Pune, India, July 11, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “In-Vitro Diagnostics Market Size Report and Forecast to 2027 - COVID-19 Impact and Global Analysis By Product & Services, Technology, Application, and End User”; the market size is expected to grow from $90.65 Bn by 2027 from $63.74 Bn in 2019; it is estimated to grow with a CAGR of 4.5% from 2020-2027. As per the Centers for Disease Control and Prevention data on chronic diseases updated in July 2022, chronic diseases are the leading cause of death and disability every year in the United States.
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Global In-Vitro Diagnostics Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | $63.74 Billion in 2019 |
| Market Size Value by | $90.65 Billion by 2027 |
| Growth rate | CAGR of 4.5% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
| No. of Pages | 160 |
| No. of Tables | 114 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Product & Services, Technology, Application, and End User |
Browse key market insights spread across 160 pages with 114 list of tables & 88 list of figures from the report, "In-Vitro Diagnostics Market Forecast to 2027 - Global Analysis by Product & Services (Reagents & Kits, Instruments, and Software & Services); Technology (Immunoassay/ Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, Blood Glucose Self-Monitoring, Coagulation & Hemostasis, Hematology, Urinalysis, and Others); Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, and Others); End User (Hospitals, Laboratories, Homecare, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/in-vitro-diagnostics-market
Global In-Vitro Diagnostics Market: Competitive Landscape and Key Developments
F. Hoffmann-La Roche Ltd; Abbott; Danaher; Siemens AG; Thermo Fisher Scientific, Inc; bioMerieux SA; Sysmex Corporation; BD; Bio-Rad Laboratories, Inc., and Qiagen are a few of the key companies operating in the in-vitro diagnostics market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global in-vitro diagnostics market are mentioned below:
In June 2021, Thermo Fisher Scientific introduced the Invitrogen Attune CytPix flow cytometer, which allows users to better comprehend cell morphology and quality. Thus, all the aforementioned factors are expected to boost market growth over the forecast period. However, the high price of diagnostic procedures has limited the growth of the market.
Rising Demand for In-Vitro Diagnostics During COVID-19 Pandemic to Drive Global In-Vitro Diagnostics Market Growth During 2020-2027:
The in-vitro diagnostics market has accounted for a significant market share in the global healthcare industry during the COVID-19 pandemic. The market growth was attributed to increase in point-of-care (POC) diagnostics and laboratory testing, as in-vitro diagnostic is the essential part of infectious disease detection. Therefore, there was a massive rise in IVDs, such as digital solutions, immunoassays, and molecular assays. A few of the rapid innovations to handle the pandemic worldwide have also contributed to the market's exponential growth during the COVID-19 pandemic.
On the other hand, various companies have received Emergency Use Authorization (EUA) authority from the Food and Drug Administration (FDA), European Medicines Agency, and other such regulatory bodies in the developing regions. For instance, in March 2020, FDA granted Roche Diagnostics with the EUA for its innovative coronavirus diagnostic test, cobas SARS-CoV-2 Test. Similarly, various companies have received EUA and have met the significantly increased demand for COVID-19 tests worldwide.
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Similarly, companies have expanded their product lines for IVD manufacturing. For instance, in May 2020, Abbott has announced plans to expand and ramp up its production for COVID-19 test kits in Scarborough. Moreover, growing investments have influenced the market growth during the pandemic. In October 2020, the US Government awarded Hologic, Inc. with a US$ 119 million contract to expand the production capacity for COVID-19 molecular tests. According to the contract, the government would support with funds and labor till January 2022. It is expected that Hologic, Inc. would provide 13 million COVID-19 tests per month for the US market. Thus, such instances are significantly driving the market and it is expected to continue in the following years.
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