Meticulous Research®– leading global market research company published a research report titled “In-vitro Diagnostics Market by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories)—Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global in-vitro diagnostics market is expected to register a CAGR of 7.0% from 2020 to 2027 to reach $118.50 billion by 2027. The high growth of the in-vitro diagnostics market is mainly attributed to the rising prevalence of acute & chronic infectious diseases, increasing funding for research activities, growing awareness regarding the importance of early disease diagnosis, a shift in the focus from centralized to point-of-care testing, and the emergence of the COVID-19 pandemic. Emerging economies, the development of condition-specific markers and tests, and advances in genomics and proteomics offer significant growth opportunities for the players operating in this market. However, technical requirements and regulatory processes for high or moderate-complexity tests are expected to hinder the growth of this market, while the unfavorable reimbursement scenario and lack of awareness regarding specific symptoms and the diagnosis of emerging infections are challenges for the IVD market.
In-vitro Diagnostics Market: Future Outlook
The global in-vitro diagnostics market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027—by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals & Clinics, Diagnostic Laboratories). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product & solution, the consumables segment is estimated to account for the largest share of the in-vitro diagnostics market in 2020. The largest share of this segment is mainly attributed to the frequent use of assays & kits in detecting various chronic diseases, commercial availability of a diverse range of reagents & consumables for the diagnosis of various diseases, and the increasing volume of testing for infectious diseases. Furthermore, the rising demand for COVID-19 testing products and the cost-effectiveness of these products are likely to boost the growth of the consumables segment in the upcoming years.
Based on technology, the immunoassay segment is estimated to account for the largest share of the in-vitro diagnostics market in 2020. The increasing prevalence of infectious diseases, an exponential rise in diagnostic tests for COVID-19, and the growing number of approvals and emergency use authorizations for COVID-19 test kits and reagents are various factors projected to drive the growth of the immunoassay segment.
Based on end user, the in-vitro diagnostics market is broadly segmented into hospitals & clinics, diagnostic reference laboratories, home healthcare, and other end users, which comprise nursing homes, academic and research institutes, and transfusion laboratories. Rising patient volumes leading to increased testing in laboratories, increasing health expenditures, growing technological advancements in diagnostic platforms, and an increasing number of skilled professionals are factors supporting the segment’s largest share.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to account for the largest share of the in-vitro diagnostics market in 2020, followed by Europe and Asia-Pacific. The growing healthcare sector, increasing awareness regarding the importance of early diagnosis of diseases, increased adoption of advanced innovative diagnostic products, growth in funding, and the development of novel advanced diagnostic technologies support North America’s largest share in the in-vitro diagnostics market.
The key players operating in the in-vitro diagnostics market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), Thermo Fisher Scientific (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S.), DiaSorin S.p.A. (Italy), Ortho Clinical Diagnostics (U.S.), Siemens Healthcare GmbH (Germany), Sysmex Corporation (Japan), and Qiagen N.V. (Netherlands), among others.
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