In Vitro Diagnostics Market Value to Hit USD 113 Billion by 2026
In-vitro diagnostics sales are expected to have moderate growth during the projection period, with a predicted CAGR of 3% from 2022 to 2032, to reach a valuation of US$ 113 Billion by 2026, up from US$ 98.2 Billion in 2021.
The In Vitro Diagnostics Market is indeed competitive, with numerous significant competitors. The industry is currently dominated by a few big companies in terms of market share. Mid-size to smaller businesses, on the other hand, are expanding their market presence by releasing new items at reduced prices, thanks to technical improvements and product innovations.
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In Vitro Diagnostics Market Competition Landscape:
The key players responsible for the major share of sales of in-vitro diagnostics include Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation, bioMérieux, DiaSorin, and Ortho Clinical Diagnostics among many others.
- Roche Diagnostics (Switzerland) introduced the cobas pulse system in January 2022, a blood glucose management system with mobile digital health features to improve patient care.
- Abbott Laboratories (US) gained US FDA approval for the Freestyle libre 2 iOS application for use with compatible iPhones in September 2021.
- Siemens Healthineers reaffirmed its long-standing hemostasis supply, distributorship, sales, and service agreement, including a multi-year extension with Sysmex Corporation, in March 2021. (Japan).
- Sysmex Corporation (Japan) and Roche Diagnostics (Switzerland) formed a cooperation in January 2021 to combine their capabilities, to improve the in-vitro diagnostics products and services as well as significant sales and service networks.
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- In 2020, the reagents & kits sector held the greatest share of the IVD market, accounting for 68.1 percent. The demand for reliable, specific, and speedier detection of chronic diseases and genetic disorders in the early stages, as well as access to a broader range of reagents, are projected to fuel the expansion of in-vitro diagnostics market.
- Hospital laboratories will account for 47 percent of the IVD market in 2020, followed by clinical laboratories (23.8 percent) and point-of-care testing centers (13 percent).
- Owing to the rising incidences of HIV/AIDS, hepatitis, and other infectious disorders, the infectious diseases segment has a high potential.
- North America is likely to account for 39.8 percent of the all in-vitro diagnostics products in 2020, followed by Europe (28 percent), Asia Pacific (22.9 percent), Latin America (6.5 percent), and the Middle East and Africa (6.5 percent) (2.9 percent).
- The increasing adoption of diagnostic devices is boosting the market for in vitro diagnostics. Due to the growing use of in-vitro diagnostics medical devices, the instruments market is expected to rise at a 4.5 percent annual pace through 2027. IVD instruments’ high precision and usefulness will drive up demand in the future years.
Asia Pacific is anticipated to show the fastest overall market growth in the coming years, aided by the growing chronic disease prevalence in the region along with rising healthcare awareness.
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Key Market Segmentation Analysis:
By Product & Service:
- Services & software
- Molecular diagnostics
- Tissue diagnostics
- Clinical chemistry
- Infectious diseases
- Cardiac diseases
- Immune system disorders
- Nephrological diseases
- Gastrointestinal diseases
By End user:
- Standalone laboratories
- Academics & Medical Schools
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
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