According to Fortune Business Insights, The global In vitro Diagnostics market is projected to grow from USD 96.87 billion in 2021 to USD 149.03 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period , Rising Incidence of Chronic Diseases to Augment the Market Growth
/EIN News/ — Pune, India, May 18, 2022 (GLOBE NEWSWIRE) — The global In vitro Diagnostics market size was USD 80.43 billion in 2020. The market is projected to grow from USD 96.87 billion in 2021 to USD 149.03 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period. Fortune Business Insights publishes this vital information in its report titled, “In vitro Diagnostics Market, 2021-2028.” As per our research, the intensifying demand for point-of-care IVD devices and the growing adoption of these apparatuses have contributed to navigating the global market growth. Additionally, as per the British In-vitro Diagnostic Association, in-vitro diagnostic tests contribute to almost 70% of clinical judgments. Anyhow, out of the financial plan of NHS, below 1% is spent on the advancement of novel and innovative IVD products every year. This is anticipated to reinforce the IVD market growth during the forecast period.
April 2021: Siemens Healthineers successfully concludes the acquisition of Varian Medical Systems, Inc. This acquisition is expected to fortify the company’s spot as a universal partner in healthcare.
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In vitro Diagnostics Market Drivers and Restraints
Rising Incidence of Chronic Diseases to Augment the Market Growth
The occurrence of numerous sicknesses such as genetic, cardiovascular, and neurological diseases is surging considerably. As per World Health Organization (WHO), cardiovascular diseases (CVDs) are the primary cause of death across the globe, resulting in approximately 17.9 million deaths per year. This has resulted in an upsurge in consciousness about pre-mature diagnosis among the people and a rise in routine diagnosis, which supports the general growth of the market.
Furthermore, the innovation and development of new advanced IVD products are also contributing to the amplified growth of the market. Moreover, the rising geriatric population is another factor impacting the growth of the market. As per a survey conducted by the United Nations, in 2019, 1 in 11 people in the world are above the age of 65 and is projected to surge 1 in 6 people to be above the age of 65 by 2050. This concern is likely to aid the growth of the market during the mentioned timeframe.
Shift from centralized to point-of-care testing
The dominant model of laboratory testing throughout the world remains the centralized laboratory that uses automated analytical testing methods to detect target analytes. This trend is well established in clinical chemistry and hematology disciplines and is now extending to other areas, including immunoassays and molecular diagnostics.
Point-of-care devices offer advantages over conventional diagnostic procedures in affordability and ease of use and yield rapid results required for initiating decision-making. The increased adoption of POCT devices is greatly influenced by the need to make healthcare more patient-centered by organizing healthcare services around the patient than the provider. Centralized testing does not represent a convenient process for many patients because the testing process is often disconnected from the consultation. This happens particularly to those patients with a chronic disease such as diabetes who require regular monitoring, including frequent blood tests. The growth in self-monitoring of blood glucose, which is by far the largest segment of POC testing, is in part a testament to this need for more convenient and effective care.
The volume of testing performed outside the conventional laboratory is likely to increase in the coming years, driven by the need to deliver care closer to the patient. The menu of tests performed using POC testing devices has expanded considerably in the last two decades. This development was majorly driven by well-established technologies such as lateral flow strips, immunosensors, and the continual miniaturization of electronics & increased computing power of devices.
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Rising Diagnostic Processes amid COVID-19 Pandemic to Impact Market Affirmatively
The In vitro Diagnostics Market Size observed a sluggish growth in terms of incomes in 2020, owing to the varied impact of covid-19 on several industries. The COVID-19 pandemic has raised the demand for molecular diagnostics methods as it is utilized to detect the SARS-CoV-2 infection. Moreover, the demand for test kits increased, and consumables for observing blood glucose levels, troponin levels, and others, among hospitalized patients as they were detected COVID-19 positive. This resulted in a substantial upsurge in demand for point-of-care tests ground on serology and molecular methods universally. Key players perceived a significant rise in their incomes produced from sales of molecular tests as well as point of care tests. It is set to propel the market for In vitro Diagnostics in the near future.
