In Vitro Diagnostics Market Is Expected To Grow USD 111.3 Billion at a CAGR of 2.2 % by 2030 – By Market Research Future

According to market research future insights analysis, In Vitro Diagnostics Market is projected to reach USD 111.3 billion by 2030 at 2.2% CAGR during the forecast period 2022-2030.

The boost in testing due to the pandemic can be ascribed to the growth in IVD use. The market’s growth is anticipated to be fueled by the creation of automated IVD systems for labs and hospitals to give quick, precise, and error-free diagnoses. The market is expanding due to the increasing number of IVD (in vitro diagnostics) products being introduced by major companies. Results from IVD products with molecular diagnostic capabilities are precise and effective. Due to the conflicting effects of COVID-19 on different segments, the IVD market experienced significant revenue growth in 2020. Due to its use in identifying the SARS-CoV-2 virus, the COVID-19 pandemic has increased demand for molecular diagnostics methods. In addition, there was an increase in hospitalized COVID-19 patients who needed test kits and other supplies to monitor their blood glucose, troponin, and other values.

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Regional Analysis

North America dominated the market for in vitro diagnostics in 2021. The region is expected to continue to dominate the market throughout the projection period. Several reasons, including the increased prevalence of chronic diseases, the fast-expanding senior population, high healthcare costs, and supportive government financing, drive the industry in this region. The need for genetic testing to provide more individualized healthcare, such as diabetes and cancer, is anticipated to fuel market expansion in North America.

Asia Pacific was the fastest growing region for in vitro diagnostics. In vitro, diagnostic tests diagnose cancer, cardiovascular problems, and infectious diseases. Several reasons, such as the presence of stabilized economies, a rapidly expanding middle class, pro-business government policies, and increasing urbanization throughout the area, are projected to boost the Asia Pacific regional market.

Market Segmentation

The global in vitro diagnostics market has been segmented into product, application, technology, end-use, and test location.

Based on product, the market has been segmented into instruments, reagents, and services. The reagents segment had a major share of the market in 2021. Due to the large R&D projects, prominent market participants are undertaking to create of novel reagents. Companies can now concentrate on lucrative niche markets in the IVD industry thanks to the introduction of kits that enable speedier cancer detection.

Based on technology, the market has been segmented into immunoassay, hematology clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. Molecular diagnostics had a prominent share in 2021 in the in vitro diagnostics market due to the introduction of new items and ongoing technological advancement.

The market has been segmented based on application into infectious disease, diabetes, oncology, cardiology, nephrology, autoimmune disease, drug testing, and others. The infectious disease segment had a prominent share in 2021 in the market for in vitro diagnostics. Microorganisms that cause infectious disorders can be found using IVDs.

Based on end-user, the market has been segmented into hospitals, laboratories, home care, and others. The laboratories segment had a prominent share in 2021 in the market for in vitro diagnostics. A rise in demand for reasonably priced services, increased knowledge of personalized medicine, and technical improvements are a few of the major drivers anticipated to support the laboratory segment’s growth.

Based on the test, the market has been segmented into point of care, home care, and others. The point-of-care segment had a prominent share in 2021 in the market for in vitro diagnostics. Due to the increased need for early detection of diseases near patients to enable quicker decision-making, point-of-care tests and devices are in higher demand.

Key Players

Some of the key market players are Abbott, bioMérieux SA; Siemens Healthineers; Bio-Rad Laboratories, Inc.; Qiagen; Quidel Corp.; Sysmex Corp.; F. Hoffmann-La Roche Ltd.; Charles River Laboratories; Quest Diagnostics; Danaher Corp.; Agilent Technologies, Inc.; Becton Dickinson and Company.

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