In Vitro Diagnostic Market Worth $127.4 Billion by 2030: P&S Intelligence

NEW YORK, Nov. 16, 2020 /PRNewswire/ -- As per the 9^th edition of the International Diabetes Federation (IDF) atlas, compared to 352 million in 2019, 486 million people in the age group of 20–64 will have diabetes in 2045. Resultingly, the global In-Vitro diagnostic market is expected to grow from $63.5 billion in 2019 to $127.4 billion by 2030, at a 6.6% CAGR between 2020 and 2030, according to P&S Intelligence.

Similarly, in 2018, cancer killed 9.6 million people, as per the World Health Organization (WHO). The advance of the in vitro diagnostic market is driven by the high utility of IVD tests in diagnosing hypertension, diabetes, cardiovascular diseases, hyperlipidemia, kidney diseases, and cancer. Thus, with the increasing incidence of chronic diseases, the demand for these convenient and readily-available tests is rising, thus driving the requirement for the various products used in the process.

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During the COVID-19 pandemic, the in vitro diagnostic market has received a strong boost. Due to the increasing number of cases and general fear among the populace of contracting it, especially after coming in contact with a suspected virus carrier, the demand for IVD tests is rising rapidly. Governments around the world are investing heavily in procuring rapid testing and other types of diagnostic kits, seeing the vast decrease in inventories.

In the years to come, the software & services category is predicted to witness the fastest growth in the in vitro diagnostic market, on the basis of offering. A variety of devices, such as point-of-care (POC) and laboratory-based analyzers and hand-held IVD test kits, require software. With the rising popularity of next-generation and automated testing kits and equipment, the demand for software is increasing.

Browse detailed report with COVID-19 impact analysis on In-Vitro Diagnostic Market Research Report: By Offering (Reagents & Kits, Instruments, Software & Services), Technology (Clinical Chemistry, Immunochemistry, Molecular Diagnostics, Hematology, Microbiology), Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Diseases), End User (Hospitals & Clinics, Point of Care, Laboratories, Research & Academic Institutes) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/in-vitro-diagnostic-market

The hospitals & clinics category held the largest share in the in vitro diagnostic market in the past, under the end user segment. These medical centers offer the most-comprehensive patient care, which is why patients prefer them. Additionally, the rising accessibility of healthcare and increasing geriatric population are driving the demand for IVD testing products in hospitals and clinics.

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North America is the most-productive in vitro diagnostic market presently, and it will continue being so in the immediate future. The region is home to a large number of market players, and it also witnesses heavy R&D and healthcare spending. The demand for IVD products in the continent is also growing on account of the rising adoption of nucleic acid testing (NAT) and other advanced screening methods and government support.

In order to increase their influence on the in vitro diagnostic market, players are launching new and advanced products, which:

• Simultaneously identify influenza A/B, COVID-19, and respiratory syncytial virus (RSV)
• Detect COVID-19 without any additional laboratory system
• Have the CE-IVD mark under the In-Vitro Diagnostics Directive (98/79/EC)
• Can be used for direct sample processing
• Help doctors detect sepsis

The major companies in the global in vitro diagnostic market are Danaher Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., F. Hoffmann-La Roche Ltd., OraSure Technologies Inc., Quidel Corporation, DIAGNOSTICA STAGO S.A.S, Sysmex Corporation, Abbott Laboratories, Siemens AG, Hologic Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Sartorius Stedim Biotech S.A., Trinity Biotech plc, bioMérieux S.A., DiaSorin S.p.A., Bio-Techne Corporation, and Grifols S.A.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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SOURCE P&S Intelligence