The market is estimated to grow at a CAGR of 4. 5% from 2020 to 2027. The in-vitro diagnostics market has accounted for a significant market share in the global healthcare industry during the COVID-19 pandemic.
New York, March 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product and Services, Technology, Application, and End User, and Geography" - https://www.reportlinker.com/p06038337/?utm_source=GNW
The market growth was attributed to increase in point-of-care diagnostics and laboratory testing, as in-vitro diagnostic (IVD) is the essential part of infectious disease detection.
Therefore, there was a massive rise in IVDs, such as digital solutions, immunoassays, and molecular assays. A few of the rapid innovations to handle the pandemic worldwide have also contributed to the market’s exponential growth during the COVID-19 pandemic.
On the other hand, various companies have received Emergency Use Authorization (EUA) authority from the Food and Drug Administration (FDA), European Medicines Agency, and other such regulatory bodies in the developing regions.For instance, in March 2020, FDA granted Roche Diagnostics with the EUA for its innovative coronavirus diagnostic test, cobas SARS-CoV-2 Test.
Similarly, various companies have received EUA and met the significantly increased demand for COVID-19 tests worldwide.
Similarly, companies have expanded their product lines for IVD manufacturing.For instance, in May 2020, Abbott has announced plans to expand and ramp up its production for COVID-19 test kits in Scarborough.
Moreover, growing investments have influenced the market growth during the pandemic. In October 2020, the US Government awarded Hologic, Inc. with a US$ 119 million contract to expand the production capacity for COVID-19 molecular tests. According to the contract, the government would support with funds and labor till January 2022. It is expected that Hologic, Inc. would provide 13 million COVID-19 tests per month for the US market. Thus, such instances are significantly driving the market and it is expected to continue in the following years.
Based on product and service, the in-vitro diagnostics market is segmented into reagents and kits, instruments, and software & service.In 2019, the reagents & kits segment held the largest share of the market, in terms of products & services.
In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number of diagnostics tests across the globe.
Based on technology, the in-vitro diagnostics market is classified into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation & hemostasis, hematology, urinalysis, and others.In 2019, the immunoassay/immunochemistry segment held the largest share of the market.
Moreover, molecular diagnostics segment is expected to register the highest CAGR during the forecast period.
Based on application, the in-vitro diagnostics market is segmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others.In 2019, the infectious diseases segment held the largest share of the market.
Moreover, the infectious diseases segment is expected to register the highest CAGR in the market during the forecast period.
Based on end user, the in-vitro diagnostics market is segmented into hospitals, laboratories, home care, and others.In 2019, the hospitals segment held the largest share of the market.
Moreover, the homecare segment is also expected to register the highest CAGR in the market during the forecast period.
Some of the major primary and secondary sources for in-vitro diagnostics included in the report are Centers for Disease Control and Prevention, USFDA, Biotelemetry and Patient Monitoring Journal, Journal of Patient Care, China Food & Drug Administration, and contract research organizations.
Read the full report: https://www.reportlinker.com/p06038337/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001