Market Definition
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.
Market Outlook
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.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global In Vitro Diagnostics Market Segmentation
By Product & Services
- Reagents & Kits
- Instruments
- Services
- Data Management Software
By Technology
- Immunoassay/Immunochemistry
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Microbiology
- Coagulation and Hemostasis
- Urinalysis
- Other Technologies
By Application
- Infectious Diseases
- Diabetes
- Oncology
- Cardiology
- Drug Testing/Pharmacogenomics
- Autoimmune Diseases
- HIV/AIDS
- Nephrology
- Others
By End User
- Hospital Laboratories
- Clinical Laboratories
- Point of Care Testing Centers
- Academic Institutes
- Patients
- Others
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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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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