In-vitro Diagnostics Industry is anticipated to register 3.1% CAGR between 2022 and 2030 due to surging number of pathology labs and services equipped with advanced diagnostic machines with rising adoption of point of care testing.
Selbyville, Delaware, July 05, 2022 (GLOBE NEWSWIRE) --
The in-vitro diagnostics market value is expected to exceed USD 128.8 billion by 2030, according to a new research report by Global Market Insights Inc. Rising incidence of chronic diseases coupled with rapidly growing geriatric population will positively influence the industry statistics.
Increasing number of pathology labs equipped with advanced diagnostic machine will drive the overall industry outlook. The involvement of the government in providing funds to the diagnostic centers as well as improvement of novel technologically advanced in-vitro devices will have a positive impact on the industry growth. In various regions, the government initiated to provide funds to diagnostic centers for the development of technological advanced devices and machines in the market that fostered the overall business expansion.
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Reagents & kits segment exceeded USD 61.8 billion in 2021. This is attributed to the several market players focusing on launching novel reagents & kits by increasing their investments. For instance, in February 2022, Invitae launched FusionPlex Dx and LiquidPlex Dx cancer testing kits in order to facilitate the effective treatment for cancer patients with medication and the rapid availability of the necessary information. Additionally, availability of large number of reagents & kits including hematology reagents, coagulation reagent & kits, urine test reagents, biochemistry reagents for several disease treatment will augment the industry scenario.
Some of the key findings from the in-vitro diagnostics market report include:
Growing adoption of personalized medicines will propel the market progression.
Rising prevalence of infectious and chronic diseases will spur the industry landscape.
Increasing adoption of point-of-care testing across the globe will boost the market forecasts.
Significant R&D initiatives being undertaken by major market players for the development of novel reagents will propel the market revenue.
However, the high cost of diagnostic services and unfavorable reimbursement scenarios may hinder the industry growth.
Browse key industry insights spread across 196 pages with 239 market data tables & 18 figures & charts from the report, “In-vitro Diagnostics Market Analysis By Product Type (Reagents & Kits, Instruments), Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), End-user (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Immunoassay/immunochemistry segment is likely to garner over 3.1% CAGR during the analysis period. This is due to the rising applications of immunoassays in advanced diagnostic tests. Immunoassay/immunochemistry is widely used for therapeutic drug monitoring, diagnosis of diseases, clinical pharmacokinetic and bioequivalence studies in pharmaceutical industries and drug discovery. Moreover, immunoassays/immunochemistry have become increasingly popular tools as they offer sensitive, specific results and are relatively easy to use for measuring biologic analytes. In addition, some immunoassay methods are rapid, easy to automate and yield improved precision.
The In-vitro diagnostics market from diabetes segment accounted for around 16.3% business share in 2021. This is attributed to rising incidence of obesity and hyperglycemia. For instance, according to the Centers for Disease Control and Prevention (CDC), the prevalence of obesity increased to 41.9% in 2020 across the U.S. Therefore, rising obesity leads to growing chances of type 2 diabetes mellitus in an individual. Moreover, rising demand for genetic testing for personalized healthcare, such as that for cancer and diabetes will accelerate industry trends.
Asia Pacific in-vitro diagnostics market captured over 20% market share in 2021 and is poised to grow substantially during the forthcoming years. This is attributed to increasing geriatric population suffering with chronic diseases. Some of the common chronic disorders among elderly population include hypertension, arthritis, high cholesterol, heart failure, Alzheimer’s disease, diabetes, and chronic obstructive pulmonary disease. Moreover, growing healthcare expenditure and infrastructure for developing pathology labs will lead to regional market expansion.
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Some of the key market players operating in in-vitro diagnostics market include Abbott, F Hoffmann-La Roche AG, bioMerieux, Qiagen, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Bio-Rad Laboratories, Sysmex, Danaher, DiaSorin, Becton Dickinson and Company, BioMerieux and Siemens. These industry players are adopting various growth strategies to capture maximum share and sustain the market competition.
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