In Vitro Diagnostics Market Expansion, Future Growth Rate, Industry Insights, Top Trends And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

In Vitro Diagnostics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $11853.99 billion In 2028 At A CAGR Of 7.4% :

The insurance (providers, brokers and re-insurers) market size has grown strongly in recent years. It will grow from $8277.04 billion in 2023 to $8898.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to risk management needs, regulatory requirements, population growth, catastrophic events.

The insurance (providers, brokers and re-insurers) market size is expected to see strong growth in the next few years. It will grow to $11853.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to emerging risks, digital transformation, demographic changes, sustainable and esg focus, globalization and trade:. Major trends in the forecast period include usage-based insurance (ubi), insurtech innovation, parametric insurance, cyber insurance, peer-to-peer (p2p) insurance.

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In Vitro Diagnostics Market Major Segments
The in vitro diagnostics market covered in this report is segmented -

1) By Type: Point-of-Care Diagnostics Devices And Equipment, Immunochemistry Diagnostic Devices And Equipment, Clinical Chemistry Diagnostics Devices And Equipment, Molecular Diagnostics Devices And Equipment, Microbiology Diagnostic Devices And Equipment, Hemostasis Diagnostic Devices And Equipment, Hematology Diagnostic Devices And Equipment, Immunohematology Diagnostic Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables

Key Driver - Surging Demand For Self-Administered Tests Reshapes The Market Landscape

The rising popularity of self-administered test kits is expected to propel the growth of the in vitro diagnostics market going forward. Self-administered test kits refer to medical or diagnostic kits designed for individuals to use on themselves without the need for medical professionals or trained personnel to administer the test at home. The self-administered test kits enhance accessibility by enabling individuals to perform diagnostic tests at home, offering convenience and potentially increasing demand for testing, particularly for previously undiagnosed conditions. For instance, in April 2022, according to the Centers for Disease Control and Prevention, a US-based national public health agency, there was a significant increase in the use of at-home COVID-19 tests among U.S. adults aged 18 and older from the Delta-predominant period (August to December 2021) to the Omicron-predominant period (December to March 2022). The use of at-home tests among respondents who reported COVID-19-like symptoms increased from 5.7% to 20.1%. Therefore, the rising popularity of self-administered test kits will drive the growth of the in vitro diagnostics market.

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Prominent Trend - Innovative Advancements Enhances Blood Glucose Management With Mobile Digital Health Capabilities

Major companies operating in the in vitro diagnostics market are focusing in developing innovative products, such as the Cobas pulse system, to increase their profitability in the market. The Cobas pulse system is a professional blood glucose management solution with mobile digital health capabilities to improve patient care. For instance, in January 2022, Roche Diagnostics, a US-based developer of innovative products and services that address the prevention, diagnosis, monitoring, screening, and treatment of diseases, launched the Cobas pulse system. The Cobas pulse system is a portable device equipped with an automated glucose test strip reader, a camera, and a touchscreen for recording additional diagnostic data. Its user-friendly interface is designed for effortless implementation, featuring convenient functions that streamline processes, save time, and enhance workflows.

In Vitro Diagnostics Market Players
Major companies operating in the in vitro diagnostics market include Siemens Healthineers, F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Alere Inc., Arkray Inc., Becton, Dickinson and Company (BD), Bio-Rad Laboratories Inc., bioMérieux SA, Grifols SA, Hologic Inc., Werfen SA, Laboratory Corporation, Luminex Corporation, Ortho Clinical Diagnostics, PerkinElmer Inc., Qiagen NV, Quest Diagnostics Inc., QuidelOrtho Corporation, Sysmex Corporation, Illumina Inc., Menarini Silicon Biosystems SPA, SpeeDx Pty. Ltd., GENSPEED Biotech GmbH, Accelerate Diagnostics Inc., Merck KGaA, Caris Life Sciences Inc., Bio-Techne Corporation, Myriad Genetics Inc., Genomic Health Inc., Exact Sciences Crop., Natera Inc., Invitae Crop., Veracyte Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the global in-vitro diagnostics market in 2023. Asia-Pacific was the second largest region in the global in-vitro diagnostics market. The regions covered in the in-vitro diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. In Vitro Diagnostics Market Report Structure
3. In Vitro Diagnostics Market Trends And Strategies
4. In Vitro Diagnostics Market - Macro Economic Scenario
5. In Vitro Diagnostics Market Size And Growth
…..
27. In Vitro Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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