BANGALORE, India, June 15, 2020 /PRNewswire/ -- The global In Vitro Diagnostics Market (IVD) market size was valued at USD 67,111 million in 2019 and is projected to reach USD 91,093 million at a CAGR of 4.8% from 2020 to 2027.
IVDs are clinical tests that analyze samples taken from the human body, such as blood or tissue. In vitro diagnostics can detect diseases or other conditions and can be used to monitor the overall health of a person to help cure, treat, or prevent illness.
IVD market size is expected to grow steadily over the forecast period due to a number of factors, such as increased demand for infectious disease testing as new pathogen strains develop each year, such as in seasonal influenza and H1N1, and increased incidences of hospital-acquired infections. Furthermore, the recent outbreak of the COVID-19 pandemic is expected to propel the IVD market size.
The IVD market report includes an analysis of Porter's Five Forces Model for In-vitro diagnostics (IVD) to understand the competitive landscape of the market. The research provides an overview of market appeal, in which all segments are benchmarked based on market share, growth rate, and overall appeal.
One of the major factors expected to boost the growth of IVD market size is an increase in the geriatric population, who are prone to immunological disorders.
Due to the increasing use of fully automated instruments in diagnostic laboratories, the market is gaining strength. Completely automated tools are versatile and highly efficient. They help decrease hands-on time, reduce batch testing, and provide doctors with quicker tests compared to non-automated instruments. Because of these advantages, market players focus more and more on automated instrument development. This, in turn, is expected to increase the IVD market size.
The integration of biomarkers and the availability of biomolecular tools are predicted to help in the development of a new set of condition-specific tests, thus creating new opportunities for the growth of IVD market size. Moreover, it is expected that increasing demand for fast diagnostics and treatment plans will drive the IDV market
The increase in the use of personalized medicinal products in the treatment of various chronic diseases such as cancer is expected to boost the IVD market size over the forecast period. Furthermore, the increase in the use of IVD ELISA (enzyme-linked immunosorbent assay) test kits to provide accurate detection of antigens from stool or urine and antibodies from serum samples is expected to fuel the market growth.
Increasing technological advances related to in vitro diagnostic products, technologies, and software & services increases the IVD market size.
IVD MARKET SIZE RESTRAINERS
The growth of in vitro diagnostic market size can be hindered due to strict government regulation and unfavorable policies
Based on the product and service category, the reagents segment has gained a wide market share in in-vitro diagnostics. The growth of this segment is due to factors such as increased accessibility and demand for reagents, and the rising number of IVD tests conducted across the globe.
In the global in-vitro diagnostics market, North America is projected to hold the largest in-vitro diagnostics market share over the forecast period, followed by the European region. The dominance of the North American region is due to the availability of government funding, the growing use of molecular diagnosis in genetic disorders and cancer detection, and the presence of key players in the region.
Due to an increase in healthcare costs and an increase in the prevalence of diabetes in the country, Asia-Pacific is projected to grow rapidly in the forecast period. Other factors, such as a large patient base for other chronic illnesses requiring IVD testing, will also boost Asia-Pacific market growth.
TOP COMPANIES IN THE IVD MARKET
Top companies in the IVD market are launching new systems using reagents with advanced technology to improve accuracy. The IVD market research report provides development strategies adopted by the key market players to understand the competitive scenario of the market. During the forecast period, the high growth rates shown by developing economies provide lucrative opportunities for key players in the IVD market.
Roche in-vitro diagnostics is one of the most comprehensive solutions that covers clinical chemistry and immunoassays, molecular and digital diagnostics, point of care testing, patient self-testing, next-generation sequencing, laboratory automation and IT, and decision support.
Abbott in vitro diagnostics offers a broad range of medical diagnostic instruments, tests, automation, and informatics solutions for hospitals, reference labs, molecular labs, blood banks, physician offices, and clinics.
Other top companies analyzed in the report are Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN NV, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
In Vitro Diagnostics (IVD) Quality Control Product Market Report
The Global IVD, Quality Control Products Market size, is projected to reach USD 1,052 million by 2022, registering a CAGR of 3.5% during the forecast period from USD 823 million in 2015.
IVD Quality Controls are samples/materials for validating the reliability of the IVD Testing System, for ensuring that test results are accurate and for evaluating the impact on test results of factors such as environmental and operator performance.
In Vitro Diagnostic (IVD) devices are medical devices and accessories used to perform tests on samples in order to help detect infection, diagnose a medical condition, and prevent disease. It generally includes reagent, calibrator, control material, kit, specimen receptacle, software, instrument, apparatus, equipment, or system, whether used alone or in combination with other diagnostic goods.
The major regions covered in the report are North America, Europe, Asia-Pacific, South America, Middle East & Africa, etc. The report lists the major manufacturers in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition.
The global IVD (In Vitro Diagnostics) Products market is segmented by Type and Application. Based on type, it is further segmented into, Immuno Diagnostics, Molecular Diagnostics, and Tissue Diagnostics. And based on the application, it is divided into Hospital, Laboratories, and Research & Academic.
The major regions covered in the report are North America, Europe, China, Rest of Asia Pacific, Central & South America, Middle East & Africa, etc. It includes revenue analysis of each region for the year 2015 to 2026.
This report provides a complete quantitative data and qualitative analysis on the global market for In-vitro Diagnostics Packaging. Market size is analyzed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.
In-Vitro Diagnostics (IVDs) Medical Device Market Size
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the In-Vitro Diagnostics (IVDs) Medical Device market size significantly in 2020.
COVID-19 Impact on Bioinformatics in IVD Testing Market
North America currently has the largest Bioinformatics in IVD Testing Market share due to the increase in health awareness. Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to an increased prevalence of cancer and other diseases among the population.
This report provides a complete quantitative data and qualitative analysis on the global market for Bioinformatics in IVD Testing. Market size is analyzed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.
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