Overview

In Vitro Diagnostic Market Introduction:

In-Vitro Diagnostics Market is estimated to value over USD 91.6 billion by 2027 end and register a CAGR of over 4.8% during the forecast period 2020 to 2027.
Technological advancements in in-vitro diagnostic techniques have contributed to the global in-vitro diagnostics market growth. With the assistance of key players in launching advanced in-vitro diagnostic tools, the market for these products will most likely see much growth. For instance, Qiagen, which is a company that ranks as one of the prominent providers of point of care molecular diagnostics, provides the highest record of accurate results for particularized patient treatments.
Moreover, the government officiated the healthcare system and other organizations have had a positive effect on market growth. Owing to government programs, there has been significant education and information regarding IVD tools and personalized medication and treatment. All these factors have served as the basis for lucrative business opportunities. Thus, the exorbitant costs of in-vitro treatment may pose potential problems in the progress during the forecast time frame.
The market is expected to see a boost in the demand for in-vitro diagnostic kits and reagents. Major players are looking to develop highly innovative kits for an accurate diagnosis. There is a demand for software in diagnostic devices and tools by medical professionals. Also, there has also been a need for it in terms of diagnosing various chronic diseases. By technology, the market has been divided into applications related to clinical chemistry. This clinical chemistry includes diagnosing blood glucose levels and detection of hormone fluctuations.
Application-wise, alarming levels of ailments in cardiovascular diseases include stroke, arrhythmia and coronary artery disease is expected to spurn the demand for in-vitro diagnostic treatments. Based on the end-user, point of care diagnostic examinations includes pregnancy kits, glucose meters and biosensors that will deliver fast results. Observing the segmentation by region, North America and the Asia Pacific have been predicted to hold the largest global in-vitro diagnostics market share. A rise in diseases, as well as growing awareness in the public arena, has propelled much considerable growth in the region of North America. In the Asia Pacific region, shifts in healthcare reforms and healthcare expenditure is registered to boost regional business growth.
While the market for in-vitro consists of many major players, there are smaller to midsize companies as well who are making their presence felt in the market by adopting technological changes and improvements in their products. These strategies are carried out by launching products at a much lower price. Some of these companies include Siemens Healthcare, Abbott Laboratories, Qiagen N.V., Thermo Fischer Scientific Inc., F. Hoffmann-La Roche AG, have acquired a sizeable market share.

Impact of COVID-19 on In vitro Diagnostics Market:

The FDA has announced policies for developing specific laboratories that can conduct diagnostic tests for COVID-19. FDA has published some guidelines that are intended to aid the United States in increasing the capacity of rapid testing. Furthermore, the agency emphasized that they are not updating or changing their standards in order to issue an Emergency Use Authorization (EUA).
Currently the in vitro diagnostic tests for diagnosing COVID-19 are based on real time RT-PCR testing. It is a nuclear-derived procedure that detects the presence of a genetic material from a virus. The method uses fluorescent dyes, replacing the isotope labelling which helps the scientists in obtaining immediate results even while the process is ongoing. Companies like Abbott Laboratories, Thermo Fisher Scientific, Quidel Corp., Roche Diagnostics and Hologic have receives EUA license from FDA for the commercialization of diagnostic assays used for COVID-19. Such factors can aid in the augmentation of the market.

In Vitro Diagnostics Market

In vitro Diagnostics Market Segmentation:

By Product and Services

Reagents & Kits
Instruments
Data Management Software
Services

By Technology

Immunochemistry/Immunoassay
Clinical Chemistry
Molecular Diagnostics
Microbiology
Hematology
Coagulation & Hemostasis
Urinalysis
Others

By Application

Diabetes
Infectious Diseases
Oncology/Cancer
Cardiology
Nephrology
Autoimmune Diseases
Drug Testing/Pharmacogenomics
HIV/AIDS
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the In-vitro diagnostics market by technology, by application and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies

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