The in vitro diagnostics market was valued at USD 99.2 billion in 2021 and it is anticipated to grow further till USD 131.2 billion by 2031, at a CAGR of 2.8% during the forecast period.
Global In-Vitro Diagnostics/IVD Market report from Global Insight Services is the single authoritative source of intelligence on In-Vitro Diagnostics/IVD Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
IVD products are used in hospitals, standalone labs, and point-of-care testing centers. To enable smooth operations, the in vitro testing approach requires the use of a number of reagents as well as software. Additionally, a variety of medical conditions, such as infectious diseases, diabetes, cancer, oncology, cardiac disorders, autoimmune disorders, nephrology, and HIV/AIDS, are diagnosed using in vitro diagnostics. The rise in the prevalence of chronic and infectious diseases is a primary factor driving the IVD market’s expansion. Chronic diseases like diabetes, cancer, cardiovascular disease, and tuberculosis are becoming more common in the contemporary business environment.
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Market Trends and Drivers
The centralized laboratory using automated analytical testing techniques to identify target analytes continues to be the predominant laboratory testing model in use today. This pattern is already well-established in the fields of clinical chemistry and hematology, and it is currently spreading to others like immunoassays and molecular diagnostics. In comparison to traditional diagnostic methods, point-of-care devices are more affordable, simpler to use, and produce the quick results needed to start making decisions. The need to organize healthcare services around the patient rather than the practitioner has a significant impact on the rising adoption of POCT devices. Because the testing procedure is frequently separated from the consultation, centralized testing does not represent a convenient approach for many patients.
Similarly, this specifically affects people who need ongoing monitoring, including numerous blood tests, due to a chronic illness like diabetes. One sign of this need for more practical and efficient care is the development in self-monitoring of blood glucose, which is by far the largest section of POC testing. The necessity to provide care closer to the patient will probably lead to an increase in the amount of testing done outside of the traditional laboratory in the upcoming years. In the previous two decades, the range of tests carried out employing POC testing equipment has significantly increased. This advancement was primarily fueled by well-established technology including immunosensors, lateral flow strips, and ongoing electronics downsizing & device computing power improvements.
Market Restraints and Challenges
Given the quantity of ongoing medical technological advancements, the Patient Protection and Affordable Care Act of 2010 altered the dynamics of healthcare finance and delivery in the US. Other nations are also facing difficulties with their financial systems. Medicare in the US recently changed the way it pays for various in vitro diagnostic testing, including molecular diagnostic assays. Some of these molecular pathology tests are invoiced using unlisted codes rather than their own Healthcare Common Procedure Coding System (HCPCS) numbers. Medicare Administrative Contractors (MACs) determine a payment amount for their local jurisdictions in such circumstances. About 75% of tests, according to CMS, revealed decreases in reimbursement rates after January 2017.
Major Players in the Global In Vitro Diagnostics Market
The key players in the global in vitro diagnostics market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), and QIAGEN N.V. (Netherlands) among others.
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