Factors such as the increased adoption of PoC IVD devices, rising elderly population base, and the growing number of infectious diseases are expected to drive the growth of the in-vitro diagnostics market.
The global In-Vitro Diagnostics Market size is projected to reach USD 96.0 billion by 2025 from USD 84.5 billion in 2020, at a CAGR of 2.6% during the forecast period.
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Market Segmentation: –
Based on products and services, the in vitro diagnostics market has been segmented into regents and kits, instruments, data management software and services. Within IVD market, reagents and kits accounted for the largest share in 2020. The large share of this segment can be attributed to the superior quality of reagents enabling accurate diagnosis and thus, having high preference amongst the healthcare professionals.
Based on end user, the in vitro diagnostics market has been segmented into hospitals, laboratories, patient self-testing, academia, point-of-care -testing others. The point-of-care testing segment is estimated to have enormous growth due to rising availability of highly efficient PoC kits. Recently launched point-of-care devices offer a precise diagnosis of chronic diseases that has raised its adoption in laboratories.
Key Market Drivers: –
1 Rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases.
2 Increasing adoption of fully automated and POC instruments in developed regions
3 Growing awareness regarding disease diagnosis in developing regions
4 Growing R&D investments by industry players to launch new IVD products
Regional Analysis: –
North America dominates the overall market based on region. This can be attributed to the rising geriatric population. Elderly population has comparatively weaker immunity and, therefore, is more susceptible to infections and other diseases. Furthermore, the regulatory scenario is quite stringent in the region that ensures the availability of defect-free IVD devices in the market that proves beneficial for market growth.
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Top Key Players:-
The prominent players in the in vitro diagnostics market include Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany).