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. Aging population is vastly vulnerable to viral infections as well as chronic conditions.
New York, May 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product and Services ; Technology ; Application ; End User" - https://www.reportlinker.com/p06075742/?utm_source=GNW
For instance, according to the research conducted by American Diabetes Association in 2017, an estimated one-third population of adults in the US over age 65 was suffering from diabetes. Diabetes in adults generates higher risk of functional limitations, loss of independence, frailty, and disability. Also, according to a study conducted by the American Heart Association in 2017, by 2030, 40.0% of all deaths among elderly population would be caused due to cardiovascular diseases across the globe. 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.
The US is the most affected country across the region as it reported significant mortalities due to SARS-CoV-2 virus infection.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.
The overall North America in-vitro diagnostics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America in-vitro diagnostics market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America in-vitro diagnostics market.F.
HOFFMANN-LA ROCHE LTD.; DANAHER; ABBOTT; SIEMENS AG; SYSMEX CORPORATION; THERMO FISHER SCIENTIFIC, INC.; BD; BIOMERIEUX SA; BIO-RAD LABORATORIES, INC.; and QIAGEN are among the players operating in the market.
Read the full report: https://www.reportlinker.com/p06075742/?utm_source=GNW
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