In Vitro Diagnostics Market Size 2020 Top key Players update, Business opportunities, Trends and Forecast to 2028 | Siemens Healthineers, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific

Global In Vitro Diagnostics Market to Grow Rapidly due to Increasing Applications in Healthcare sector

The Global In Vitro Diagnostics Market has been positively impacted by the growing demand for POC IVD devices. The IVD instruments/devices recently introduced are easy and highly effective to use, which has increased their adoption among healthcare professionals. In addition, some over-the-counter diagnostic devices are available on the market, such as glucose monitoring kits. To decrease hospital visits, these items are primarily favored by the elderly. During the COVID-19 pandemic, the value of these items has increased, as individuals prefer easy diagnostic tests that can be done in home care settings. These factors are expected to help the growth of this industry, combined with the rising prevalence of chronic diseases such as cancer and diabetes, increasing knowledge of disease diagnosis, and growing levels of disposable income.

Growth Drivers that Support the Global In Vitro Diagnostics Market:

• The growth of the IVD market would be positively influenced by the growing geriatric population in developed as well as emerging regions. With the exponential growth of the geriatric population globally, it is predicted that the incidence of age-related diseases will increase significantly. The number of older people living in the US in 2019 was 54 million, according to the OECD. Huge and increasing geriatric populations also occur in other developed economies around the world. For example, in Japan, followed by Germany, the ratio of the elderly population to the active population is the largest. Japan's total population is about 126 million, with older people accounting for more than 28 percent of the population.

• In the medical industry, biomarkers have acquired considerable clinical utility and interest, as they are very useful in disease screening, diagnosis, and treatment. Markers may assess staging, grading, and selection of the initial therapy during the diagnosis process. They monitor therapy during recovery, pick additional treatments, or monitor chronic illnesses. New biomarkers have helped to bring scientific developments in genomics, proteomics, and molecular pathology . It is expected that the integration of biomarkers and the availability of biomolecular methods will help to expand a new range of condition-specific tests in order to generate new opportunities for the IVD industry.

• The reagents in the product segment is projected to have a high CAGR and the positive effect of Covid-19 on the demand for IVD products can be due to the high growth rate. The occurrence of the Covid-19 pandemic has increased the need for reagents and kits that provide rapid diagnosis and help combat the virus's lethal consequences. Newly developed reagents and kits often have high accuracy and allow precise diagnosis. During the forecast timeframe, the above factors have intensified segmental development.

• In 2019, North America had the highest share of the in vitro diagnostics market. The involvement of many diagnostic companies, high investment and growing emphasis on PoC and molecular diagnostic instruments, and high allocation to R&D are causing this dominance of North America in this region.

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Companies are Keen to Expand their Global Market

• In September 2020, Roche launched a highly efficient SARS-CoV-2 antibody test, producing rapid performance. The introduction of such highly efficient tests encouraged the development of the business to some degree during the Covid-19 pandemic.

• Sysmex Corporation launched the Covid-19 virus antigen detecting reagent in September 2020. The implementation of such superior quality reagents has had a positive effect on the revenue generation of the business.

Major companies functioning in the global In Vitro Diagnostics Market are Danaher Corporation, Siemens Healthineers, Abbott Laboratories, Johnson & Johnson, Thermo Fisher Scientific, Becton, Bio-Rad Laboratories, Dickinson and Company, bioMérieux, Sysmex Corporation.

Market Segmentation:
By Product:
• Instruments
• Reagents

By Technology:
• Immunoassay
• Clinical Chemistry
• Molecular Diagnostics
• Hematology
• Urinalysis

By Application:
• Diabetes
• Oncology
• Cardiology
• Nephrology

By Region:
• North America
o North America, by Country
 US
 Canada
 Mexico
o North America, by Product
o North America, by Technology
o North America, by Application

• Western Europe
o Western Europe, by Country
 Germany
 UK
 France
 Italy
 Spain
 The Netherlands
 Rest of Western Europe
o Western Europe, by Product
o Western Europe, by Technology
o Western Europe, by Application

• Asia Pacific
o Asia Pacific, by Country
 China
 India
 Japan
 South Korea
 Australia
 Indonesia
 Rest of Asia Pacific
o Asia Pacific, by Product
o Asia Pacific, by Technology
o Asia Pacific, by Application

• Eastern Europe
o Eastern Europe, by Country
 Russia
 Turkey
 Rest of Eastern Europe
o Eastern Europe, by Product
o Eastern Europe, by Technology
o Eastern Europe, by Application

• Middle East
o Middle East, by Country
 UAE
 Saudi Arabia
 Qatar
 Iran
 Rest of Middle East
o Middle East, by Product
o Middle East, by Technology
o Middle East, by Application

• Rest of the World
o Rest of the World, by Country
 South America
 Africa
o Rest of the World, by Product
o Rest of the World, by Technology
o Rest of the World, by Application

Objectives of this report:
• To estimate the market size for the in vitro diagnostics market on a regional and global basis.
• To identify major segments in in vitro diagnostics market and evaluate theirmarket shares and demand.
• To provide a competitive scenario for the in vitro diagnostics market with major developments observed by key companies in the historic years.
• To evaluate key factors governing the dynamics of in vitro diagnostics market with their potential gravity during the forecast period.

Reasons to Buy This Report:
• It provides niche insights for the decision about every possible segment helping in the strategic decision-making process.
• Market size estimation of the in vitro diagnostics market on a regional and global basis.
• A unique research design for market size estimation and forecast.
• Identification of major companies operating in the market with related developments
• Exhaustive scope to cover all the possible segments helping every stakeholder in the in vitro diagnostics market.

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This release was published on openPR.