Global In Vitro Diagnostics (IVD) Market to Generate Dollars
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 in-depth analysis of changing market trends in based on driving factors and opportunities. Additionally, the report highlights the competitive scenario.
Key players, investors, and startups can leverage the insights needed to take action with the most 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 comprehensive source of information on the in vitro diagnostics industry.
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|Market size in 2021||$86.51 billion|
|Market size in 2030||$118.57 billion|
|Number of pages||690|
|Segments Covered||Product and service, technique, application, end user and geography.|
|Drivers||Increase in demand for diagnostic devices|
|Rising incidence of infectious and chronic diseases|
|Opportunities||Integration of Artificial Intelligence (AI) and Internet of Things (IoT) in IVD equipment|
The report depicts changing global IVD market trends based on driving factors, restraints, and opportunities. Rising demand for diagnostic devices with rising incidence of infectious and chronic diseases such as diabetes, tuberculosis (TB), cardiovascular diseases and cancer propelling the growth of the global in vitro diagnostics market . However, the requirement of high investment and maintenance costs for IVD equipment and shortage of reagents are restraining the market growth.
Highlighting the opportunities that would increase the size of the in vitro diagnostics market over the next few years, Principal Analyst for Life Sciences and Healthcare at Next Move Strategy Consulting, said, “The integration of Artificial Intelligence (AI) and Internet of Things (IoT) in IVD equipment will create new opportunities in the years to come. These technologies will facilitate the remote monitoring and management of patients, which, in turn, will lead to the growth of the in vitro diagnostics industry.
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The report offers detailed segmentation of the global in vitro diagnostics market on the basis of product and service, technique, application, end-user, and geography. Based on product and service, the report sub-segments the market into reagents, instruments, software and services. By technical, the report subclassifies the market into immunodiagnostics, molecular diagnostics, hematology, tissue diagnostics, clinical chemistry and others. The immunodiagnostics segment is subdivided into radioimmunoassay (RIA), enzyme-linked immunoassay (ELISA), enzyme-linked immunospot (ELISPOT), rapid tests and western blot. The molecular diagnostics segment is further classified into polymerase 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, kidney profile, liver panel, thyroid function panel, lipid profile, electrolyte panel, and specialty chemicals.
Based on application, the research subdivides the in vitro diagnostics (IVD) market into infectious diseases, immune system disorders, cancer, nephrological diseases, heart diseases, gastrointestinal diseases, and others. By end-user, the report sub-segments the market into point-of-care, academic and medical schools, hospitals, stand-alone labs, and others.
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On the basis of geography, the report subdivides 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 expected to dominate throughout the forecast period. This is due to well-established healthcare infrastructure and adoption of advanced IVD equipment by private sector healthcare providers. However, Asia-Pacific will witness steady growth over the forecast period, driven by increased adoption of point-of-care diagnostics (POCD) and increase in IVD testing in countries like 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 increasing the in vitro diagnostics market share.
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The report provides an in-depth analysis of the major 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 NV, Siemens AG and Thermo Fisher Scientific, Inc. The report also highlights strategic moves and developments of these players to highlight the competitive scenario.
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