Pune, India, March 01, 2023 (GLOBE NEWSWIRE) -- The global in-vitro diagnostics market size hit USD 92.08 billion in 2021. The market value is slated to rise from USD 71.43 billion in 2022 to USD 107.42 billion by 2029, exhibiting a CAGR of 6.0% during the forecast period. In-vitro Diagnostics (IVD) include medical devices that use biological samples, such as blood, urine, and tissues, to perform diagnostic tests. The IVD tests aid in the detection and monitoring of infectious diseases, autoimmune diseases, and a variety of medical conditions as well as the analysis of drug therapies, says Fortune Business InsightsTM in its report titled, “In-vitro Diagnostics Market, 2022-2029”.
Key Industry Development-
- Thermo Fisher Scientific acquired Mesa Biotech, Inc., a manufacturer of point-of-care molecular diagnostic equipment.
- BD announced that the U.S. FDA granted Emergency Use Authorization (EUA) for a new, rapid antigen test to detect SARS-CoV-2, influenza A, and influenza B in a single test.
- BD and Scanwell Health announced a collaboration to create an at-home rapid test for SARS-CoV-2 using a BD antigen test and the Scanwell Health mobile app.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.0% |
| 2029 Value Projection | USD 107.42 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 71.43 Billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 205 |
Key Takeaways
- Launch of the Cobas pulse point-of-care blood glucose monitoring device by F. Hoffmann-La Roche Ltd. Accu-Chek Inform II's predecessor, this new product, is expected to be it.
- According to the EUA, Abbott also introduced a molecular test to identify COVID-19 on its ID NOW rapid point-of-care technology in the United States.
- According to the World Health Organization (WHO), 17.9 million people die from cardiovascular diseases (CVDs), which are the leading cause of mortality worldwide.
- 9.5% of the world's populace was 65 or older. During the forecast era, this is expected to help the global market grow even more.
Drivers & Restraints-
Market Growth will be Boosted by Rising Chronic Disease Incidences
Several diseases, including genetic, cardiovascular, and neurological disorders are becoming increasingly common. Cardiovascular Diseases (CVDs) are the leading cause of death worldwide, killing 17.9 million people each year, according to the World Health Organization (WHO). This has resulted in increased population awareness of early diagnosis and an increase in routine diagnosis, which support the market's overall growth. Furthermore, the introduction of novel advanced IVD products contributes to the market's rapid growth.
In-vitro diagnostics instruments must be operated by trained professionals. As a result, the device's maintenance cost rises, which hampers the in-vitro diagnostics market growth.
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Regional Insights-
North America to Dominate the Global Market Share
The North America in-vitro diagnostics market share is expected to continue to dominate the global market during the forecast period, with a value of USD 35.92 billion in 2021. The presence of major companies in the region, such as Abbott, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, and Danaher Corporation, as well as adequate and favorable government regulations, well-established diagnostic infrastructure, and the adoption of technologically advanced diagnostic techniques, are expected to drive the market growth in the region.
Europe is expected to be the second-most dominant region in terms of market share. Due to rising healthcare expenditures, well-established infrastructure, and a large pool of patients suffering from infectious diseases and cancer, Europe holds a significant share of the market.
The Asia Pacific market is expected to grow at the highest CAGR, led by developing nations such as India, South Korea, Australia, and China. Improving approval and reimbursement policies and rising per capita healthcare expenditure in this region are expected to drive the Asia Pacific market growth from 2022 to 2029.
During the forecast period, Latin America, the Middle East, and Africa are expected to account for a small share of the market revenue. However, rising healthcare expenditures and increasing adoption of point-of-care devices in Latin America, the Middle East, and Africa are expected to boost future growth prospects.
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FAQs:
How big is the In-vitro Diagnostics Market?
The market is projected to grow from USD 71.43 billion in 2022 to USD 107.42 billion by 2029, exhibiting a CAGR of 6.0% during the forecast period.
Which companies dominate the In-vitro Diagnostics Market?
The Permanente Medical Group, F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Siemens Healthineers AG (Germany), BD (Becton, Dickinson, and Company) (U.S.), Seegene Inc. (Republic of Korea), DiaSorin S.p.A. (Italy), Quest Diagnostics Incorporated (U.S.), Bio-Rad Laboratories, Inc. (U.S.)
