Increase in cases of COVID-19, demand for IVD kits and reagents as well as the convenience of getting tested at the comfort of one’s home are the major factors for the growth of the market.
PLEASANTON CA, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Latest research report on “Global In-Vitro Diagnostic Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2030” by AllTheResearch. According to research study The Global In-Vitro Diagnostic Market size was US$ 65,147.91 Million in 2019 and is expected to reach US$ 1,21,864.93 Million by 2030, growing at CAGR of 5.9% for the forecast period.
The report overview includes studying the market scope, leading players Abbott; Agilent Technologies; Becton, Dickinson and Company; bioMérieux SA; and more with market segments and sub-segments, market analysis by type, application, geography.
The report covers Leading Countries and analyses the potential of the global In-Vitro Diagnostic industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
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The pandemic has created an upsurge in the in-vitro diagnostic market. Testing is a crucial factor for the diagnosis of the disease. With an increasing number of cases globally, the market has seen a sharp rise due to continuous testing. Rising demand for IVD kits and reagents for rapid diagnosis has significantly contributed to the expansion of the market.
The key players operating in the In-Vitro Diagnostic market are:
Advanced ICU Care, Airstrip Technologies, American Well, Biotelemetry, Intouch Technologies, Koninklijke Philips, Medtronic, Resideo Life Care Solutions, Teladoc Health, Vivify Health, Abbott, Accuhealth Technologies, Aerotel Medical Systems, Airstrip Technologies, Altibbi, AMD Global Telemedicine, Analoge Eclipse Consultants, Appello, athenahealth, AT&T, Babylon and more
Companies engage in acquisitions, partnerships, and mergers, in order to strengthen their product portfolio, provide competitive differentiation while also expanding their manufacturing capacities. Several players focus on producing innovative products and gaining approvals.
Regions covered in In-Vitro Diagnostic Market report:
North America (U.S. and Canada)
Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe)
Asia Pacific (China, Japan, India, Indonesia, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
North America held the largest share of the in-vitro diagnostic market in 2019. It is predicted to dominate the market throughout the forecast timeline. Rising number of diseases coupled with increased awareness is positively influencing the growth of the market in the region. Furthermore, the presence of well-established players is ensuring the market expansion. Advancing technology, ease in device availability, a well-penetrated healthcare system and various supportive government initiatives are other factors affecting the regional market progress.
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In-Vitro Diagnostic Market Segmentation:
On basis of product, the consumables segment accounted for majority of the in-vitro diagnostic market share owing to the increasing need to identify diseases, low cost and growing use of kits and reagents. The kit segment is expected to witness a growth rate of over 6% during the forecast period.
By Test Type:
Whole Blood Glucose Monitoring
Others (Allergen and Endocrinology testing)
Among the test types, the immunoassay segment dominated the market capturing nearly 35%. Rise in chronic and infectious diseases will largely drive the segment. Molecular diagnostics on the other hand will register the highest growth rate due to benefits such as the detection of numerous diseases at the prenatal stage.
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Cardiology and Blood Disorders
Others (blood donor screening, and human antigen testing)
The cardiology & blood disorders segmented accounted for the largest market share amid the various applications. Changing lifestyle patterns is largely driving the growth of this segment. The fastest growing segment is the infectious disease segment, growing at a rate of around 7%.
Others (diagnostic centers, and CROs)
Based on end-user, the hospital segment captured 40% of the in-vitro diagnostic market. The rise in hospitalization and collaboration with diagnostic centers are the major contributors of the growth of the market. The clinics segment is projected to witness the highest growth rate of nearly 9% during the forecast timeline.
In-Vitro Diagnostic Market Dynamics and Trends
Adoption of rapid, minimally invasive, and non-invasive diagnostic tools and techniques due to the soaring demand for quick, accurate and non-penetrating test from patients will drive the global in-vitro diagnostic market forward. Rising number of age associated diseases due to the surge in geriatric population across the globe is estimated to further boost market growth.
Prevalence of infectious and chronic diseases and increase in incidences will ensure the expansion of the market. With more and more individuals investing in diagnostic techniques and the advancement in testing technologies, the in-vitro diagnostic market is all set to rise.
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Key Highlights of the Table of Contents:
Chapter 1. Research Objective
Chapter 2. Executive Summary
Chapter 3. Strategic Analysis
Chapter 4. Market Dynamics
Chapter 5. Market Segmentation
Chapter 5 A. Regional Forecast
Chapter 6. Market Use case studies
Chapter 7. KOL Recommendations
Chapter 8. Investment Landscape
Chapter 9. Global In-Vitro Diagnostic Market - Competitive Intelligence
Chapter 10. Key Company Profiles
Chapter 11. Appendix
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Important Questions Answered:
What is the growth potential of the In-Vitro Diagnostic market?
Which company is currently leading the In-Vitro Diagnostic market? Will the company continue to lead during the forecast period 2021-2030?
What are the top strategies that players are expected to adopt in the coming years?
Which regional market is anticipated to secure the highest market share?
How will the competitive landscape change in the future?
What do players need to do to adapt to future competitive changes?
What will be the total production and consumption in the In-Vitro Diagnostic Market by 2030?
Which are the key upcoming technologies? How will they impact the In-Vitro Diagnostic Market?
Which product segment is expected to show the highest CAGR?
Which application is forecast to gain the biggest market share?
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