Pune, July 07, 2022 (GLOBE NEWSWIRE) — The Global In-Vitro Diagnostics Market Size is expected to clock US$ ~104.4 billion by 2030 due to increasing use of molecular diagnostic testing for early detection of diseases and rising incidence of infectious diseases. According to the latest report published by Growth Plus Reports, titled “In-Vitro Diagnostics Market by Products & Services (Instruments, Kits & Reagents and Services), Technology (Immunoassay, Molecular Diagnostics, Hematology, Urinalysis and Microbiology), Application (Infectious Diseases, Oncology, Cardiology, Nephrology, Diabetes, Gastrointestinal Diseases) End User (Hospitals, Clinical Laboratories, Academics/Research Institutes, Point-of-care Testing) – Global Outlook & Forecast 2022-2030” the market was worth USD 83.5 billion in 2021 and expected to grow at a CAGR of 2.4% during the forecast period.
The global in-vitro diagnostics market has been analyzed from five perspectives: Products & Services, Technology, Application, End User, and Region.
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Point-of-care methods are quickly turning into an essential part of the development of the healthcare industry. In the right situations, point-of-care testing (POCT) can improve operational effectiveness and patient care. Additionally, recording POCT test results in the Electronic Health Records (EHR) will facilitate quicker diagnosis and treatment, automatic invoicing, and easy information integration in practical medical analytics.
Patients are often more satisfied with testing since it is more convenient for them, which contributes to the idea of being primarily patient-centered, which is a significant component of POCT. The low time commitment of POCT and high patient satisfaction have led to an increase in IVD test use at POCT facilities. The lack of qualified laboratory employees is another reason promoting the use of POC technology. Automation and self-contained systems have arisen, needing little user contact, as there are fewer qualified people available. In the upcoming years, it is anticipated that a lack of skilled workers will accelerate the market penetration rates of POC diagnostic products, particularly in the area of quick treatment decision-making. This will, in turn, accelerate the demand for cutting-edge IVD technology and clinical reagents.
The most obvious benefit of quick POCT is its ability to expedite medical decision-making, but there are many other likely benefits as well. For specific needs, POCT may be a far more efficient procedure for diagnosis and quick treatment. For instance, if a patient has meningitis, influenza, another severe respiratory infection, or an infection acquired in the hospital, getting test outcomes quickly and immediately starting treatment has huge outcome of the overall prognosis. When properly integrated, POCT speeds up workflow and improves efficiency for healthcare personnel by allowing them to quickly and precisely record clinical data. So, there will be a constant need for IVD goods and services with widespread POCT usage in healthcare facilities.
|Forecast Period||2022 to 2030|
|Forecast Period 2021 to 2031 CAGR||2.4%|
|2030 Market Value||USD 85.81 Billion|
|Historical Data||2018 and 2019|
|Number of pages||100 – 120|
|Segment Covered||Type, Application, End-User|
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Excerpts from ‘By Products & Services Segmentation’
Based on products & services, the market has been segmented into:-
- Kits & Reagents
Instruments segment is further categorized into fully automated instruments, semi-automated instruments and others. Kits & reagents segment is anticipated to witness higher CAGR during the forecast period. The growth of this segment can be attributed to increasing use of IVD tests in early disease diagnosis.
IVD manufactures have developed several diagnostic kits that can be used for coronavirus diagnostic testing in laboratories and few of these have also received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration.
Excerpts from ‘By Region Segmentation’
Based on region, the global in-vitro diagnostics market has been segmented into
- North America
- Asia Pacific
- The Rest of the World (RoW)
North America dominated the in-vitro diagnostics market (2021). The large share of North America in the global market can be attributed to rising geriatric population, rising prevalence of the chronic diseases and presence of prominent IVD manufacturers in the region.
Moreover, as COVID-19 has spread, the demand for molecular testing has increased in countries such as U.S., as molecular testing is considered the gold standard for diagnosis of infectious diseases. Between March and October 2020, the demand for molecular diagnostic tools rose ~20-fold.
Excerpts from ‘Competitive Landscape’
The prominent players operating in the global in-vitro diagnostics market are
- F. Hoffmann-La Roche Ltd
- Thermo Fisher Scientific Inc
- Abbott Laboratories Inc
- Siemens Healthcare Private Limited
- Bio-Rad Laboratories, Inc
- Danaher Corporation
- Becton Dickinson and Company
- Johnson & Johnson Services, Inc
- Agilent Technologies, Inc
- Sysmex Corporation
- Among others
Table of content
- Market Ecosystem
- Geographic Scope
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- MARKET DYNAMICS
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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