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In Vitro Diagnostics Market 2024-2033 - Size, Share, Growth & Competitive Analysis
In Vitro Diagnostics Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
In Vitro Diagnostics Market 2024 Key Insights:
• 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%.
• Surging Demand For Self-Administered Tests Reshapes The Market Landscape
• Innovative Advancements Enhances Blood Glucose Management With Mobile Digital Health Capabilities
• North America was the largest region in the global in-vitro diagnostics market in 2023
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