Segments-
By Product Type, Reagents & Consumables Segment to be Dominant
Due to the increased use of self-testing kits, POC tests, and other advanced products in in-vitro diagnosis, the reagents & consumables segment held the lion's share of the global market in 2021. One of the major factors surging the demand for reagents and consumables is the increased number of research and development activities for diagnosing several chronic diseases. Furthermore, increased emphasis on early diagnosis in developed and emerging countries leads to an increase in the number of patients undergoing routine tests, which contributes to the segment's higher growth.
By Technique, Incessant Technological Advancements in Molecular Diagnostics Devices
Owing to the increasing demand for molecular diagnosis in infectious diseases, the molecular diagnostics segment held the lion's share in 2021. Real-Time Quantitative Reverse Transcription PCR was used to identify the SARS-CoV-2 virus that causes COVID-19 (qRT-PCR).
By Setting, Innovations in Point-of-Care Systems to Upsurge Demand for the Segment
In 2021, the laboratories segment held the lion's share. This is primarily due to the increasing use of advanced instruments in this setting as well as rapid investments in laboratory infrastructure in developing countries by the public and private sectors. Furthermore, most complex and sensitive diagnostic tests are performed in laboratories and necessitate skilled lab personnel, specialized equipment, and slightly more time to complete.
By Application, Increasing Prevalence of Infectious Diseases to Boost
Due to the increasing number of infectious diseases worldwide, the infectious diseases segment held the lion's share in 2021. Furthermore, an increase in the prevalence of other infectious diseases, such as hepatitis, diphtheria, Respiratory Syncytial Virus (RSV), and many others, would contribute to the segment's largest share.
By End-user, Higher Test Volume at Clinical Laboratories to Lead to Dominance
The market's end-users include clinical laboratories, hospitals, physician's offices, and others. Attributed to the greater number of diagnostic procedures performed in clinical laboratories, the clinical laboratories segment dominated the market in 2021. Furthermore, the availability of advanced technology and equipment in clinical laboratories fuels the volume of diagnosis tests, which ultimately contributes to the segment's growth during the forecast period.
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Report Coverage-
The report focuses on important aspects such as an overview of the advanced product, the prevalence of various diseases and disorders, key countries, and pricing analysis. It also includes a summary of reimbursement scenarios for diagnostic procedures, key industry developments, such as mergers, partnerships, and acquisitions, impact of COVID-19, and brand analysis.
Competitive Landscape-
F. Hoffmann-La Roche Ltd. Signed a Merger Agreement with GenMark Diagnostics Inc
In March 2021, F. Hoffmann-La Roche Ltd. and GenMark Diagnostics Inc. signed a definitive merger agreement. This acquisition will provide Roche with access to GenMark's novel technology for testing for a wide range of pathogens using a single patient sample.
List of Key Market Players:
- F. Hoffmann-La Roche Ltd (Switzerland)
- Abbott Laboratories (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Sysmex Corporation (Japan)
- Siemens Healthineers AG (Germany)
- BD (Becton, Dickinson, and Company) (U.S.)
- Seegene Inc. (Republic of Korea)
- DiaSorin S.p.A. (Italy)
- Quest Diagnostics Incorporated (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
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Detailed Table of Content:
- Global In-Vitro Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Instruments
- Reagents & Consumables
- Market Analysis, Insights and Forecast – By Technique
- Immunodiagnostics
- Clinical Chemistry
- Molecular Diagnostics
- Haematology
- Other Applications
- Market Analysis, Insights and Forecast – By Setting
- Laboratories
- Point-of-Care
- Market Analysis, Insights and Forecast – By Application
- Infectious Diseases
- Cardiology
- Oncology
- Gastroenterology
- Other Applications
- Market Analysis, Insights and Forecast – By End User
- Clinical Laboratories
- Hospitals
- Physician’s Offices
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product Type
- North America In-Vitro Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Instruments
- Reagents & Consumables
- Market Analysis, Insights and Forecast – By Technique
- Immunodiagnostics
- Clinical Chemistry
- Molecular Diagnostics
- Haematology
- Other Applications
- Market Analysis, Insights and Forecast – By Setting
- Laboratories
- Point-of-Care
- Market Analysis, Insights and Forecast – By Application
- Infectious Diseases
- Cardiology
- Oncology
- Gastroenterology
- Other Applications
- Market Analysis, Insights and Forecast – By End User
- Clinical Laboratories
- Hospitals
- Physician’s Offices
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Product Type
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