In-vitro Diagnostics Market Projected to Reach $141.65 Billion by 2030 - Exclusive Report by Meticulous Research®

[Redding, California, 28-02-2024] - Meticulous Research®, a leading provider of market intelligence, has unveiled a comprehensive report titled "In Vitro Diagnostics Market by Product & Solution (Kits & Reagents, Systems, and Software & Services), Technology, Application, Diagnostic Approach, End User, and Geography-Global Forecast to 2030." According to this report, the in-vitro diagnostics market is poised to achieve a valuation of $141.65 billion by 2030, marking a substantial Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.

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Rising Burden of Infectious Diseases Driving Market Growth

The global landscape of infectious diseases has witnessed a surge in recent years, with significant implications for the in-vitro diagnostics (IVD) market. The escalating prevalence of diseases such as chronic hepatitis C virus infection has fueled demand for IVD kits tailored for hepatitis testing. For instance, the United States experienced a remarkable 284% increase in acute hepatitis C infections from 2011 to 2020, driving demand for hepatitis C testing. This trend underscores the pivotal role of IVD in diagnosing specific diseases, thereby propelling market growth.

Impact of COVID-19 on the In-vitro Diagnostics Market

The advent of the COVID-19 pandemic has brought about a paradigm shift in the in-vitro diagnostics landscape, catalyzing market expansion. The unprecedented demand for diagnostic testing during the pandemic prompted manufacturers to innovate and develop new kits and assays. Notably, key players such as Becton, Dickinson and Company, Beckman Coulter, and ERBA Diagnostics Mannheim GmbH introduced rapid antigen tests, semi-quantitative assays, and immunoassay-based kits for COVID-19 detection. This surge in diagnostic innovations is anticipated to foster increased adoption of in-vitro diagnostics, thus fueling market growth in the forthcoming years.

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Market Segmentation and Analysis

The in-vitro diagnostics market is segmented based on product & solution, technology, application, diagnostic approach, end user, and geography. The report offers a comprehensive analysis of industry competitors and evaluates market dynamics at global and regional levels.

Strategic Developments and Key Players

The report also encompasses an extensive assessment of strategic developments undertaken by leading market participants from 2019 to 2022. Key players driving innovation and growth in the global in-vitro diagnostics market include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd, Siemens Healthineers AG, Thermo Fisher Scientific Inc., Wama Diagnostica, Wiener Laboratorios SAIC, Ortho-Clinical Diagnostics, Inc., Agilent Technologies Inc., and DiaSorin S.p.A.

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