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Global IVD Market Size To Reach USD 97.08 billion by 2026

August 19th, 2021 Market Data Forecast Releases

Global In-Vitro Diagnostics Market Size & CAGR (2021 to 2026)

The size of the global IVD market is predicted to be growing at a CAGR of 5.6% from 2021 to 2026 and worth USD 97.08 billion by 2026, as per the report published by MarketDataForecast.

Impact of COVID-19 on the global in-vitro diagnostics market:

The COVID-19 epidemic prompted international lockdowns to maintain social distance. These lockdowns had a significant influence on every industry and business. Similarly, the COVID-19 outbreak had both positive and negative impacts on the in-vitro diagnostics market. The market faced new problems such as disrupted supply networks, unpredictable product demand, and others. Furthermore, human resource availability and raw material were also hampered.

In addition, the in vitro diagnostics business has experienced a surge in demand for new COVID-19 test kits, which presents a significant potential for IVD industry leaders. Major players in the IVD market include Siemens Healthineers, Roche Diagnostics, and Abbott Laboratories have production sites throughout North America, Europe, Asia Pacific, South America, and the rest of the world. As a result, these companies were also affected by COVID-19. To preserve market competitiveness, firms began to introduce new rapid diagnostic test equipment.

For instance,

  • Roche introduced the high-efficiency and fast-result SARS-CoV-2 antibody test in September 2020. Launching such extremely efficient testing has to some part, stimulated corporate growth during the Covid-19 epidemic.
  • Sysmex Corporation introduced the antigen detection reagent for the Covid-19 virus in September 2020.

KEY DRIVING FACTORS:

Growing automatic IVD systems is driving the global IVD industry growth.

Implementing numerous automation types in laboratory diagnostics creates an opportunity to simplify, decrease, or even eliminate repetitive and complex operations that otherwise entail human intervention. Automation also provides a tremendous advantage for executing activities requiring a high degree of precision and accuracy. Undisputable benefits arise from automation, including prevention and reduction of human errors, process streamlining, consistent operating procedures, enhanced productivity, reduced turnaround time (especially for standard routine tests), improved safety for both patients and operators, samples, and data traceability, and overall costs reduction. For instance, automated coagulation analyzers are increasingly replacing manual methods to meet the ever-increasing test load in many laboratories. The factors mentioned above have fuelled the demand for the Global In-Vitro Diagnostics Market.

The increase in chronic diseases is likely to boost in-vitro diagnostics market growth.

The chronic illness burden is rapidly increasing. Chronic illnesses accounted for around 60% of the world’s 56.5 million total recorded fatalities in 2001. The chance of acquiring diseases grows proportionally with age. For example, approximately 80% of the senior population in the United States suffers from at least one chronic ailment (Source: Centers for Disease Control and Prevention). By 2030, it is anticipated that 60 percent of people aged 65 and over would have more than one chronic disease (Source: American Medical Association). The proportion of the burden of chronic diseases had increased to about 57% in 2020. There is an ongoing epidemiologic transition from communicable to non-communicable diseases. In addition to cancer, other NCDs such as cardiovascular problems, diabetes, and chronic respiratory diseases are increasingly being observed. NCDs are growingly recognized as significant causes of morbidity and mortality. Hence, the rise in the incidence of chronic diseases fuels the demand for In-Vitro Diagnostics.

RESTRAINING FACTORS:

Skilled healthcare personnel is in short supply in some regions. An insufficient number of training programs is one of the primary reasons for this shortage. Hence, healthcare facilities often lack skilled doctors to meet the standards of care. Another factor contributing towards this situation includes the severe loss of substantial numbers of health workers to foreign countries that offer better conditions of service, which offer much more attractive conditions of service and earning opportunities. Furthermore, there is an imbalanced distribution of health personnel between rural and urban areas. In addition, the government’s stringent regulations for approving newly launched products and the lack of standardization, other attributes hampering the growth of the global IVD market.

