The global In Vitro Diagnostics (IVD) Market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing instances of chronic illness and rising population opting for regular health checkups.
Diagnosis is a key facilitator of universal health coverage and a driver of patient, financial, and health-system impact, but it is also the weakest link in the care chain. This is especially true in low- and middle-income nations basic healthcare settings.
In vitro diagnostics are also the first line of protection against the re-emergence of illnesses that have been declared eliminated. For example, smallpox is unlikely to resurface.
Diagnostic tests are becoming extremely important as a first line of defense against the spread of various illnesses across the world. The battle over diseases relies on advanced diagnostics to diagnose the disease initially, quickly, and precisely, as well as alterations in drug resistance that occur throughout treatment.
In vitro diagnostics (IVDs) are tests which may well diagnose disorders, illness, and infections in a laboratory setting. In vitro simply means "in glass," which suggests that these tests are often performed in test tubes and similar equipment, as opposed to in vivo testing, which are performed in the body itself.
At vitro testing can be performed in laboratories, health care institutions, or even in the patient's own home. The tests themselves may be carried out on a wide range of tools, from simple portable devices to complicated laboratory gear. They enable clinicians to accurately diagnose patients and strive to give suitable therapies.
The WHO has creates the WHO Model List of Essential In Vitro Diagnostics (EDL), a list of recommended in vitro diagnostic tests (IVDs) for community use and laboratory use that should be accessible in every country.
The In Vitro Diagnostic Medical Devices Regulation (EU) 2017/746 (IVDR) creates a new regulatory framework for in vitro diagnostic medical devices like HIV testing, pregnancy tests, and SARS-CoV-2 tests. It is estimated that in vitro diagnostic medical technologies are used in around 70% of clinical decisions.
The recent launch of the Production Linked Incentive Scheme (PLI 2.0) by the Indian government aims to improve India's manufacturing capabilities by increasing investment and production in the IVD sector, as well as to create global champions out of India with the potential to grow and scale using cutting-edge technology and thus penetrate global value chains.
Market Trends, Drivers, Restraints, and Opportunities
- Rising elderly population is expected to boost the market during the forecast period.
- Introduction of sophisticated equipment in diagnostic procedures is projected to drive the market in the coming years.
- Increasing demand for point of care IVD devices are anticipated to fuel the market.
- Growing burden of diseases and rising demand for quick testing devices are expected to spur the market growth in the coming years.
- Rising awareness among population for good health and individuals opting for regular health checkups is estimated to fuel the market.
- Increasing product launches with advanced features is anticipated to push the market.
- Regulatory and legal requirements applied to In-vitro diagnostic present as key challenges that can hamper the market growth.
- Technological advancements such as biomarkers which can be used to monitor therapy, select additional therapies, or monitor recurrent diseases all these are creating a significant opportunity for the market players.
Scope of the In Vitro Diagnostics (IVD) Market Report
The report on the global In-vitro diagnostic market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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In-Vitro Diagnostic Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Reagents, Instruments, and Others), Usabilities (Disposable IVD Devices and Reusable IVD Devices), Applications (Infectious Disease, Diabetes, Cardiology, Cancer/Oncology, Autoimmune Disease, Nephrology, and Others), Test Types (Molecular Diagnostics, Immuno Diagnostics, Clinical Chemistry, Hematology, and Others), End Users (Hospitals & Clinics, Diagnostic Laboratories, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Siemens Healthcare GmbH; F. Hoffmann-La Roche Ltd; BioMérieux SA; Thermo Fischer Scientific Inc; Abbott Laboratories
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Global In Vitro Diagnostics (IVD) Market Segment Insights
The reagents segment is projected to hold a large market share
Based on products, the in-vitro diagnostic market is divided into reagents, instruments, and others. The reagents segment is expected to account for a key share of the market during the forecast period owing to increasing load of chronic diseases leads to rise in in-vitro diagnostics which surges the demand for reagents used in the various testing platforms.
The reusable IVD devices segment is expected to grow at a robust pace
In terms of usability, the in-vitro diagnostic market is bifurcated into disposable IVD devices and reusable IVD devices. The reusable IVD devices segment is expected to represent a key share of the market in the coming years due to its cost effectiveness and it will create lesser amount of waste.
The infectious disease segment is expected to grow at a robust pace
on the basis of applications, the in-vitro diagnostic market is segmented into infectious disease, diabetes, cardiology, cancer/oncology, autoimmune disease, nephrology, and others. The infectious disease segment is expected to represent a key share of the market in the coming years due to growing prevalence of various infectious diseases such as Common cold, HIV/AIDS and others.
The molecular diagnostics segment is anticipated to register rapid CAGR
In terms of test types, the in-vitro diagnostic market is divided into molecular diagnostics, immuno diagnostics, clinical chemistry, hematology, and others. The molecular diagnostics segment is expected to constitute a key share of the market during the forecast period due to growing use of advanced technologies such as molecular diagnostics in the in-vitro diagnostic market.
The hospitals & clinics segment is projected to represent a large market share
Based on end-user industries the in-vitro diagnostic market is divided into hospitals & clinics, diagnostic laboratories, and others. The hospitals & clinics segment is expected to constitute a key share of the market in the coming years owing to higher number of clinical and hospital diagnosis taking place which helps in taking clinical decisions during process of patient’s treatments and recovery.
North America is anticipated to dominate the market
On the basis of regions, the in-vitro diagnostic market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to well-established healthcare industry and rising prevalence of chronic diseases in the region.
Segments
The global in-vitro diagnostic market has been segmented on the basis of
Products
- Reagents
- Instruments
- Others
Usabilities
- Disposable IVD Devices
- Reusable IVD Devices
Applications
- Infectious Disease
- Diabetes
- Cardiology
- Cancer/Oncology
- Autoimmune Disease
- Nephrology
- Others
Test Types
- Molecular Diagnostics
- Immuno Diagnostics
- Clinical Chemistry
- Hematology
- Others
End Users
- Hospitals & Clinics
- Diagnostic Laboratories
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the in-vitro diagnostic market include Siemens Healthcare GmbH; F. Hoffmann-La Roche Ltd; BioMérieux SA; Thermo Fischer Scientific Inc; Abbott Laboratories.
Some of these players are focusing on business strategies including partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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