Acumen Research and Consulting recently published report titled “In-Vitro Diagnostics Market Share, Analysis Report and Region Forecast, 2022 – 2030”
NEWYORK, Sept. 21, 2022 (GLOBE NEWSWIRE) — The Global In-Vitro Diagnostics Market Size accounted for USD 83.3 Billion in 2021 and is estimated to achieve a market size of USD 109.5 Billion by 2030 growing at a CAGR of 3.2% from 2022 to 2030.
In-Vitro Diagnostics Market Report Key Highlights
- Global in-vitro diagnostics market value was worth USD 83.3 billion in 2021, with a 3.2% CAGR from 2022 to 2030
- North America in-vitro diagnostics market dominates with more than 38% market share in 2021
- Asia Pacific is projected to witness fastest CAGR in the in global market over the forecast period.
- Among end-uses, the laboratory sector hit 40% market share in 2021
- By technology, the molecular diagnostics category accounted highest revenue share 38% in 2021
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|Market||In-Vitro Diagnostics Market|
|In-Vitro Diagnostics Market Size 2021||USD 83.3 Billion|
|In-Vitro Diagnostics Market Forecast 2030||USD 109.5 Billion|
|In-Vitro Diagnostics Market CAGR During 2022 – 2030||3.2%|
|In-Vitro Diagnostics Market Analysis Period||2018 – 2030|
|In-Vitro Diagnostics Market Base Year||2021|
|In-Vitro Diagnostics Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Technology, By Application, By End-Use, And By Geography|
|In-Vitro Diagnostics Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens, QIAGEN, Sysmex, and Thermo Fisher Scientific.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
In the past few years, in vitro diagnostics sector has recognized significant developments. In-vitro diagnostics are primarily used to recognize and monitor human samples like saliva and blood by determining the concentration of active substance or detecting the absence or presence of a set of markers like an immune reaction to an infection or genetic disorder. As a result, in-vitro diagnostics assessments are favored to effectively treat and cure infections in order to monitor a person’s overall health. The growing geriatric population, the prevalence of infectious and chronic diseases, and the availability of the computerized system in vitro diagnostic systems for healthcare facilities to provide accurate diagnosis and treatment are some of the factors expected to drive the in-vitro diagnostics market growth.
Furthermore, the greater emphasis on diagnostics and therapeutics, as well as the growth of condition-specific evaluations, are expected to provide growth opportunities for the in-vitro diagnostics market trend. The in vitro diagnostics market revenue is expected to grow due to improved and well-organized diagnostic equipment, technological development in healthcare, and an increase in over-the-counter tests.
Global In-Vitro Diagnostics Market Dynamics
In-Vitro Diagnostics Market Opportunity
In recent years, biomarkers have gained massive popularity and significant clinical worth in the healthcare profession due to their related advantages in diagnosis, screening, and treatment of the illness. Indicators in the specific diagnostic process aid in determining staging, grading, and initial therapeutic selection. It can be used to supervise therapy, select additional therapy, as well as monitor recurrent illnesses during diagnosis. Technological advances in proteomics, genomics, and molecular pathology have aided in the introduction of new biological markers with clinical utility. The incorporation of biological markers and the affordability of bimolecular techniques are expected to aid in the creation of an entirely new spectrum of condition-specific tests, resulting in attractive options for the global in-vitro diagnostics market.
In-Vitro Diagnostics Market Restraint
Inadequate reimbursement is a major impediment to the global in-vitro diagnostics market. Since some molecular pathology tests lack their own Healthcare Prevalent Procedure Coding System (HCPCS) codes, they are billed using unlisted codes. This has a negative impact on the global in-vitro diagnostics market.
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In-Vitro Diagnostics Market Segmentation
The global in-vitro diagnostics market has been segmented by Acumen Research and Consulting based on product, technology, application, and end-use. By product, the market is separated into instruments, services, and reagents. By technology, the market is divided into immunoassay, clinical chemistry, microbiology, coagulation, hematology, molecular diagnostics, and others. By application, the segment is categorized into infectious disease, oncology, nephrology, drug testing, diabetes, cardiology, autoimmune disease, and others. By end-use, the industry is classified into Hospitals, home care, laboratories, and others.
Global In-Vitro Diagnostics Market Regional Outlook
The global in-vitro diagnostics market is divided into several geographic regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. According to in-vitro diagnostics industry analysis, North America is expected to be one of the leading regions in the global market throughout the forecast period. The ease of access to medical devices increased awareness about the utility of the goods, and the presence of a large aging population suffering from various chronic illnesses all contribute to the expansion of the total in-vitro diagnostics market in the North American regional market.
On the other hand, Asia-Pacific is expected to expand at the fastest rate in the coming years. One of the major factors driving the expansion of the Asia-Pacific regional market for in-vitro diagnostics is rising healthcare spending. Other factors include an increase in the patient foundation for other chronic illnesses, which increases demand for in-vitro diagnostics (IVD), ultimately contributing to Asia-Pacific growth. The Asia-Pacific market is predicted to expand at the fastest rate during the forecast period, with a CAGR of 6.1%. Since Asia-Pacific includes both emerging and developed economies, this region has increased healthcare awareness and the number of patients seeking an early diagnosis, as well as a rising incidence of chronic diseases. Such factors drive regional growth in the global in-vitro diagnostic market.
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In-Vitro Diagnostics Market Players
Some of the prominent in-vitro diagnostics market companies are Abbott, Dickinson and Company (BD), Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN, Sysmex, Becton, bioMérieux SA, Siemens, Danaher (Beckman Coulter, Inc.), and Thermo Fisher Scientific.
Some key strategies regarding the in-vitro diagnostics business include:
- In March 2020, Abbott revealed an emergency use authorization (EUA) from the US FDA for a molecular test for identifying SARS-CoV-2, the virus that causes COVID-19. Following that, the company created approximately 150,000 laboratory tests.
- In May 2020, F. Hoffmann-La Roche AG has released the CE mark availability of Roche-vTAC, a modern digital diagnostics option. With the help of a digital algorithm, the product enables clinicians to obtain results for arterial blood gas values from patients with respiratory or metabolic abnormalities using a simpler, less invasive venous puncture.
- In September 2020, Bio-Rad Laboratories, Inc. announced the release of its in-vitro diagnostics products, VIROTROL SARS-CoV-2 and VIROCLEAR SARS-CoV-2 negative and positive quality controls for use in SARS-CoV-2 antibody testing. The serological controls are available in the United States for in-vitro assay procedures and have met the CE mark criteria for the in-vitro diagnostics market outside of the United States.
Questions Answered By This Report
- What was the market size of In-Vitro Diagnostics Market in 2021?
- What will be the CAGR of In-Vitro Diagnostics Market during the forecast period from 2022 to 2030?
- Who are the major players in Global In-Vitro Diagnostics Market?
- Which region held the largest share in In-Vitro Diagnostics Market in 2021?
- What are the key market drivers of In-Vitro Diagnostics Market?
- Who is the largest end user In-Vitro Diagnostics Market?
- What will be the In-Vitro Diagnostics Market value in 2030?
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Acumen Research and Consulting
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