New York, USA, Oct. 28, 2022 (GLOBE NEWSWIRE) -- In Vitro Diagnostics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “In Vitro Diagnostics Market Information by Product & Services, Applications, End User, and Region - Forecast till 2030”, the market is projected to reach USD 111.3 billion by 2030 at 2.2% CAGR during the forecast period 2022-2030
In Vitro Diagnostics Market Scope:
When it comes to diagnosing diseases, in vitro diagnostics (IVD) are the gold standard. Diseases and other disorders can be diagnosed via in vitro diagnostics, which can then be used to keep tabs on a patient's health and guide treatment or preventative measures.
Precision medicine may also make use of in vitro diagnostics in order to determine which patients will have the best response to a given medication or therapy. Next generation sequencing tests, which analyze a person's DNA to look for genetic variants, are an example of an in vitro diagnosis.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 111.3 Billion |
| CAGR | 2.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service, Category and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Awareness of Personalized Medicine and Increasing Adoption Of Point-Of-Care Testing |
| Rising Prevalence of Chronic And Infectious Diseases |
In Vitro Diagnostics Market Competitive Dynamics:
In the in vitro industry, there are a number of large corporations, but there are also a number of smaller and medium-sized businesses that have made a name for themselves by incorporating technological advances and innovations into their offerings. These strategies involve the distribution of products at drastically reduced costs.
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Hoffmann-La Roche AG
- Grifols S.A, bioMérieux S.A
- DiaSorin S.p.A
- Ortho Clinical Diagnostics
- Qiagen N.V.
- Siemens AG
- Becton Dickinson and Company
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
In Vitro Diagnostics Market Dynamics:
Market Drivers
According to data gathered from throughout the world, the prevalence of chronic diseases is on the rise. Due to the increasing prevalence of infectious and non-infectious disorders such tuberculosis, diabetes, cancer, and cardiovascular disease, the in vitro diagnostics industry has flourished. The rising global prevalence of these disorders has significantly expanded the market for in-vitro diagnostics.
Prompt and accurate diagnosis has been crucial in saving millions of lives, thereby contributing to the global appreciation of the demand for IVD. On the other hand, in-vitro diagnostics have come a long way in the recent years, allowing for more tests to be added to the market. Growth in the in vitro diagnostics (IVD) industry is anticipated to increase the size of the market in developed nations in the next years, which is very promising news.
Precision medicine is a rapidly developing field of diagnostics made possible by recent technological advances. Advanced medical techniques allow for the tailoring of therapies and medications to an individual's genetic profile, increasing the likelihood of success while decreasing the likelihood of adverse effects. The increasing diagnostic value of this technique is expected to fuel the expansion of the worldwide in vitro diagnostics market.
Market Restraints
A proper in-vitro diagnostic reimbursement mechanism meant to slow rising demand is currently lacking.
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COVID-19 Analysis:
These gadgets have become more valuable during the current COVID-19 outbreak as people want quick and easy at-home screenings. Rapid expansion in the Kist and reagent product markets may help explain the stimulatory effect of Covid-19 on IVD product demand. There has been a heightened need for reagents and kits that facilitate rapid identification and aid in combating the deadly impacts of the Covid-19 pandemic since its introduction.
In Vitro Diagnostics Market Segmentation:
By Product & Services
The increasing popularity of point-of-care testing has resulted in a 74.8 percent market share for reagents and kits. The In vitro diagnostics services market is projected to grow at a particularly rapid clip during the study's assessment period.
By Technology
The rising preference for cutting-edge technology and the clinical chemistry sector's ability to generate faster results have propelled the former into the latter's current leadership position. On the other hand, the In vitro diagnostics market is expected to grow at the fastest rate over the forecast period, 6.41 percent CAGR.
By Application
A growing number of people are turning to IVD for the diagnosis of infectious disorders; in 2017, IVD sales in this field totaled USD 38,685. The market for treatments for non-infectious disorders, however, is expected to grow at a CAGR of 9.48% over the assessment period.
By End-User
Due to the prevalence of in-vitro diagnostic techniques within hospital laboratories, healthcare facilities now constitute 39.4% of the market. However, the lab sector is expected to develop at the highest CAGR over the time under review.
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In Vitro Diagnostics Market Regional Analysis:
The Americas held the largest proportion of the global in vitro diagnostics market at over 39%. As a result of the concentration of advanced economies in places like the United States and Canada, the Americas are now divided into the northern North America and the southern South America. Among the many factors contributing to the expansion of the IVD market is the aging of the world's populations. In addition, a huge number of chronic diseases have been and are being diagnosed in the North American region, which has led to the growth of the market in that area. This is one factor that has helped propel the country to the forefront of the in vitro diagnostics industry worldwide.
Europe's economy is the world's second largest, growing at a rate comparable to that of the Americas. Several organizations in the healthcare field have been campaigning to raise public knowledge of the positive effects of point-of-care assessments on business growth in the area. Also, the region is expected to maintain its market share over the projection period due to increasing healthcare spending and an emphasis on early disease identification.
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Asia-Pacific (APAC) is the fastest-growing market, while the Middle East and Africa (MEA) have the smallest. Both regions are expected to grow at the same rates over the predicted horizon. APAC is a lucrative market because of the region's large patient population and rising need for specialized healthcare. Spending increases on healthcare infrastructure building are expected to boost economic activity. The in vitro diagnostics market is also being propelled by the growing birthrates in countries like India and China. Meanwhile, the Middle East and Africa (MEA) region matters because of the many promising opportunities there.
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