In-Vitro Diagnostics Market is expected to reach US$ 90,656.80 Mn by 2027 With F. Hoffmann-la Roche Ltd.; Danaher; Abbott; Siemens AG; Sysmex Corporation; Thermo Fisher Scientific, Inc.; BD; Biomérieux SA; Bio-Rad Laboratories, INC.; and Qiagen

According to The Insight Partners market research study titled “In-Vitro Diagnostics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product & Service, Technology, Application, and End User,” the global in-vitro diagnostics market is expected to reach US$ 90,656.80 million by 2027 from US$ 63,746.63 million in 2019. The market is estimated to grow at a CAGR of 4.5% from 2020 to 2027. The report highlights the trends prevalent in the global in-vitro diagnostics market and the factors driving the market along with those that act as deterrents to its growth.

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In terms of product & services, the in-vitro diagnostics market is segmented into instruments, reagents & kits, and software & services. In 2019, the reagents & kits segment held a largest market share of the in-vitro diagnostics market. This segment is also expected to dominate the market during the forecast period owing to increasing number of diagnostics tests and rising prevalence of chronic conditions. Moreover, the instruments segment is anticipated to witness considerable growth rate during the forecast period. Certain factors, such as developing healthcare infrastructure and growing demand for rapid disease diagnosis, are expected to drive the segment.

Increasing prevalence of chronic and infectious diseases, growing geriatric population, and rising demand for in-vitro diagnostics during COVID-19 pandemic are driving the market. However, the lack of healthcare infrastructure and reimbursement policies is likely to have a negative impact on the growth of the market in the coming years.

Prominent players operating in in-vitro diagnostics market include F. Hoffmann-la Roche Ltd.; Danaher; Abbott; Siemens AG; Sysmex Corporation; Thermo Fisher Scientific, Inc.; BD; Biomérieux SA; Bio-Rad Laboratories, INC.; and Qiagen. The market players are focused toward bringing new and innovative products to sustain their position in the market. For instance, in January 2021, Roche announced that it has launched two CE-IVD, which are its automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath Dual ISH image analysis for breast cancer. It is likely to help in determining the best treatment strategy for each patient. The image analysis algorithms uses artificial intelligence to support pathologists in making faster, more accurate patient diagnoses in breast cancer.

The report segments the global in-vitro diagnostics market as follows:

By Product & Services

Reagents & Kits
Instruments
Software & Services
By Technology
Immunoassay/Immunochemistry
Clinical Chemistry
Molecular Diagnostics
Microbiology
Blood Glucose Self-Monitoring
Coagulation & Hemostasis
Hematology
Urinalysis
Others

By Application

Infectious Diseases
Diabetes
Oncology
Cardiology
Autoimmune Diseases
Nephrology
Others

By End User

Hospitals
Laboratories
Homecare
Others
By Geography
North America
US
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific (APAC)
Japan
China
India
Australia
South Korea
Rest of APAC
Middle East & Africa (MEA)
South Africa
UAE
Saudi Arabia
Rest of MEA
South & Central America (SCAM)
Brazil
Argentina
Rest of SCAM

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This release was published on openPR.