In Vitro Diagnostics Market to Garner Growth 5% by 2027

Pune, INDIA


The global In Vitro Diagnostics (IVD) market is expected to garner growth at a CAGR of 5% from 2020 to 2027 and to reach value around US$ 85.23 billion by 2027.

OTTAWA, June 16, 2021 (GLOBE NEWSWIRE) -- The North America In Vitro Diagnostic Market is expected to reach USD 40.43 Billion by 2027 from USD 29.22 Billion in 2020, at a CAGR of 4.75% from 2020 to 2027.

In vitro diagnostics are medical devices that are diagnoses a medical condition using assays and reagents. Tests can be performed on tissue or blood taken from human body. IVD become essential tool in order to diagnose and identify diseases plus offers projection and forecasting treatment response in clinical practice. Various in vitro diagnostics techniques available at present include hematology, immunodiagnostics, molecular diagnostics and tissue diagnostics. In vitro diagnostic can also be utilized to check a person’s health condition and offer them preventive measures. These IVDs may include next generation tests which require scanning persons DNA to detect genomic variations.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1130

Increasing demand for self-tests and point-of-care is projected to accelerate the growth of IVD treatments. Immunoassay segment of IVD market is growing rapidly as healthcare systems increasing their reliance on these technologies for informed patient care decisions with easy-to-use tests that offer speed and accuracy. The in vitro diagnostics market is expected to grow strongly fueled by increasing geriatric population as well the spread of Covid-19 Pandemic. Further, substantial growth in the prevalence of acute and chronic diseases, growing adoption of automatic means and automation in laboratories will drive the IVD market in North America region. Growth in the condition specific tests increases significance for IVD tests will create better opportunities for key players in the market.

Major factors driving the growth are technological advancement and focus of key players on constant introduction of innovative products. In addition, availability of Medical aid and Medicare facilities owing to increasing demand for disease diagnosis using IVD is projected to fuel growth of the North American market.

North American led to in vitro diagnostics market in 2020, owing to supportive government regulations, leading healthcare infrastructure and advancements into in vitro diagnostics system. In addition, owing to increasing awareness regarding viral disease detection and development of in vitro diagnostics kits for hospital labs is expected to drive the market growth in North America. For example, Lexent Bio entered partnership with Illuminia, Inc. in order to develop an IVD in vitro diagnostic kit for product offering of next generation sequencing based cancer diagnostics.

Report Highlights

  • By Product, the reagents segment accounted the largest revenue share of 65.5% in 2020 due to the increasing demand for rapid, accurate, and sensitive devices. Furthermore, their wide usage in in-vitro diagnostic testing, increase in demand for self-testing and point-of-care products, and rise in the number of R&D initiatives pertaining to reagents are expected to aid market growth.
  • By Application, the infectious disease segment accounted the largest revenue share of 41.7% in 2020, which is attributable to the increasing incidence of infectious diseases such as SARS-CoV-2, HIV, AIDS, tuberculosis, and pneumonia. An increase in the development of infectious disease detection assays by market players for in vitro diagnostics is expected to drive the segment.
  • By End-use, the hospital segment surpassed revenue share of 44% in 2020, owing to an increase in hospitalization as doctors require diagnostic interpretation for further treatment. The home care segment is anticipated to reach at a CAGR of 6.5%, due to the rising geriatric population and increasing demand for home care in vitro diagnostic devices.
  • By Technology, the immunoassay segment accounted for the largest revenue share of 29.6% in 2020, owing to its use in the detection of infectious microbes, such as fungus, bacteria, and viruses, by detection of their toxins.
  • In Asia Pacific region is expected to witness the fastest growth over the forecast period, with a CAGR of 6.2%, driven by increasing healthcare awareness and rising patients going for early diagnosis in the region along with high chronic disease prevalence.

Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1130

Trends

  • Large Scale – Product availability
  • Small Scale – Conventional Type for better efficiency

Drivers

  • Relatively lower the risk
  • Keep Cost Down
  • Operational Efficiency
  • Increase Productivity
  • Usage in Clinical Testing Entities
  • Covid-19 Situation
  • Adoption of Smart Healthcare Technology in Developing Regions
  • Growing Chronic Population

Challenges

  • R&D Cost for new product launch
  • High initial investment cost
  • Presence of multiple players
  • Technical Expertise

Key Strategies Adopted by Players

  • Alere, Inc.
  • Hoffmann-La Roche Ltd.
  • Arkray
  • Beckman Coulter
  • Becton Disckinson
  • Bio-Rad laboratories
  • Danaher
  • Sysmex Corporation
  • Abbott Laboratories

R&D Spending - Diagnostics center invests enough amounts on Research and Development. For instance, in 2018, players such as Roche, Sysmex and bioMerieux spent around USD 1.4 billion, USD 158 million and USD 326 million respectively on R&D activities.

Partnership - Lexent Bio entered partnership with Illuminia, Inc. in order to develop an IVD in vitro diagnostic kit for product offering of next generation sequencing based cancer diagnostics.

New Product Launch - in March 2020, Qiagen launched QIAstat-Dx test kit for detection of SARS-CoV-2 coronavirus in Europe, and in April 2020, Altona Diagnostics launched CE-IVD marked RealStar SARS-CoV-2 RT-PCR Kit 1.0, an in vitro diagnostic test, based on real-time PCR technology, for the qualitative detection of lineage B-beta coronavirus (lineage B-βCoV) and severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) specific RNA

New Product Launch -In January 2020, SphingoTec GmbH launched its IB10 sphingotest penKid, a CE-IVD-marked point-of-care test for Proenkephalin, the biomarker that allows real-time assessment of kidney function with a simple blood test.

Classification and Scope        

  • To define, describe, segment, and forecast the In Vitro Diagnostics Market on the Product Type, Application Type, End User, and across North America.
  • To forecast revenue of the market segments with respect to North America.
  • To identify the micro markets with respect to drivers, restraints, industry-specific challenges, opportunities, and trends affecting the growth of the market.
  • To strategically analyze market segments and sub segments with respect to individual growth trends, prospects, and contributions to the overall market.
  • To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To profile the key players and comprehensively analyze their market position and core competencies in terms of market developments and growth strategies.
  • To track and analyze competitive developments such as partnerships, agreements, collaborations, and joint ventures; mergers and acquisitions; product launches; and research and development activities in the global market.

Market Segmentation

By Product

  • Reagents
  • Instruments
  • Services

By Technology

  • Immunoassay
    • Instruments
    • Reagents
    • Services
  • Hematology
    • Instruments
    • Reagents
    • Services
  • Clinical Chemistry
    • Instruments
    • Reagents
    • Services
  • Molecular Diagnostics
    • Instruments
    • Reagents
    • Services
  • Coagulation
    • Instruments
    • Reagents
    • Services
  • Microbiology
    • Instruments
    • Reagents
    • Services
  • Others
    • Instruments
    • Reagents
    • Services

By Application

  • Diabetes
  • Cardiology
  • Nephrology
  • Infectious Disease
  • Oncology
  • Drug Testing
  • Autoimmune Diseases
  • Others

 By Regional

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1130

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R