IVD Market: In-Depth Analysis of COVID-19 Impact on The Global Industry Worth $77.9 billion
What This Report Will Provide?
This study involved four major activities in estimating the current size of the in-vitro diagnostics market. Exhaustive secondary research was carried out to collect information on the IVD market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
[70 Pages Report] The global in-vitro diagnostics market size is expected to be valued at USD 61.7 billion in 2020 and projected to reach USD 77.9 billion by 2025, growing at a CAGR of 4.8%.
Major Growth Boosters:
The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted IVD market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrades.
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In March 2020, Abbott expanded their manufacturing capacity to offer 5 million ID now test kits per month from April onwards
In April 2020, Hologic has strengthened its production line for CDx units to provide 600K test kits per month
In March 2020, IDT has announced its capabilities to offer 5 million diagnostic test kits from April 1st week for COVID screening
In March 2020, BARDA (US) has provided funding of USD 0.7 million to Hologic to develop rapid diagnostic kits for COVID
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global IVD market?
2. What are the drivers, restraints, opportunities, and challenges in the in-vitro diagnostics market?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of in-vitro diagnostics market in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
Regional Growth Analysis:
The US is expected to account for the largest share of the in-vitro diagnostics market in 2020 - H1, followed by Europe. This can primarily be attributed to the continuous commercialization of innovative diagnostic products coupled with ongoing advancements in the field of gene & immunoassay based products, the recent discovery of genetic biomarkers & their clinical role in immunoassay testing, supportive government policies & their emphasis on novel product development, and the significant expansion of target patient population.
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As of 2019, some of the prominent players in the in-vitro diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Biomerieux (France), and QIAGEN (Germany), among others.
An analysis of the market developments between December 2019 to April 2020 revealed that product commercialization, developmental collaborations, and product distribution partnerships were adopted by market players to maintain a competitive position in the in-vitro diagnostics market to mitigate the COVID-19 impact. Product commercialization was the most widely adopted growth strategy.