COVID-19 Fuelling Notable Growth in In-Vitro Diagnostics Market, Creating Novel Growth Opportunities for Players: TMR Study

ALBANY, N.Y., Aug. 19, 2020 /PRNewswire/ -- The global in vitro diagnostics market is set to witness a notable increase in its worth over the forecast period of 2017 to 2025, owing to a sturdy compound annual growth rate of 5.60% anticipated to drive the market on a higher trajectory. A slew of factors such as positive transformations in medical and healthcare industries are supporting the projected market growth over the stated period.

As per Transparency Market Research, "Development of state-of-the-art diagnostics facilities is a major growth factor in the global in-vitro diagnostics market. As technology advances and players get comfortable with digital tools and techniques, the market would only grow further."

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Key Findings of Global In-vitro Diagnostics Market Study:

• Owing to increase in demand for better diagnostics in oncology, the relevant application segment will drive demand for in-vitro diagnostics in a major way
• Growing concerns around new forms of tumors being discovered is leading the healthcare industry towards a quest to address these challenges
• North American region will account for a large share of the global in-vitro diagnostics market over the assessment period.

For a detailed analysis of global in-vitro market by technology, application, end-user, and region, visit TOC at https://www.transparencymarketresearch.com/report-toc/1395

Key Drivers of Growth in Global In-vitro Diagnostics Market:

• Digital transformation, technological advancement and increasing significance of point-of-care diagnostics are contributing to growth in the market
• Massive increase in incidence of COVID -19 infections is leading to increase in research and development activities in diagnostics of infectious diseases, leading to market growth
• State-of-the-art diagnostic facilities are enabling growth in the market by paving way for better outcomes
• More and more facilities are exploring advanced technologies for up-gradation purposes, driving demand for in-vitro diagnostics
• Notable increase in incidence of cancer across several regions in the world will propel the market on a higher growth curve

Analyze global in-vitro diagnostics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study https://www.transparencymarketresearch.com/sample.php

Regional Analysis of Global In-vitro Diagnostics Market:

• North American region is witnessing a massive increase in in-vitro testing and this can be majorly attributed to increase in COVID-19 cases in the United States of America
• In Asia Pacific (APAC) region, cooperation between countries to better manage increasing incidence of diseases is leading to growth in in-vitro diagnostics market
• Increase in cases of lung disorders and cancer is also supporting growth in several regions of Asia Pacific

Competitive Landscape of Global In-vitro Diagnostics Market:

Some of the distinguished players operating in the vendor landscape of global in-vitro diagnostics market who are also covered comprehensively by Transparency Market Research are Becton Dickinson and Company, Thermo Fisher Scientific Corporation, Sysmex Corporation, Danaher Corporation, Siemens Healthineers, Diasorin, and Biomerieux SA.

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A number of players in the market are directing efforts towards educating people so that they are aware of relevance of testing. It is pertinent to note here that a host of other measures are being used by market players to lay claim to higher share of global in-vitro diagnostics market. Increasing research and development (R&D) activities and growing advancement in technology are critical growth factors for players. Innovation holds a prominent place in overall growth strategy for most notable players.

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Market Segmentation:

By Technology:

• Point of Care
• Molecular Diagnostics
• Polymerase Chain Reaction(PCR)
• Isothermal Nucleic Acid Amplification Technology
• Microarray
• Hybridization
• DNA Sequencing and Next Generation Sequencing
• Other MDX Technologies
• Immunoassay
• Enzyme-Linked Immunosorbent Assays (ELISA)
• Radioimmunoassay (RIA)
• Enzyme-Linked Immunospot (ELIspot) Assay
• Rapid Tests
• Other Immunoassay Techniques
• Clinical Chemistry
• Basic Metabolic Profile
• Electrolyte Panel
• Liver Panel
• Lipid Panel
• Renal Panel
• Thyroid Function Panel
• Specialty Chemical Tests
• Whole Blood Glucose Monitoring
• Hematology
• Clinical Microbiology
• Coagulation and Hemostasis
• Others

 By Application:

• Drug Testing
• Infectious Disease
• Oncology
• Metabolic Disease
• Autoimmune Disease
• Others

By End User:

• Diagnostics Laboratories
• Hospitals
• Academic & Research Centers
• Home Care
• Others

By Geography:

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of the Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• Rest of Asia Pacific
• Latin America (LATAM)
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• GCC Countries
• South Africa
• Israel
• Rest of Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

Molecular Diagnostics Market: According to the report, the global molecular diagnostics market is anticipated to witness a staggering 11.6% CAGR during the forecast period of 2017 to 2025. Additionally, the report states that the market is projected to grow from US$ 7.1 Bn in 2016 to US$ 18.9 Bn by the end of 2025. This shows that the market has massive growth potential, which is the major reason that is attracting new players in the global molecular diagnostics market.

Point-of-care Diagnostics Market: The point-of-care diagnostics market is predicting substantial growth during the forecast period of 2016-2024 with the rise in COVID-19 testing as a significant growth factor. Other factors supporting the growth of the point-of-care diagnostics market are the increased prevalence of infectious diseases such as tuberculosis, AIDS, etc. and the rising incidences of target conditions. The increasing demand for rapid diagnostics among the general populace is also assisting the growth of the point-of-care diagnostics market.

Immunoassay Market: As per the research report, in 2017, the global market for immunoassay stood at US$ 16.54 Bn and is estimated to reach a value of US$ 28.61 Bn by the end of 2026. The market is further estimated to exhibit a healthy 6.20% CAGR between 2018 and 2026. The North America market for immunoassay is estimated to hold a key share of the market, further followed by Europe. The strong growth of Europe and North America can be ascribed to the presence of well-established healthcare infrastructure and the development of the biotechnology industry.

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