Pune, India, October 6, 2021 (GLOBE NEWSWIRE) – The world Market size for in vitro diagnostics was $ 80.43 billion in 2020. The market is expected to grow from $ 96.87 billion in 2021 to $ 149.03 billion in 2028 at a CAGR of 6.3% during the period 2021-2028. Fortune Business Insights â¢ publishes this vital information in its report titled “In Vitro Diagnostics Market, 2021-2028”.
According to our research, increasing demand for point-of-care IVD devices and increasing adoption of these devices has helped navigate the growth of the global market. In addition, according to the British In-vitro Diagnostic Association, in vitro diagnostic tests contribute to nearly 70% of clinical judgments. Either way, financially for the NHS less than 1% is spent each year on advancing new and innovative IVD products. This is expected to strengthen the growth of the IVD market during the forecast period.
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Impact of COVID-19
Increased diagnostic processes amid COVID-19 pandemic will positively impact the market
The market has observed slow growth in terms of revenues in 2020, due to the varied impact of covid-19 on several industries. The COVID-19 pandemic has increased the demand for molecular diagnostic methods as they are used to detect SARS-CoV-2 infection. In addition, there has been an increased demand for test kits and consumables for observing blood sugar, troponin, and other levels in hospital patients because they have tested positive for COVID-19.
This has resulted in a substantial increase in the demand for point-of-care tests on serology and molecular methods universally. The major players have seen a significant increase in their revenues through the sale of molecular tests as well as point-of-care tests. It is expected to propel the in vitro diagnostics market in the near future.
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Cover of the report
We used a proprietary research approach that includes statistical triangulation based on the famous bottom-up and top-down approaches. Our researchers conducted systematic primary research to verify the estimated size of the in vitro diagnostics market.
The statistics used to reveal the shares of several segments at the national, regional and global levels are taken from generalized interviews with various shareholders. Our specialists have also drawn information from paid databases, trade journals, SEC files and many other similar resources.
On the basis of Product Type the market is divided into Instrumentation & Reagents & Consumables. Reagents and consumables segment held the major share of the global market in 2020 due to the increase in the use of self-test kits, POC tests and many other progressive products in in vitro diagnostics.
On the basis of technique, the market is categorized into Immunodiagnostics, Clinical Chemistry, Molecular & Point-of-Care Diagnostics, Hematology, among other techniques. As it becomes established, the market is divided into laboratories and service points. By Application, the market is categorized into Infectious Diseases, Cardiology, Oncology, Gastroenterology, and other applications.
By end user, the market is separated into clinical laboratories, hospitals, doctors’ offices and others. In terms of region, the global market is divided into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
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Conductors and constraints
Increasing Incidence of Chronic Diseases to Increase Market Growth
The occurrence of many diseases such as genetic, cardiovascular and neurological diseases is increasing sharply. According to the World Health Organization (WHO), cardiovascular disease (CVD) is the leading cause of death worldwide, causing an estimated 17.9 million deaths per year. This has resulted in an increase in the awareness of premature diagnosis among the population and an increase in routine diagnosis, which is supporting the general growth of the market.
In addition, innovation and development of new advanced IVD products also contributes to the amplified growth of the market. Moreover, the growth of the geriatric population is another factor impacting the growth of the market. According to a United Nations survey, in 2019, 1 in 11 people in the world are over 65 and are expected to increase by 1 in 6 to be over 65 by 2050. This concern is likely to help market growth during the mentioned period.
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Key players and their acquisition strategies are poised to propel market growth
The global in vitro diagnostics market includes players such as F. Hoffmann-La Roche Ltd, Abbott, Thermo Fisher Scientific Inc. and Sysmex Corporation responsible for a substantial share in 2020. Major market players focus on approaches such as acquisitions, partnerships, and new product developments and promotions to strengthen their position in the global market.
For example, in March 2021, F. Hoffmann-La Roche Ltd. signed a successful merger agreement with GenMark Diagnostics, Inc. This acquisition has the potential to help Roche gain admission to GenMark’s new technology to test a wide range of pathogens with a single patient tester.
April 2021: Siemens Healthineers successfully completes the acquisition of Varian Medical Systems, Inc. This acquisition is expected to strengthen the company’s position as a universal partner in healthcare.
List of key players covered by this market report
- F. Hoffmann-La Roche SA (Basel, Switzerland)
- Abbott Laboratories (Illinois, United States)
- Thermo Fisher Scientific Inc. (Massachusetts, USA)
- Sysmex Corporation (Hyogo, Japan)
- Siemens Healthineers AG (Munich, Germany)
- BD (Becton, Dickinson and Company) (Franklin Lakes, United States)
- Seegene Inc. (Seoul, Republic of Korea)
- DiaSorin SpA (Saluggia, Italy)
- Quest Diagnostics Incorporated (New Jersey, USA)
- Bio-Rad Laboratories, Inc. (Hercules, CA, USA)
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Prevalence of chronic and infectious diseases – Main countries / regions, 2019-2020
- Cancer incidence, by key countries, 2020
- Technological advances in in vitro diagnostics
- Key Industry Developments – Mergers, Acquisitions & Partnerships, 2020
- New product introduction / approvals (by major players)
- Impact of COVID-19 on the in vitro diagnostics market
- Global In Vitro Diagnostics Market Analysis, Outlook and Forecast, 2017-2028
- Main conclusions / Summary
- Market analysis, information and forecast – by product type
- Reagents and consumables
- Market analysis, information and forecasts – by technique
- Clinical chemistry
- Molecular diagnostics
- Other applications
- Market Analysis, Information and Forecast – By Parameter
- Point of service
- Market Analysis, Information & Forecast – By Application
- Infectious diseases
- Other applications
- Market analysis, information and forecasts – by end user
- Clinical laboratories
- Doctors’ offices
- Market analysis, information and forecasts – by geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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