Avail a copy of the sample market brochure of the report @ https://www.marketdataforecast.com/market-reports/global-in-vitro-diagnostics-market/request-sample

KEY MARKET INSIGHTS:

  • Based on the product, the Reagents & Kits has the highest share of In Vitro Diagnostics with a market share of 43.3% and a value of USD 30,504.11 million in 2020, followed by equipment with a market share of 38.8% in 2020, respectively. Increased availability of reagents and the growing count of in vitro diagnostic tests across the globe are driving the growth.
  • Based on technology, Immunoassays has the highest share of In Vitro Diagnostics with a market share of 17.2% and a value of USD   12,095.73 million in 2020, followed by Clinical Chemistry with a market share 13.9% in 2020, respectively. The growth in the segment is due to the increased prevalence of kidney disease, an increase in the incidence of cancer, infectious and various genetic problems, and increased control of blood tests and extensive application in pharmacogenetics and point-of-care testing of molecular diagnostic technologies.
  • Based on the application, Infectious Diseases have the highest share of In Vitro Diagnostics with a market share of 21.5% and a value of USD   13,875.19 million in 2021, followed by Oncology/Cancer with a market share of 16.8% in 2020, respectively.
  • Geographically, the North American IVD market is estimated to account for the largest share of the global In-Vitro Diagnostics market, followed by Europe. Due to the increased emphasis of several diagnostic businesses, substantial investments in PoC and molecular diagnostic equipment, and a large R&D allocation by market players in the region.
  • The major players in the global In-Vitro Diagnostics market are Roche Diagnostics, Abbott Laboratories, Becton Dickinson, Sysmex Corporation, Beckman Coulter Inc., Biomérieux, Danaher Corporation, Ortho Clinical Diagnostics, Inc., Johnson and Johnson, Bio-Rad Laboratories, Siemens Healthcare, and Thermo Fisher Scientific, Inc. Some of the companies are adopting inorganic strategies such as acquisitions, mergers, collaborations, and others to expand their product portfolio and global footprint to satisfy the rising demand.

The report can be customized as per requirements; talk to our analyst team @ https://www.marketdataforecast.com/market-reports/global-in-vitro-diagnostics-market/customization

Recent Market Developments:

  • In July 2020, Sysmex introduced the Oncoguide panel technology, which allows for cancer genome profiling. To some extent, the addition of new goods has aided the company’s growth.
  • In July 2019, The FDA approved the Abbott IVD system for screening blood and plasma donations. This system contains further automated functions, which can operate for up to three hours without human input. In addition, it can test 600 times an hour.
  • On November 09, 2019, Lexent Bio collaborated with Illumina, Inc. to create a next-generation sequencing IVD kit for cancer diagnosis.

SEGMENTS IN THE REPORT:

By Product:

  • Instruments
  • Reagents and Kits
  • Software

By Technology:

  • Clinical Chemistry
  • Hematology
  • Immunoassays
  • Coagulation and Hemostasis
  • Molecular Diagnostics
  • Microbiology
  • Other IVD technologies

By Application:

  • Diabetes
  • Infectious Diseases
  • Oncology/Cancer
  • Cardiology
  • Nephrology
  • Autoimmune Diseases
  • Drug Testing
  • HIV

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

KEY MARKET LEADERS PROFILED IN THIS REPORT:

  1. Abbott Laboratories
  2. Johnson and Johnson
  3. Siemens Healthcare
  4. Becton Dickinson
  5. Roche Diagnostics
  6. Beckman Coulter Inc.
  7. Biomérieux
  8. Ortho Clinical Diagnostics, Inc.
  9. Bio-Rad Laboratories, Inc.
  10. Danaher Corporation
  11. Sysmex Corporation
  12. Thermo Fisher Scientific, Inc.

BROWSE REGIONAL REPORTS:

  • North America IVD Market
  • Europe IVD Market
  • APAC IVD Market
  • Latin America IVD Market
  • MEA IVD Market

About MarketDataForecast:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast

Phone: +1-888-702-9626

Email: contact@marketdataforecast.com

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