Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "North America In-Vitro Diagnostics Market Forecast to 2030 - COVID-19 Impact and Regional Analysis by Product and Services, Technology, Application, End User" report has been added to ResearchAndMarkets.com's offering.
The North America in-vitro diagnostics (IVD) market is projected to experience substantial growth, with its value expected to increase from $56.89 billion in 2022 to $78.47 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 4.1% from 2022 to 2030.
Market Drivers
- Prevalence of Chronic and Infectious Diseases: The increasing incidence of chronic and infectious diseases is a major driver of the North America IVD market's growth. Diagnostic tests play a critical role in disease detection, management, and treatment.
- Rising Demand During COVID-19 Pandemic: The demand for in-vitro diagnostics experienced a significant surge during the COVID-19 pandemic due to the need for rapid and accurate diagnostic tests for the virus.
Challenges
- Reimbursement Procedures: Cumbersome reimbursement procedures can hinder the growth of the IVD market, affecting its accessibility and adoption.
- Stringent Regulations: Stringent regulations regarding product approvals can slow down the introduction of new diagnostic technologies and products.
Opportunities
- Integration with Digital Health Solutions: The integration of IVD technologies with digital health solutions, such as data analytics and artificial intelligence, offers opportunities for better patient management and outcomes. AI/ML-enabled IVDs have the potential to revolutionize healthcare decision-making.
- AI and Machine Learning in Diagnostics: The use of artificial intelligence and machine learning in IVDs is revolutionizing medical device development and diagnostic capabilities. AI-based IVDs can enhance accuracy and efficiency in disease assessment and health prediction.
Segmentation
The North America IVD market is segmented based on various factors:
1. Product and Services
- Kits
- Instruments
- Software and Services
2. Technology
- Immunoassay/Immunochemistry
- Clinical Chemistry
- Molecular Diagnostics
- Microbiology
- Blood Glucose Self-Monitoring
- Coagulation and Hemostasis
- Hematology
- Urinalysis
- Others
3. Application
- Infectious Disease
- Diabetes
- Oncology
- Cardiology
- Autoimmune Disease
- Nephrology
- Others
4. End User
- Hospitals
- Laboratories
- Homecare
- Others
Key Insights
- The integration of IVD technologies with digital health solutions is gaining traction, enhancing diagnostic value and patient outcomes.
- Reagents and kits are the largest segment in terms of product and services, while immunoassay/immunochemistry dominates the technology-based segment.
- The infectious disease application holds the largest market share, with the highest CAGR expected in the same segment.
- Hospitals are the dominant end user, driven by an increase in hospitalizations and a growing demand for rapid diagnostics. However, the homecare segment is expected to grow rapidly.
In summary, the North America IVD market is poised for growth due to factors like disease prevalence, the role of IVDs in the COVID-19 pandemic, and the integration of IVD technologies with digital health solutions. Challenges related to reimbursement and regulations are countered by opportunities presented by AI and machine learning applications in diagnostics. The market's segmentation provides insights into its diverse dynamics across products, technologies, applications, and end users.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 201 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $56.89 Billion |
| Forecasted Market Value (USD) by 2030 | $78.48 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | North America |
Market Dynamics
- Drivers
- Increasing Prevalence of Chronic and Infectious Diseases
- Rise in the Demand for In-Vitro Diagnostics During COVID-19 Pandemic
- Restraints
- Cumbersome Reimbursement Procedures and Stringent Regulations Regarding Product Approvals
- Opportunities
- Integration of IVD Technologies with Digital Health Solutions
A selection of companies mentioned in this report includes:
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- Danaher Corp.
- Siemens AG
- Sysmex Corp.
- Thermo Fisher Scientific Inc.
- Becton Dickinson and Co.
- bioMerieux S.A.
- Bio-Rad Laboratories Inc.
- Qiagen N.V.
Key Topics Covered
1. Introduction
2. North America In-Vitro Diagnostics Market - Key Takeaways
3. Research Methodology
4. In-Vitro Diagnostics Market - Market Landscape
5. In-Vitro Diagnostics Market - Key Market Dynamics
6. North America In-Vitro Diagnostics Market Analysis
7. North America In-Vitro Diagnostics Market Analysis - by Products and Services
8. North America In-Vitro Diagnostics Market Analysis - by Technology
9. North America In-Vitro Diagnostics Market Analysis - by Application
10. North America In-Vitro Diagnostics Market Analysis - by End User
11. North America In-Vitro Diagnostics Market - Regional Analysis
12. Pre and Post Covid-19 Impact on North America In-Vitro Diagnostics Market
13. North America In-Vitro Diagnostics Market - Industry Landscape
14. Company Profiles
15. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/hhloyi
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