The region is also witnessing a strong rise in the prevalence of chronic diseases. According to a study, around 34.2 million people belonging to all age groups in the US had diabetes in 2018. The prevalence of such chronic diseases coupled with rising healthcare expenditure, the increasing adoption of advanced technologies, and the presence of prominent vendors are driving the growth of the in-vitro diagnostics instruments market in North America.
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Key In-Vitro Diagnostics Instruments Market Report Highlights:
- Market growth 2020-2025: USD 23 billion
- Growth momentum & CAGR: Accelerate at a CAGR of 7.95 %
- YoY growth (%) in 2021: 6.23 %
- Performing market contribution: North America at 35%
- Key consumer countries: the US, China, Germany, Canada, and the UK
Regional Market Analysis
Although 35% of the growth will be originating from North America, this region will record a slower growth rate during 2020-2025.
The market growth will be faster in Europe. The high prevalence of non-communicable diseases, such as diabetes, cardiovascular diseases, and chronic respiratory diseases is driving the growth of the market in Europe. In addition, the increasing R&D for the development of novel drugs for various diseases is contributing to the growth of the regional market in Europe.
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In-Vitro Diagnostics Instruments Market: Vendor Landscape
- Abbott Laboratories
- Becton Dickinson and Co.
- Bio Rad Laboratories Inc.
- bioMerieux SA
- Danaher Corp.
- F. Hoffmann-La Roche Ltd.
- HORIBA Ltd.
- Siemens AG
- Sysmex Corp.
- Thermo Fisher Scientific Inc.
The in-vitro diagnostics instruments market is highly fragmented and competitive due to the presence of several small and large vendors. The growing competition in the market is driving vendors in the market to acquire other vendors or form strategic alliances to develop new products and enhance competitiveness.
For instance:
- In July 2021, Becton Dickinson and Co. acquired Tepha, Inc. for developing advanced repair of soft tissue and regeneration. In July 2021, the company announced a new eCommerce site to reimage Digital Marketplace for Flow Cytometry.
- In June 2021, Bio Rad Laboratories Inc. partnered with Seegene for the testing of molecular diagnostic products. In June 2021, the company launched Wastewater Quantification Kit for COVID-19 Wastewater Testing named Prevalence ddPCR SARS-CoV-2.
- In July 2021, Thermo Fisher Scientific Inc. partnered with My Green Lab to improve the environmental sustainability of scientific research. In June 2021, the company launched a saliva collection kit to aid global SARS-CoV-2 research and surveillance efforts.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the in-vitro diagnostics instruments market.
- Growing geriatric population:
The geriatric population is expanding at a significant rate across the world. For instance, in 2020, 16% of the total population in the US were aged 65 years and above. Similarly, the percentage of geriatric population in the total population was 18% in Canada, 20% in France, 22% in Germany, 28% in Japan, and 19% in the UK. The growth of this population group is increasing the need for regular health check-ups, disease diagnosis, and treatment. All these factors are increasing the demand for in-vitro diagnostics instruments, which is driving the growth of the market.
To know about a few other market drivers, trends, and challenges,
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Related Reports:
In-vitro Diagnostics Instruments Market by Product, End user, and Geography - Forecast and Analysis 2021-2025
IVF Devices Market by End-user and Geography - Forecast and Analysis 2021-2025
In-vitro Diagnostics Instruments Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.95% |
Market growth 2021-2025 |
USD 23.00 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, China, Germany, Canada, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Abbott Laboratories, Becton Dickinson and Co., Bio Rad Laboratories Inc., bioMerieux SA, Danaher Corp., F. Hoffmann-La Roche Ltd., HORIBA Ltd., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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