Global In-Vitro Diagnostics Market Size to Reach USD 118.44 Billion in 2028 | Increased Investment in Research & Development in Molecular Diagnostics and Development of New Product is Driving the Industry Demand, says Emergen Research

VANCOUVER, BC, Aug. 9, 2021 /PRNewswire/ -- The global in-vitro diagnostics market size is expected to reach USD 118.44 Billion at a steady revenue CAGR of 4.4% in 2028, according to latest analysis by Emergen Research. In-vitro diagnostics market revenue growth is due to increased investment in research & development in genomics and proteomics industry.

Surge in geriatric population, prevalence of sedentary lifestyle that result in chronic diseases and rise in infectious diseases is driving the growth of the market. Increase in prevalence of target diseases such as gastrointestinal diseases, diabetes, cardiac disorders, cancer, and infectious diseases is contributing to in-vitro diagnostic market growth positively.

Rising incidence of surgical procedures is expected to fuel market growth. Increased awareness about personalized medicine and adoption of point-of-care testing is also contributing to in-vitro diagnostics market growth. However, strict regulatory framework and inadequate reimbursement policy will impede market growth. Moreover, shortage of skilled professionals to perform diagnostic tests effectively and lack of training programs are also hampering adoption of in-vitro diagnostics products.

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Advancement in technology has led to increased availability of over-the-counter tests for better treatment. It adds significant value to medical diagnosis and treatment processes, thus improving the well-being of the public. Another factor driving the market growth is development of next generation sequencing (NGS). NGS along with data analysis algorithm allow researchers and clinicians to uncover cancer pathways, hidden aspects of antibiotic resistance, and rare chronic diseases. It offers speed and accuracy and reduces time to diagnose.

Key players in the in-vitro diagnostics market include

Siemens Healthineers, Roche Diagnostics, Danaher Corporation, bioMérieux, Abbott Laboratories, DiaSorin, Thermo Fisher Scientific, Inc., Ortho Clinical Diagnostics, QIAGEN, and Sysmex Corporation.

Some Key Highlights in the Report

• In July 2021, Ortho Clinical Diagnostics launched Interleukin-6 (IL-6) reagent pack, the latest addition to ortho's critical care blood testing menu. Ortho is one of the world's leading in-vitro diagnostic company and is available in the EU countries and several LATAM and APAC countries. The test is used to detect and evaluate inflammatory diseases, including auto-immune disorders, sepsis and severe respiratory infections from COVID-19.
• Reagent segment accounted for largest revenue share in 2020. These kits and reagents are first line testing devices for at-home consumer-friendly glucose monitoring and pregnancy tests to more complex automated laboratory-based systems. Increase in production of rapid, sensitive devices which offers accurate results is also driving revenue growth of the segment.
• Oncology segment revenue is forecasted to grow at the highest rate during the forecast period due to increasing rates of mortality and morbidity. Increased research activities and high level of funding from governments worldwide to develop solution for prevention and treatment of disease is propelling the revenue growth of the segment.
• North America accounted for largest revenue share in 2020. Investment in healthcare sector keeps on increasing substantially every year to improve basic healthcare and modernize the whole sector. Such heavy investment has focused on fighting major diseases, authorized by the invention of valid and cost-effective drug development for side effect reduction and treatment, along with enhanced vector control.

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Emergen Research has segmented the global in-vitro diagnostics market on the basis of product, devices, application, technique, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2018–2028)
• Reagents & Kits
• Instruments
• Fully Automated Instruments
• Semi-Automated Instruments
• Data Management Software
• Services
• Devices Outlook (Revenue, USD Billion; 2018–2028)
• Reusable IVD Devices
• Disposable IVD Devices
• Application Outlook (Revenue, USD Billion; 2018–2028)
• Cancer
• Infectious Diseases
• Diabetes
• Gastrointestinal Disease
• Autoimmune Diseases
• Cardiac Disease
• Drug Testing /Pharmacogenomics
• HIV/AIDS
• Nephrological Disease
• Others
• Technique Outlook (Revenue, USD Billion; 2018–2028)
• Immunoassay
• Enzyme-Linked Immunosorbent Assay
• Chemiluminescenc e Immunoassays
• Fluorescence Immunoassays
• Colorimetric Immunoassays
• Radioimmunoassay
• Rapid Test
• Western Blottin
• Enzyme-Linked Immunospot Assays
• Clinical Chemistry
• Basic Metabolic Panel
• Electrolyte Panel
• Liver Panel
• Lipid Profile
• Renal Profile
• Thyroid Function Panel
• Specialty Chemical Tests
• Molecular Diagnostics
• Polymerase Chain Reaction
• Isothermal Nucleic Acid Amplification Technology
• Microarray
• Hybridization
• DNA Sequencing & Next-Generation Sequencing
• Other Molecular Diagnostics Technologies
• Microbiology
• Hematology
• Coagulation and Hemostasis
• Urinalysis
• Other IVD Technologies
• End-use Outlook (Revenue, USD Billion; 2018–2028)
• Hospitals & Clinics
• Diagnostic Laboratories
• Homecare Settings
• Others

Have a look at Report Description and Table of Contents of Market Research Report@ https://www.emergenresearch.com/industry-report/in-vitro-diagnostics-market

• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
•  U.K.
• France
• Spain
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• Israel
• Rest Of MEA

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