The in-vitro diagnostics market size reached USD 95.30 billion in 2021, according to the new report by GlobalData Plc. The report examines the in-vitro diagnostics market to be driven by the rising incidences of chronic and infectious diseases. In addition, the growing demand for point-of-care testing coupled with the surging innovation in molecular diagnostics will further propel the market to garner a CAGR of 4.59% during the projected period.
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The IVD market growth is expected to be influenced positively during the forecast period owing to various trends including the development of novel disease-specific biomarkers, product launches, and technological advancements in the IVD systems. However, some challenges like cumbersome reimbursement scenarios and shifts in the regulatory landscape in the EU might hinder the market’s growth during the upcoming years.
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In-vitro Diagnostics Market Report Highlights
- The in-vitro diagnostics market is projected to witness growth worth USD 126 billion by 2027. In vitro diagnostics are devices that can diagnose, treat, and prevent infections and chronic diseases. These tests can be done in healthcare facilities, laboratories, and at home as well. These tests can be performed on a diversity of instruments ranging from small, handheld tests to complex laboratory instruments.
- The global in-vitro diagnostics market is a competitive market characterized by high competition with differentiated products available. The increased use of molecular testing is influencing the growth, particularly, in infectious diseases.
- GlobalData expects to see continued growth in the in-vitro diagnostics market, predominantly driven by the rising prevalence of diseases and the adoption of new technologies. A continued effort to overcome resistance to new biomarkers or technologies is vital for companies looking to expand their product offerings. One barrier to growth has been significant pricing pressures, both from high levels of competition and reimbursement policies.
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- In-vitro diagnostic companies are reporting significant revenue increases during COVID-19 largely due to the continued sales of COVID-19 tests.
- The IVD market is segmented by products (reagents & kits, instruments, and others), technology (immunoassay, molecular diagnostics, clinical chemistry, hematology, and others), application (infectious disease, diabetes, oncology, cardiology, and others), end-use (hospitals & laboratories, home care, and others), and region (North America, Europe, and Asia-Pacific).
- North America leads the IVD market in 2021 owing to its fast-paced development and commercialization potential for advanced technologies, and growing developments in molecular diagnostics, genetic testing, and cancer diagnosis.
- Reagents & Kits segment dominated the IVD market over the forecast period owing to the rising availability of CE-IVD-certified kits globally to diagnose and screen patients during pandemic situations is expected to drive the growth of reagents and instrument segments.
- The top in-vitro diagnostics market players include Abbott Laboratories, Danaher Corp., Siemens Healthineers AG, Hoffmann-La Roche AG, BioMerieux SA, Bio-Rad, Sysmex, Quidel Corp, EKF Diagnostics Holdings, and Becton, Dickinson and Company.
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In-vitro Diagnostics Segment Highlights
IVD by Products Outlook (Revenue, USD Million, 2020-2027)
- Reagents & kits
IVD by Technology Outlook (Revenue, USD Million, 2020-2027)
- Molecular diagnostics
- Clinical chemistry
IVD by Application Outlook (Revenue, USD Million, 2020-2027)
- Infectious disease
IVD by End-use Outlook (Revenue, USD Million, 2020-2027)
- Hospitals & laboratories
- Home care
IVD by Regional Opportunities Outlook (Revenue, USD Million, 2022-2027)
- North America
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