NEW YORK, Jan. 28, 2022 /PRNewswire/ -- The in-vitro diagnostics instruments market is witnessing significant growth in North America. The growing awareness among the population is resulting in regular tests and check-ups, which is increasing the sales of in-vitro diagnostics products in the region.
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:
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
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:
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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.
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.
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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. |
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