Portland, OR, March 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global In Vitro Diagnostics (IVD) Market garnered $67.11 billion in 2019, and is projected to reach $91.09 billion by 2027, manifesting a CAGR of 4.8% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key winning strategies, top investment pockets, major segments, and competitive scenario.
Increase in adoption of in vitro diagnostic testing, surge in government expenditures on healthcare, and growing popularity of personalized medicine approach fuel the growth of the global in vitro diagnostics (IVD) market. In addition, technological advancements in IVD and rise in incidences of chronic and infectious diseases further augment the growth of the market. However, unclear reimbursement policies and stringent regulatory policies restrain the market growth. On the other hand, potential opportunities for outsourcing and convergence of new technology present opportunities in the next few years.
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Covid-19 Scenario:
- The global lockdown has impacted the market with interrupted supply chains, inconsistent demand of products, and less human resources.
- On the other hand, the in vitro diagnostics industry has seen a demand for new COVID-19 test kits which is serving as a huge opportunity for the key players in IVD industry. Thus, the overall impact of COVID-19 pandemic remained positive for the key players in the in vitro diagnostics industry.
The global market is segmented on the basis of product & service, technique, application, end user, and region.
Based on product type, the reagents segment accounted for the largest market share in 2019, holding nearly three-fifths of the global market, and will maintain its leadership position during the forecast period. However, instruments segment is projected to manifest the fastest CAGR of 6.4% from 2021 to 2027.
Based on application, the infectious diseases segment held the largest market share in 2019, accounting for more than one-third of the global in vitro diagnostics (IVD) market, and is expected to maintain its lead position throughout the forecast period. In addition, the same segment is estimated to register the largest CAGR of 6.3% from 2021 to 2027.
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Based on region, North America accounted for to the highest share in 2019, contributing to around two-fifths of the total market share, and will maintain its dominant share in terms of revenue by 2027. However, Asia-Pacific region is projected to witness the highest CAGR of 6.7% from 2021 to 2027. The report also analyzes regions including Europe, and LAMEA.
Major players of the global in vitro diagnostics (IVD) market analyzed in the research include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., 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 domain.
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