Dublin, June 04, 2021 (GLOBE NEWSWIRE) -- The "In Vitro Diagnostics Market by Product & Service, Technique, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020 - 2030" report has been added to ResearchAndMarkets.com's offering.
At an estimated value of over USD 72.02 billion in 2019, the Global In Vitro Diagnostics (IVD) Market is predicted to thrive at a CAGR of 4.1% and valued at over USD 112.05 billion over the forecast year 2020-2030.
In vitro diagnostics is experiencing a significant popularity in healthcare sector due to its efficacy in diagnosing numerous medical conditions such as infectious diseases, cardiac disorders, cancer, and nephrological disorders.
Market Dynamics and Trends:
Upsurge in number of in vitro diagnostic tests across the globe owing to the increased incidences of infectious and chronic diseases drives the growth of IVD market. In addition, rise in geriatric population, which is vulnerable to immunological disorders have been pushing the growth of the market globally.
However, strict government regulations related to the in-vitro diagnostics along with unfavorable compensation policies hamper the growth of the market. On the other hand, high growth shown by the developing countries in terms of population & proliferation of in vitro diagnostic tests is expected to create lucrative opportunities to further propel market growth throughout the forecast period.
In terms of geography, North America held major share of the market in 2019. This is attributed to the well-established healthcare system and the healthcare related awareness among people across the region. However, Asia-pacific is expected to witness highest growth rate during the forecast period, due to the surge in healthcare expenditure and rise in prevalence of diabetes in the region.
Moreover, massively growing patient base of chronic diseases in the region that require IVD testing is projected to be opportunistic for the market growth.
Lucrative growth opportunities make the In Vitro Diagnostics (IVD) market highly competitive.
A number of developmental strategies have been adopted by companies in the past few years. For instance, in October 2020, Quanterix Corporation entered into a non-exclusive royalty-bearing license agreement with Abbott Laboratories.
This agreement grants Abbott an access to Quanterix' portfolio of bead-based technology patents for the use in in vitro diagnostic (IVD) applications.
Moreover, in March 2019, Becton, Dickinson and Company announced the CE-IVD certification for the BD FACSDuet automated flow cytometry system. This will enable clinical laboratories to enhance their efficiency by reducing errors as well as limiting the manual user interactions that are required to run assays on the BD FACSLyric clinical flow cytometer.
KEY MARKET SEGMENTS:
Global In Vitro Diagnostics (IVD) Market- By Product & Service
Software & Services
Global In Vitro Diagnostics (IVD) Market - By Technique
Enzyme-linked immunosorbent assay (ELISA)
Enzyme-linked immunospot (ELISPOT)
Polymerize chain reaction (PCR)
Isothermal Nucleic acid amplification technology (INAAT)
Basic metabolic panel
Thyroid function panel
Global In Vitro Diagnostics (IVD) Market - By Application
Immune System Disorders
Global In Vitro Diagnostics (IVD) Market - By End User
Academic & Medical Schools
Point of Care
Bio-Rad Laboratories, Inc.
Becton, Dickinson and Company
Danaher Corporation (Beckman Coulter, Inc.)
F. Hoffmann-La Roche AG
Thermo Fisher Scientific, Inc.
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