Dublin, June 02, 2021 (GLOBE NEWSWIRE) -- The "North America In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product and Services; Technology; Application; End User" report has been added to ResearchAndMarkets.com's offering.
The in-vitro diagnostics market in North America is expected to grow from US$ 26,981.2 million in 2019 to US$ 38,759.6 million by 2027; it is estimated to grow at a CAGR of 4.7% from 2020 to 2027.
Factors such as limiting the overall physiological processes, smoking and tobacco consumption, increased arterial stiffness, and hypertension may develop the risk of developing cardiovascular diseases among adult population. Therefore, increasing prevalence of diabetes and cardiovascular diseases among adults offers lucrative environment for the growth of the in-vitro diagnostics market in North America.
Furthermore, according to a report of the United Nations (2017), the number of the elderly population is expected to grow significantly in Africa, followed by North America, Latin America & the Caribbean, and Asia Pacific. The elderly people are more prone to chronic conditions. Increasing adult population is generating demand for advanced diagnostic systems, which is projected to drive the market growth during the forecast period.
The North America in-vitro diagnostics market is segmented on the basis of product and services, technology, application, and end user. Based on product and services, the market is segmented into reagents and kits, instruments, and software and services. In 2019, the instruments and kits segment accounted for the largest market share. The market for the instruments and kits segment is expected to grow during the forecast period owing to the increasing adoption of in-vitro diagnostics across the region. Moreover, factors such as the increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the market growth for the instruments and kits segment during the forecast period.
For the diagnosis of COVID-19 among the people, the demand for in vitro diagnostics and rapid tests increased rapidly. In addition, various companies have shifted their focus to molecular diagnostics and testing. Thus, there is an exponential rise in the demand for RT-PCR procedures, assays, kits, and reagents, as these diagnostic technologies offer results in less time. Also, the companies operating in this particular segment (IVD) have generated profits. This way, the COVID-19 outbreak offered significant growth opportunities for the in-vitro diagnostics market in North America.
Key Topics Covered:
2. North America In-Vitro Diagnostics Market - Key Takeaways
3. Research Methodology
4. North America In-Vitro Diagnostics Market - Market Landscape
4.2 PEST Analysis
4.3 Expert Opinion
5. North America In-Vitro Diagnostics Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Prevalence of Chronic and Infectious Diseases
5.1.2 Growing Geriatric Population
5.1.3 Rising Demand for In-Vitro Diagnostics During COVID-19 Pandemic
5.2 Market Restraints
5.2.1 Lack of Healthcare Infrastructure and Reimbursement Policies
5.3 Future Trends
5.3.1 Increasing Adoption and Popularity of Automation in Clinical Laboratories
5.4 Impact Analysis
6. In-Vitro Diagnostics Market - North America Analysis
6.1 North America In-Vitro Diagnostics Market Revenue Forecasts and Analysis
7. North America In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Product and Services
7.2 In-Vitro Diagnostics, by Product and Services, 2019 & 2027 (% Share)
7.5 Software & Services
7.5.2 Software & Services Market Revenue and Forecast to 2027 (US$ Mn)
8. North America In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Technology
8.2 In-Vitro Diagnostics Market, by Technology, 2019 & 2027 (% Share)
9. North America In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Application
9.2 In-Vitro Diagnostics Market, by Application, 2019 & 2027 (% Share)
10. North America In-Vitro Diagnostics Market Analysis and Forecasts to 2027- By End user
10.2 In-Vitro Diagnostics Market Share by End User 2019 & 2027 (%)
11. In-Vitro Diagnostics Market Revenue and Forecasts to 2027 - Geographical Analysis
12. Impact Of COVID-19 Pandemic on North America In-Vitro Diagnostics Market
13. Industry Landscape
13.2 Organic Developments Done by The Companies in The Market
13.3 Inorganic Developments Done by The Companies in The Market
14. COMPANY PROFILES
F. Hoffmann-La Roche Ltd.
Thermo Fisher Scientific, Inc.
Bio-Rad Laboratories, Inc.
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