Portland, OR, April 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in vitro diagnostics market generated $71.49 billion in 2020, and is projected to reach $106.91 billion by 2030, manifesting a CAGR of 4.08% from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
Rise in incidences of chronic and infectious diseases, surge in awareness toward point-of-care testing, and increase in use of in vitro diagnostic testing drive the growth of the global in vitro diagnostics market. On the contrary, stringent regulatory policies and unclear reimbursement scenarios hinder the market growth. However, the availability of a multitude of goods in development presents new opportunities in the coming years.
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| Market Size by 2030 | $106.91 Billion |
| Forecast Year | 2020-2030 |
| Growing CAGR | 4.08% |
| Base Year | 2020 |
| Report Key Pointer | COVID-19 Outbreak & Impact |
Impact of Covid-19 on IVD Market-
- Due to the Covid-19 outbreak, the global in vitro diagnostics market was affected positively, particularly during the initial days. During the pandemic, there was a significant increase in the number of COVID-19 cases and diagnostics, as well as rising demand for newly developed emergency use approved IVD tests for COVID-19 detection, all of which had a positive impact on the market.
- However, due to the lockdown, several businesses suffered a major setback, resulting in a decrease in the number of IVD tests performed around the world.
- Furthermore, increased vaccination rates around the world are likely to boost demand for other IVD tests.
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The report offers detailed segmentation of the global in vitro diagnostics market based on product & services, techniques, application, end-user, and region.
Based on product & services, the reagents segment contributed to the largest market share in 2020, accounting for nearly three-fifths of the total share, and is projected to continue its lead position during the forecast period. However, the instruments segment is projected to grow at the highest CAGR of 5.13% from 2021 to 2030. The report also includes an analysis of the software & services segment.
Based on technique, the immunodiagnostics segment accounted for the largest share in 2020, holding more than one-fifth of the global in vitro diagnostics market, and is projected to maintain its leadership status throughout the forecast period. However, the molecular diagnostics segment is estimated to manifest the highest CAGR of 4.99% from 2021 to 2030.
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Based on region, North America held the highest share in 2020, contributing to around two-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 5.72% during the forecast period.
Leading players of the global in vitro diagnostics market analyzed in the research include Becton, Dickinson and Company, Abbott Laboratories, bioMérieux SA, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN N.V., Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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