The Global In-Vitro Diagnostics Market is expected to grow at a CAGR of 6.2% during the forecast period (2022-2029).
In vitro diagnostics are the tests done on samples such as blood or tissue that have been taken from the human body. These tests can detect diseases or other conditions, and are also used to monitor a person’s overall health to help cure, treat, or prevent diseases. IVD tests are also being increasingly used in precision medicine to identify patients who are likely to benefit from specific medical interventions or drug therapies.
- The Global in-vitro diagnostics market is estimated to grow at a CAGR of 6.2% in the forecast period 2019-2026.
- The market is driven by the increasing prevalence of various diseases and rising awareness of diagnosis among consumers. The growth in the market is further supported by developments such as portable and point-of-care testing equipment.
- Increasing price pressures and low budgets, and low reimbursements are the market restraints hampering the growth of the market.
- By Application, Infectious diseases have the largest share with a market share of approximately 40% of the global market, followed by oncology and diabetes. By End User, hospitals have the predominant share of almost 50% of the global IVD market.
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- Rising demand for personalized medicine, increasing development of point of care devices and rising technological advancements, and rise in the prevalence of chronic and acute diseases across the globe are the key factors driving the market.
- Personalized medicines or treatments improve the access and clinical development of various diagnostic procedures. Personalized medicine is still relatively in the nascent stages as compared to conventional medical treatments.
- However various companies are increasingly offering personalized medicine. A cancer diagnosis is a prominent field for personalized medicines.
- Genome sequencing of a tumor can be a useful tool, but cancer cells have the ability to mutate and change their genome quickly executing an ineffective treatment. Which lead doctors to revert to more traditional treatment systems.
- Companies such as Sartorius that have expertise in the production of specific, varied, and custom microporous membranes are placed for continued growth due to their swiftness in personalized medicine.
- Automation and implementation of multiple processes are leading to new product developments. Manufacturers are aiming to automate molecular processes to the same level of automation achieved for clinical chemistry. Key Companies such as BD Diagnostics, Roche Diagnostics, and Hologic (Gen-Probe) have developed and introduced automated molecular platforms that integrate both analytical and pre-analytical processes.
- POC diagnostics
- Molecular diagnostics
- Data Management Systems
Some of the key market players are BioMérieux, Danaher Corporation, Roche Diagnostics, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Abbott Laboratories, Bayer AG, Arkray, Inc., Sysmex Corporation, Johnson & Johnson, and Siemens AG.
Danaher and Abbott Laboratories are estimated to have the same or slightly higher market share in 2022 while the rest of the top eight companies will see a slight decline in market share. Siemens will have the highest decline of the market share of around two followed by Roche with 1%.
The companies are heavily investing in the market to develop new products and are collaborating and acquiring other companies which help in increasing their market share and will also strengthen the R & D.
New product launches, partnerships, and acquisitions are a few of the major strategies adopted by the leading companies in the industry.
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