Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to research, the global in vitro diagnostics market was worth US$ 70.51 Bn in 2020 and is expected to expand at a CAGR of 6.3% from 2021 to 2028.
As per the TMR market report, the in vitro diagnostics market is projected to observe promising growth during the forecast period due to rise in prevalence of various diseases across the world. The increase in incidence of infectious diseases and rise in need for early treatment have led to advancements in in in vitro diagnostics. This is likely to create lucrative opportunities in the in vitro diagnostics industry.
In vitro diagnostic tests perform the function of detecting and identifying the specific infectious agent to establish its origin and enable healthcare professionals to provide the ideal treatment to a patient. These tests can also help in overcoming potential epidemics. In vitro diagnostics include next-generation sequencing tests that can detect genomic variations through DNA scans.
In addition, these tests help in monitoring the patient’s overall health, identifying the disease, and enabling the healthcare professionals to prescribe an accurate line of treatment. Thus, precision in medicine and treatment is serving as a vital driver of the in vitro diagnostics market.
Download Sample Copy with Graphs & List of Figures:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1395
Market Snapshot:
| Market Revenue | USD 70.51 Bn | |
| Estimated Value | USD 115.43 Bn | |
| Growth Rate - CAGR | 6.3% | |
| Forecast Period | 2021 - 2028 | |
| No. of Pages | 222 Pages | |
| Market Segmentation | By Technology Type, Application, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa | |
| Companies Covered | Danaher, Siemens Healthineers, Abbott, Meridian Bioscience, Inc., Thermo Fisher Scientific, Inc., Diasorin | |
In Vitro Diagnostics Market: Growth Drivers
- Rise in applications of in vitro diagnostics in point-of-care testing, central laboratories, and others has led to rise in demand for in vitro diagnostics
- Introduction of novel technologies such as next-generation sequencing and RT-PCR has enabled physicians to diagnose the disease and prescribe appropriate treatment plans. The therapeutic regimes planned on the basis of these diagnostics prove effective for the patients. Therefore, adoption of in vitro diagnostics in healthcare is expanding, which can in turn boost market growth.
- Rise in influence of various diseases across the globe and application of in vitro diagnostics for detecting a variety of diseases, including infectious diseases, metabolic diseases, autoimmune diseases, COVID-19, and others, is expected to drive the market.
Buy this Premium Research Report | Immediate Delivery Available:
https://www.transparencymarketresearch.com/checkout.php?rep_id=1395<ype=S
In Vitro Diagnostics Market: Regional Prospects
- In vitro diagnostics market in North America is likely to observe a dominant trajectory between 2021 and 2028 on the back of technological advancements such as next-generation sequencing and numerous R&D activities going on for efficacy in diagnostics.
- Asia Pacific is also projected to witness stupendous growth owing to the rise in communicable and non-communicable diseases in countries such as China and India. Furthermore, initiatives to promote health awareness have played a crucial role in giving impetus to business growth.
Key Findings of the Report
- Molecular Diagnostic Technology Type Segment to Witness Lucrative Growth Amidst COVID-19 Pandemic: The COVID-19 pandemic has wreaked havoc across the globe due to rising transmission rates and fatality rates. The most efficient way to decrease the mortality rate and prevent infecting others is to focus on testing. For COVID-19 testing, RT-PCR (real-time reverse transcription-polymerase chain reaction) is regarded as the gold standard. This testing method is clinically proven and accepted for the etiological diagnosis of COVID-19, in which viral DNA is directly detected.
RT-PCR tests are being considered the best option for COVID-19 testing across the world. The growing popularity of these testing methods would create opportunities in the in vitro diagnostics market. RT-PCR tests are considered the best option for COVID-19 testing across the world. The rise in popularity of these testing methods are expected to augment the vitro diagnostics market.
- Infectious Diseases Application Segment to Show Significant Growth: Rise in incidence of infectious diseases across the globe has augmented the demand for rapid vitro diagnostics. Additionally, government initiatives to increase testing and develop the healthcare infrastructure in various countries across the world is likely to bolster the segment. However, the oncology application segment is expected to grow rapidly due to increasing instances of various types of cancer and revolutionized diagnostic techniques.
Expand operations in the future – To get requisite details, ask for a Custom Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1395
In Vitro Diagnostics Market: Competitive Landscape
- The in vitro diagnostics market has several players involved in intense competition. The players invest in research and development activities. These activities help in discovering novel insights. Manufacturers in the in vitro diagnostics market are developing kits that are easier for home use.
These kits are designed for home testing and treatments. Self-testing kits are useful for early diagnosis and consistent patient monitoring. They are also important for curbing costs. Hence, the rising demand for self-testing kits is directly proportional to the growth of the in vitro diagnostics market. Further, advancements in diagnostic techniques according to the novel variants have opened new growth avenues for the global industry.
In Vitro Diagnostics Market: Segmentation
Technology Type
- Point-of-Care
- Molecular Diagnostics
- Immunoassays
- Clinical Chemistry
- Whole Blood Glucose monitoring
- Hematology
- Clinical Microbiology
- Coagulation & Hemostasis
- Others
Application
- Drug Testing
- Infectious Diseases
- Oncology
- Metabolic Diseases
- Autoimmune Diseases
- Others
End-user
- Diagnostic laboratories
- Hospitals
- Academic & Research Centers
- Home Care
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
