Dublin, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The "In Vitro Diagnostics Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global in vitro diagnostics market has witnessed a significant surge, reaching approximately $96.18 billion in 2022, and is now projected to expand at an accelerated pace in the coming decade.
This research publication provides an in-depth analysis that encompasses the growth trajectory from 2017, revealing a CAGR of 15.1%. As we step into the forecast period of 2022-2027 and onto 2032F, an upward trend is expected to continue, with growth rates of 10.8% and 8.8%, respectively, promising a formidable industry size of $244.86 billion by 2032.
This report segments the market by product types, use cases, end users, and expenditure, with detailed insights into each sub-category. Based on the detailed assessment, the point-of-care diagnostics devices and equipment sector emerged as the market titan, claiming thirty percent of the IVD market in 2022. Forecast analyses indicate this sector will experience the highest growth rate in the immediate future, with a notable CAGR of 16.7% during 2022-2027.
A major portion of the market demand emanates from diagnostic laboratories, solidifying their status as leading end users by holding a 46% share in 2022. Nevertheless, other end users are rapidly catching up, projected to grow at the most swift pace of 12.7% CAGR in the same timeframe. Diving deeper into product specifics, disposables dominate the product segment, accumulating over 70% of the market share, with predictions of continued dominance and growth.
From the standpoint of expenditure, the public sector outpaced its counterpart, accounting for more than half of the market in 2022. It is also projected to maintain its lead and register the fastest growth rate of 11.1% CAGR from 2022 to 2027. Geographically, while North America stands as the market leader, South America and the Middle East are identified as the emerging territories poised for exponential expansion, marked by CAGRs of 23.11% and 15.58%, respectively.
Falling under a highly concentrated market landscape, the current ecosystem is governed by prominent players accounting for two-thirds of the market, with Abbott Laboratories leading the charge. The report also highlights strategic movements within the market, with companies actively engaging in various growth strategies, such as technological advancements, AI integration, innovative product launches, and strategic partnerships.
The report underscores strategic recommendations for in vitro diagnostics entities aiming to capitalize on untapped opportunities. Among these strategies are leveraging automated and interconnected technologies, utilizing artificial intelligence for pre-analytic tasks, innovating in medical genetics, and cultivating strategic collaborations.
The report sheds light on the key drivers, challenges, and opportunities that are defining the future of the in vitro diagnostics market, guiding stakeholders towards informed decision-making and strategy planning.
Companies Profiled
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd
- Danaher Corporation
- Siemens AG
- Becton, Dickinson and Company
- Illumina, Inc.
- Thermo Fischer Scientific Inc
- BioMerieux SA
- Hologic, Inc.
- Cardinal Health, Inc.
- Transasia Bio-Medicals Ltd
- J. Mitra & Co. Pvt. Ltd.
- Tulip Diagnostics
- Agappe Diagnostics Ltd
- Nihon Kohden Corporation
- Sysmex Corporation
- Daiichi Pure Chemicals Co., Ltd
- Mizuho Medy Co., Ltd
- Mindray Bio-Medical Electronics Co., Ltd.
- Wondfo Biotech Co., Ltd.
- Shanghai Kehua Bio-engineering Co., Ltd
- Snibe Diagnostic
- Sinothinker Technology Co., Ltd.
- Siemens Healthineers
- Werfen
- Svar Life Science
- Clinichem Ltd
- protean s.r.o
- Delrus
- Qiagen
- Arkray Inc
For more information about this report visit https://www.researchandmarkets.com/reports/5921176/in-vitro-diagnostics-global-market-opportunities?utm_source=GNE&utm_medium=PressRelease&utm_code=jgfk2r&utm_campaign=1923400+-+In+Vitro+Diagnostics+Global+Market+Opportunities+and+Strategies+to+2032%3a+A+%24160.45+Billion+Market+by+2027&utm_exec=carimspi
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