In-vitro Diagnostics Market worth over $115bn by 2027
Published Date: November 30, 2021 Authors: Sumant Ugalmugle, Rupali Swain
In-vitro Diagnostics Market size is set to exceed USD 115 billion by 2027, according to a new research report by Global Market Insights, Inc.
The market growth is attributed to the rapid increase in infectious and chronic diseases globally. Also, the market is growing due to development of advanced technologies in in vitro diagnostics. There has been a massive shift in the diagnostic technologies wherein the advanced diagnostic technologies operate at a molecular level to provide the best results. The incorporation of modern technologies in in vitro diagnostics such as molecular diagnostics genetic testing, PCR, and NGS offer accurate and rapid diagnosis, thus creating product demand leading to a market expansion.
Also, owing to increasing product launches, the market is projected to bolster in the coming years. In addition, increasing R&D efforts in the business will drive the industry growth during the forecast time frame.
Increasing demand for personalized medicine will accelerate the in-vitro diagnostics market progression
The increasing popularity of personalised medicines in recent years is one of the major factor fostering the industry expansion. The growth and popularity of personalized medicines is increasing credited to availability of robust and accurate in vitro diagnostic tests. As personalized medicines come from studies of human genes using next generation sequencing tests that analyses patients’ DNA to understand their genomic variations and therefore helps in designing more effective treatments.
Rising demand for affordable tests to promote the demand for reagents & kits segment
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The reagents & kits segment in the in-vitro diagnostics market accounted for around USD 48 billion in 2020 led by the sharp rise in continuous testing for infectious diseases. Also, increased number of research and development activities to launch diagnostic tests for infectious diseases and surging demand for affordable and reliable laboratory diagnostics kits in resource-limited countries will positively promote the segment growth.
Growing popularity of automated hematology analyser will spur the market value
The hematology segment held more than 16% of the in-vitro diagnostics market share in 2020. Hematology tests are most common tests to detect anemia, blood disorders, blood cancers, immune system disorders, and infections. The growth trend will continue to upsurge attributed to growing demand for routine hematology testing by geriatric population. Also, due to the rising popularity of automated hematology analyser along with new product launches, the market is expected to rise substantially.
Browse key industry insights spread across 160 pages with 117 market data tables & 15 figures & charts from the report, “In-vitro Diagnostics Market Size By Product Type (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/ Pharmacogenomics), By End-user (Hospital, Diagnostic Laboratories, Academic & Research Institutes), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing prevalence of kidney diseases to augment the nephrology segment expansion
The nephrology segment valued at USD 3.9 billion in 2020. The growth of the segment is ascribable to surging prevalence of chronic kidney diseases owing to diabetes, and high blood pressure in adults as well as aging population. Also, the availability of in vitro diagnostic kits for detecting diabetic kidney disease at early stage will boost the business growth.
Presence of advanced instruments and trained professionals in hospitals will stimulate the market revenue
The hospital segment in the in-vitro diagnostics market is predicted to witness 5% growth rate through 2027 impelled by the availability of well-equipped diagnostic labs along with well-trained healthcare professionals in hospital facilities. In hospitals, all labs from microbiology to molecular diagnostics are present under one roof. Moreover, the turnaround time (TAT) for any diagnostic test is less in hospitals as compared to independent diagnostic laboratories. Furthermore, patients can immediately consult the doctor in case of emergency.
Government funding in European countries will propel the market demand
Europe in-vitro diagnostics market is estimated to attain a CAGR of 4.8% till 2027. Surging prevalence of infectious diseases such as infectious flu and rising demand for point of care testing has led to increased usage of in vitro diagnostic tests. Also, growing R&D activities and government funding will secure the industry progression in the region.
Strategic initiatives undertaken by market participants will provide them competitive advantage
Some of the prominent players operating in the market include F. Hoffmann-La Roche AG, Abbott, Danaher, Siemens Healthineers, BioMerieux, DiaSorin, Bio-Rad Laboratories, Sysmex Corporation, Becton Dickinson and Company, Thermo Fisher Scientific, Qiagen, and Ortho Clinical Diagnostics. These companies are implementing various growth strategies to sustain competition in industry.