On the basis of product type, the market is divided into instruments and reagents & consumables. The reagents & consumables segment held the leading share of the global market in 2020 owing to the rise in utilization of self-testing kits, POC tests, and numerous other progressive products in the in-vitro diagnosis.
Based on technique, the market is classified into immunodiagnostics, clinical chemistry, molecular diagnostics, and point of care, hematology, among other techniques. Whereas by setting, the market is bifurcated into laboratories and point-of-care. By application, the market is categorized into infectious diseases, cardiology, oncology, gastroenterology, and other applications.
By end-user, the market is segregated into clinical laboratories, hospitals, physician’s offices, and others. In terms of region, the global market is separated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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In vitro Diagnostics Market Regional Insights
North America to Lead Stoked by Rising Investments in R&D Activities
In vitro Diagnostics Market Size in North America stood at USD 31.95 billion in 2020 and is anticipated to hold the maximum In vitro Diagnostics market share during the forecast period. A few of the vital aspects contributing to the highest share of the region involve the presence of key companies in the region coupled with the increasing R&D investments by these crucial players in order to make the development of novel and advanced products.
Europe is expected to be the second-most principal region in terms of market share. Europe holds a noteworthy share owing to increasing healthcare spending, developed infrastructure, and the presence of patients detected with infectious diseases and cancer in large numbers.
In Asia Pacific, the market for In vitro Diagnostics Size is assessed to grow at a boosted CAGR, particularly in emerging countries such as India, South Korea, Australia, and China. The growth is attributed to the key players in this region seeking permits from officials to export COVID-19 tests all over the globe.
In vitro Diagnostics Market Competitive Landscape
Key Players and their Acquisition Strategies Set to Propel Market Growth
The global market for In vitro Diagnostics comprises players such as F. Hoffmann-La Roche Ltd, Abbott, Thermo Fisher Scientific Inc., and Sysmex Corporation, responsible for a substantial share in 2020. The leading market players emphasize approaches such as acquisitions, partnerships, and novel product developments and promotions to reinforce their market position worldwide. For example, in March 2021, F. Hoffmann-La Roche Ltd. signed a conclusive merger contract with GenMark Diagnostics, Inc. This acquisition is likely to aid Roche in attaining admission to GenMark’s novel technology to test for an extensive range of pathogens with one patient tester.
List of Key Players Covered in this In vitro Diagnostics Market Report
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Abbott Laboratories (Illinois, U.S.)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Sysmex Corporation (Hyogo, Japan)
- Siemens Healthineers AG (Munich, Germany)
- BD (Becton, Dickinson and Company) (Franklin Lakes, U.S.)
- Seegene Inc. (Seoul, Republic of Korea)
- DiaSorin S.p.A. ( Saluggia, Italy)
- Quest Diagnostics Incorporated (New Jersey, U.S.)
- Bio-Rad Laboratories, Inc. (Hercules, California, U.S.)
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Table Of Contents :
In vitro Diagnostics Market Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Prevalence of Chronic and Infectious Diseases- Key Countries/Region, 2019-2020
- Incidence of Cancer, By Key Countries, 2020
- Technological Advancements in In vitro Diagnostics
- Key Industry Developments – Mergers, Acquisitions and Partnerships, 2020
- Introduction of New Products / Approvals (By Major Players)
- Impact of COVID-19 on In vitro Diagnostics Market
Global In vitro Diagnostics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
Market Analysis, Insights and Forecast – By Product Type
- Reagents & Consumables
Market Analysis, Insights and Forecast – By Technique
- Clinical Chemistry
- Molecular Diagnostics
- Other Applications
Market Analysis, Insights and Forecast – By Setting
Market Analysis, Insights and Forecast – By Application
- Infectious Diseases
- Other Applications
Market Analysis, Insights and Forecast – By End User
- Clinical Laboratories
- Physician’s Offices
Market Analysis, Insights and Forecast – By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Article originally published at https://www.einpresswire.com/article/572934247/in-vitro-diagnostics-market-size-2022-2028-to-reach-usd-149-03-billion-cagr-6-3-industry-share-segments-trends-growth-by-fortune
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