Increase in demand for diagnostic devices with surge in incidences of infectious and chronic diseases such as diabetes, tuberculosis (TB), cardiovascular diseases, and cancer propels the in vitro diagnostics market growth worldwide.
New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global in vitro diagnostics (IVD) market generated USD 86.51 billion in 2021, and is expected to generate USD 118.57 billion by 2030, registering a CAGR of 3.3% from 2022 to 2030. The research provides an extensive analysis of changing trends of the market based on driving factors and opportunities. Moreover, the report highlights the competitive scenario.
Leading players, investors, and startups can avail insights to take necessary steps with highest-revenue generating and fastest-growing segments mentioned in the research. With nearly 700 pages containing information, data, and statistics presented in nearly 400 tables and 369 figures, the report becomes a thorough source of insights on the in vitro diagnostics industry.
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Market Size in 2021
USD 86.51 Billion
Market Size in 2030
USD 118.57 Billion
No. of Pages
Product & Service, Technique, Application, End User, and Geography.
Increase in demand for diagnostic devices
Surge in incidences of infectious and chronic diseases
Integration of artificial intelligence (AI) and internet of things (IoT) in IVD equipment
The report outlines the changing trends of the global IVD market based on driving factors, restrains, and opportunities. Increase in demand for diagnostic devices with surge in incidences of infectious and chronic diseases such as diabetes, tuberculosis (TB), cardiovascular diseases, and cancer propels the growth of the in vitro diagnostics market worldwide. However, the requirement of high investment and maintenance costs for IVD equipment and shortage of reagents restrain the market growth.
Highlighting the opportunities that would enable the increase in the in vitro diagnostics market size in the next few years, the Lead Analyst for the Life Sciences & Healthcare at Next Move Strategy Consulting, stated, “Integration of artificial intelligence (AI) and internet of things (IoT) in IVD equipment will create new opportunities in the coming years. These technologies will assist in remote monitoring and management of patients, which, in turn, lead to growth of the IVD industry.”
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The report offers a detailed segmentation of the global in vitro diagnostics market based on product & service, technique, application, end user, and geography. Based on product & service, the report sub-segments the market into reagents, instruments, and software & services. By technique, the report sub-classifies the market into immunodiagnostics, molecular diagnostics, hematology, tissue diagnostics, clinical chemistry, and others. The immunodiagnostics segment is sub-divided into radioimmunoassay (RIA), enzyme-linked immunosorbent assay (ELISA), enzyme-linked immunospot (ELISPOT), rapid tests, and western blot. The molecular diagnostics segment is further classified into polymerize chain reaction (PCR), hybridization, isothermal nucleic acid amplification technology (INAAT), microarray, DNA diagnostics, and others. The clinical chemistry segment is further segmented into basic metabolic panel, renal profile, liver panel, thyroid function panel, lipid profile, electrolyte panel, and specialty chemicals.
Based on application, the research sub-divides the in vitro diagnostics (IVD) market into infectious diseases, immune system disorders, cancer, nephrological diseases, cardiac diseases, gastrointestinal diseases, and others. By end user, the report sub-segments the market into point of care, academic & medical schools, hospitals, standalone laboratory, and others.
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On the basis of geography, the report sub-divides the global in vitro diagnostics (IVD) market into North America, Europe, Asia-Pacific, and RoW. North America held the highest market share in 2021, and is estimated to dominate throughout the forecast period. This is due to well-established healthcare infrastructure and adoption of advanced IVD equipment by healthcare providers in the private sector. However, Asia-Pacific will grow steadily over the forecast period, owing to surge in adoption of point-of-care diagnostics (POCD) and increase in IVD tests in countries such as China and India.
The report offers a comprehensive analysis of each region and respective countries based on segments and sub-segments. This analysis is helpful in gaining a strong position and raising the in vitro diagnostics market share.
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The report provides extensive analysis of leading market players of the global in vitro diagnostics market. These market players include Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., BioMerieux SA, Sysmex Corporation, F. Hoffmann-La Roche AG, Danaher Corporation (Beckman Coulter, Inc.), QIAGEN N.V., Siemens AG, and Thermo Fisher Scientific, Inc. The report also highlights the strategic moves and developments of these players to highlight the competitive scenario.
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