Latest report by Allied Market Research, titled, “In Vitro Diagnostics Market By Product And Services (Reagents, Instruments, Software And Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, Others), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, Others), by End User (Standalone Laboratories, Hospitals, Academic And Medical Schools, Point Of Care, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the research, the global in vitro diagnostics market generated $71.49 billion in 2020, and is projected to reach $106.91 billion by 2030, manifesting a CAGR of 4.08% from 2021 to 2030.
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Impact of Covid-19 on IVD Market-
- Due to the Covid-19 outbreak, the global in vitro diagnostics market was affected positively, particularly during the initial days. During the pandemic, there was a significant increase in the number of COVID-19 cases and diagnostics, as well as rising demand for newly developed emergency use approved IVD tests for COVID-19 detection, all of which had a positive impact on the market.
- However, due to the lockdown, several businesses suffered a major setback, resulting in a decrease in the number of IVD tests performed around the world.
- Furthermore, increased vaccination rates around the world are likely to boost demand for other IVD tests.
In Vitro Diagnostics (IVD) Market Segmentation:
On the basis of region, North America held the highest share in 2020, contributing to around two-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is expected to portray the fastest CAGR of 5.72% during the forecast period.
On the basis of product & services, the reagents segment contributed to the largest market share in 2020, accounting for nearly three-fifths of the total share, and is projected to continue its lead position during the forecast period. However, the instruments segment is projected to grow at the highest CAGR of 5.13% from 2021 to 2030. The report also includes an analysis of the software & services segment.
On the basis of technique, the immunodiagnostics segment accounted for the largest share in 2020, holding more than one-fifth of the global in vitro diagnostics market, and is projected to maintain its leadership status throughout the forecast period. However, the molecular diagnostics segment is estimated to manifest the highest CAGR of 4.99% from 2021 to 2030.
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In Vitro Diagnostics (IVD) Market: By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the In Vitro Diagnostics (IVD) Market Report:
What is the In Vitro Diagnostics (IVD) market size and growth?
What are the prominent and latest trends impacting the market?
Which is the largest regional market for In Vitro Diagnostics?
Key market players discussed in the report include Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Sysmex Corporation, QIAGEN N.V., and Thermo Fisher Scientific, Inc.
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