In Vitro Diagnostics (IVD) Market Report Providing Detailed Information of Latest Market Figures And Key Players | QIAGEN, Quidel Corporation, Quest Diagnostics, Agilent Technologies,

Report Ocean releases its latest report on the global In Vitro Diagnostics (IVD) Market. The growth of the global IVD market has been positively impacted by the growing demand for POC (Point-of-Care) IVD devices. The newly launched IVD instruments/devices are efficient and easy to use, which has increased their adoption among healthcare professionals. 

Global In-Vitro Diagnostics(IVD) market reached USD 82.3 billion in 2020 and is further projected to reach USD 102.4 billion by 2027, growing at a CAGR of 3.2% during 2021-2027 (forecast period). 

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Growth Drivers

Growing Prevalence of Chronic and Infectious Diseases in Geriatric Population

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 exist 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% of the population.

The geriatric population in Germany accounts for about 21% of the population of the country. The risk of contracting diseases rises proportionately with age. For example, approximately 80% of the elderly population in the US suffers from one chronic illness, according to the Centers for Disease Control and Prevention. And by 2030, 60% of people aged 65 years or older are expected to be living with more than one chronic condition, according to American Medical Association. In the age group of 60 years and beyond, pneumonia is one of the deadly infectious diseases affecting the elderly population.

Technological Advancements in IVD Tools

Demand for point-of-care (POC) devices is likely to increase with the advent of new technologies, such as biochips and nano-biotechnology, and the miniaturization of microfluidic instruments. These advanced methods have allowed easy access to Diagnostics point-of-care testing and deliver quick and valid test results, fueling the market for IVD tools. Subsequently, these factors are anticipated to drive market growth during the forecast period. For example, in June 2019, Abbott released the first rapid point-of-care test for the diagnosis of diabetes among the general population, the Afinion HbA1c Dx assay.

The growth of the market is likely to be driven by increased investment by key market players in the production of technologically advanced and rapid testing instruments. Recently, the market is driven by rapid and precise tests for the diagnosis of infectious diseases and other chronic diseases. Sekisui Diagnostics announced the introduction of the Solaris Influenza A& B Test for point-of-care (POC) for infectious disease diagnosis in March 2018. Such product launches would move the choice of patients from standard Diagnostics instruments to advanced IVD services.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global In Vitro Diagnostics (IVD) Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global In Vitro Diagnostics (IVD) Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the In Vitro Diagnostics (IVD) Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the In Vitro Diagnostics (IVD) Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected In Vitro Diagnostics (IVD) Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global In Vitro Diagnostics (IVD) Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the In Vitro Diagnostics (IVD) Market provides insight into the factors influencing its growth. This market study breaks down the In Vitro Diagnostics (IVD) Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the In Vitro Diagnostics (IVD) Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the In Vitro Diagnostics (IVD) Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global In Vitro Diagnostics (IVD) Market are:

Abbott, Danaher, Siemens Healthineers AG, Roche Diagnostics, Sysmex Corporation, QIAGEN, Quidel Corporation, Quest Diagnostics, Agilent Technologies, and Bio-Rad Laboratories

Scope of the Report

The global In Vitro Diagnostics (IVD) Market segmentation focuses on:

By Type

Ø  Product

o    Reagents & Kits

o    Instruments

Ø  Service

o    Software

o    Testing Services

Ø  By Technology

·         Clinical Chemistry

·         Immunoassay/ Immunochemistry

·         Molecular Diagnostics

·         Hematology

·         Microbiology

·         Coagulation & Hemostasis

·         Urinalysis

 Ø  By Application

·         Oncology

·         Infectious Disease

·         Diabetes

·         Cardiology

·         Nephrology

·         Autoimmune disease

·         Drug testing/ pharmacogenomics

Ø  By End-User

·         Hospitals

·         Point of Care Testing

·         Laboratories

·         Academic Institutes

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