- The development of research activities is accelerating the innovations in IVD devices, allowing the market to grow even further
Restraints:
- Payment framework presents significant challenges, particularly for a few pathology tests that do not have Healthcare Common Procedure Coding System codes
- Lack of funding restricts the use of advanced diagnostic procedures in clinical laboratories
- Rise of strict regulations in many countries for test kits that are used for infectious diseases
Prominent Players in the In-Vitro Diagnostic Market
The following are the Top In-Vitro Diagnostic Companies
- Roche Diagnostics
- Siemens Healthineers
- Abbott Laboratories
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
- bioMerieux SA
- Becton, Dickinson and Company
- Ortho-Clinical Diagnostics
- QIAGEN N.V.
- Beckman Coulter, Inc.
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Key Questions Answered in Global In-Vitro Diagnostic Market Report
- Which is the fastest growing region in the In-Vitro diagnostic market?
- Who are the key players in the In-Vitro diagnostic market?
- What is the estimated growth rate of the global In-Vitro diagnostic market?
This report provides the following insights:
- Analysis of key drivers (Rising incidences of chronic illnesses, high demand for innovative testing methods, improved patient safety, and emergence of personalized medicine), restraints (Rigorous regulatory standards slows down rapid entrance of new tests, IVD tests are time consuming, and lack of funding), opportunities (Need for faster and efficient diagnosis in clinics and hospitals, the emergence of precision medicine, increasing acceptance of of innovative IVD instruments), and challenges (Lack of money and fund shortage and high competition in the market) influencing the growth of In-Vitro diagnostic market
- Market Penetration: Comprehensive information on the product offered by the top players in the IVD market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the IVD market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Point Of Care Diagnostics Market
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