NEWARK, Del, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global in-vitro diagnostics kits market is worth US$ 12.8 Bn as of now and expected to reach US$ 22.8 Bn by the year 2032 at a CAGR of 5.9% between 2022 and 2032.
The In-vitro diagnostics kits help in detecting and monitoring various autoimmune diseases, infectious diseases, and various medical conditions for analyzing the drug therapies. The British In-vitro Diagnostic Association has stated that in-vitro diagnostics tests do influence close to 70% of the overall clinical decisions. At the same time, the irony is that not even 1% of the budget from NHS is spent on development of innovative in-vitro diagnostics product portfolios every single year. This speaks volumes about the scope of in-vitro diagnostics kits market in the near future.
The key participants all across the US and certain developing countries have increased their manufacturing capacities and expanded their supply chains for keeping up with higher demand at the global scale. The in-vitro diagnostics are of utmost use to detect infections and diseases. They could be conducted in laboratories, hospitals, or at home as well.
At the same time, the fact that higher initial costs will compel new entrants to think twice before going for in-vitro diagnostics kits can’t be ignored. Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘In-vitro Diagnostics Kits Market’.
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Key Takeaways from In-Vitro Diagnostics Kits Market
- North America holds more than 40% of the overall market share. This could be attributed to growing occurrences of chronic diseases and rising geriatric population.
- Europe stands second on the similar grounds.
- The Asia-Pacific is expected to grow at the fastest pace in the in-vitro diagnostics kits market backed by conducive policies doled out by the government in this regard.
Competitive Analysis
- Roche Diagnostics, in January 2022, did come up with cobas pulse system. It comes across as a blood glucose management solution abreast with mobile health capabilities for improving patient care.
- Siemens Healthineers, in March 2021, did renew the long-standing distributor, supply, service, and sales agreement regarding hemostasis, inclusive of extension with Sysmex Corporation, that too, for several years.
- Abbott Laboratories, in September 2021, did receive clearance from the US FDA for Freestyle libre 2 iOS app to be used with compliant iPhones.
- Abbott, in January 2021, did received approval from the US FDA for fast handheld TBI (Traumatic Brain Injury) blood test. This is actually the first test of this kind to assess concussions and mild TBIs in the patients.
- Abbott, in March 2020, tabled RealTime SARS-CoV-2 assay. It’s a PCR test meant to diagnose Covid-19.
- BioMedomics, in March 2020, put forth point-of-care Covid-19 test that is capable of detecting antibodies in blood within merely 15 minutes.
- Thermo Fisher Scientific Inc., in February 2022, came up with Renvo Rapid PCR Test for detecting in-air SARS-CoV-2 pathogens.
- BD, in March 2021, did announce that the US FDA granted EUA (Emergency Use Authorization) for a novel, rapid antigen test for detecting SARS-CoV-2, influenza B, and influenza A in one test.
- BD, in February 2021, entered into a collaboration with Scanwell Health for creating an at-home rapid test for SARS-CoV-2 by making use of BD antigen test along with Scanwell Health mobile app.
- ThinkCyte Inc. and Sysmex Corporation announced an investment agreement authorization to commercialize cell analysis technology on the basis of AI.
“Exorbitant demand for point-of-care in-vitro diagnostics kits on the back of these devices being increasingly adopted is expected to keep the cash registers ringing for in-vitro diagnostics kits market in the near future”, says an analyst from Future Market Insights.
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How does the Report go about?
- The research study is based on application (blood test, pregnancy, drug of abuse, Covid-19, and disease-based testing), and end-use (hospitals, laboratories, institutional, patient self-testing (home testing), and others (pathology, R&D, and likewise).
- With automated in-vitro diagnostics kits being developed in hospitals and laboratories for rendering precise and efficient diagnoses, the global in-vitro diagnostics market is bound to create greater strides in the forecast period.
In-Vitro Diagnostics Kits Market Outlook by Category
By Application:
- Blood Test
- Pregnancy
- Drug of Abuse
- COVID-19
- Disease-based Testing
By End Use:
- Hospitals
- Laboratories
- Institutional
- Patient Self-Testing (Home Testing)
- Others (Pathology, Research & Development, etc.)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
Click Here for In-vitro Diagnostics Kits Market Packaging Market 217 pages TOC Report
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