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In-vitro Diagnostics Market size to exceed $128.8bn by 2030
- Published Date: June 30, 2022
In-vitro Diagnostics Market size is set to surpass USD 128.8 billion by 2030, according to a new research report by Global Market Insights Inc.
Surging prevalence of infectious and chronic disease have created lucrative growth opportunities for in vitro diagnostics business. Additionally, the market is expanding as a result of the advancement of in vitro diagnostics technology. The diagnostic technologies have undergone a significant transformation, and the most effective ones now work at the molecular level. Modern technologies are being incorporated into in vitro diagnostics, such as PCR, molecular diagnostics, genetic testing, that enables precise and quick diagnosis.
Rising adoption of point-of-care testing will fuel the in-vitro diagnostics market progression
Point-of-care testing includes simple tests that can be performed bedside by minimizing the need to go to a laboratory. Point-of-care testing enables quick decision-making, avoids referrals, decreases cost, and improves the efficiency of care. Thus, its adoption in resource-constrained settings where laboratory infrastructure is weak has emerged as highly beneficial in the early diagnosis of various diseases. Some of the rapid diagnostic tests such as COVID-19 rapid tests, malaria antigen detection tests, tuberculin antigen tests, blood glucose testing, pregnancy testing, hemoglobin diagnostics, etc. are widely performed in point of care testing centers.
Moreover, numerous manufacturers are focusing to launch point of care testing kits. It is a CE-IVD-marked point-of-care test for Proenkephalin, a biomarker that allows for real-time kidney function monitoring with a simple blood test. Nowadays, with rising cases of SARS-CoV-2 virus across the globe, the need for point-of-care testing has increased drastically.
Rising demand for reagents and kits will foster the in-vitro diagnostics market trends
Reagents & kits segment exceeded USD 61.8 billion in 2021, due to ongoing testing for infectious diseases. These reagents & kits are mainly used for diagnosis, testing, and epidemiology investigation. In addition, nowadays reagents & kits highly preferred for next generation sequencing kits for target selection, library construction and template preparation for research institutes.
For instance, Thermo Fisher Scientific introduced Ion Torrent, a next-generation sequencing kits & reagents to construct library, prepare template. Also, rise in the number of R&D efforts to develop diagnostic tests for infectious diseases and a surge in demand for cost-effective and reliable laboratory diagnostics kits in resource-limited countries will positively influence the industry statistics.
Browse key industry insights spread across 196 pages with 239 market data tables & 18 figures & charts from the report, “In-vitro Diagnostics Market Analysis By Product Type (Reagents & Kits, Instruments), Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), End-user (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Launches of automated hematology analyzer will boost the in-vitro diagnostics market expansion
Hematology segment is expected to witness 3.6% CAGR during the analysis period is owing to growing testing needs for chronic diseases especially heart disorders. It includes treatment of blood disorders including blood clots, sickle-cell anemia, hemophilia, leukemia, lymphoma, and others. For detecting these diseases, one of the common hematology tests includes the complete blood count tests. Therefore, companies are focusing to introduce new in-vitro diagnostics methods and instruments for hematology purposes.
Growing application of in-vitro diagnostics for oncology will spur the business potential
Oncology segment held around USD 19.2 billion in 2021, due to rising number of cancer cases across the globe. Some of the common types of cancer include lung cancer, prostate cancer, breast cancer, kidney cancer, colorectal cancer, and others. Therefore, to detect and diagnose different types of cancer, in-vitro diagnostics method is preferred by healthcare professionals. Moreover, raising awareness for early disease diagnosis has led to rise in diagnostic testing numbers.
Exponential growth of in-vitro diagnostic methods in diagnostic laboratories will boost the in-vitro diagnostics market progress
Diagnostic laboratories segment accounted for 44.2% revenue share in 2021 and set to witness considerable CAGR during the analysis timeframe. This is due to the surging demand for high-quality diagnostic procedures by using in-vitro equipment in a cost-effective manner. Diagnostic laboratories mainly help in diagnosing, treatment, and prevention of various communicable and non-communicable diseases. Also, the presence of advanced equipment and technology in these labs aids in obtaining ultimate accuracy.
In addition, to reduce the chance of error, the most sensitive and sophisticated diagnostic processes are carried out in laboratories by the trained professionals. Similarly, with growing healthcare industry the number of diagnostic laboratories has also increased, thus, bolstering the business revenue.
Highly competitive in-vitro diagnostics business in Europe will contribute to market expansion
Europe in-vitro diagnostics market is expected to grow at 2.7% CAGR during the forecast period. Increasing prevalence of infectious diseases such as infectious flu, COVID-19, has led to increased usage of in vitro diagnostic tests. Additionally, increasing R&D initiatives and government investment will secure the market progression in the region. Furthermore, adoption of precision medicine, technological advancements, and presence of prominent market players along with adoption of point-of-care testing method will impel the regional market statistics.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the prominent industry players operating in the in-vitro diagnostics market include Abbott, F Hoffmann-La Roche AG, bioMerieux, Qiagen, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Bio-Rad Laboratories, and others. These market players are implementing various strategic collaborations, mergers & acquisitions, and innovations, to sustain market competition and strengthen its value.
For instance, in June 2021, Bio-Rad partnered with Seegene, Inc. for the development of infectious diseases molecular diagnostics products. This helped the company widen its product portfolio.
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