NOIDA, India, Sept. 18, 2020 /PRNewswire/ -- UnivDatos Market Insights released a report titled "In-Vitro Diagnostics Marketby Product (Reagents and Instruments Services), Techniques (Immunoassay, Clinical Chemistry, Self-Monitoring of Blood Glucose (SMBG), Molecular Diagnostics, Hematology, Microbiology, Point-of-Care, Hemostasis), Application (Infectious Disease, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disease, Others), End-User (Hospitals, Clinics & Laboratory, Home Care, Other Healthcare Facility), Usability (Disposable and Reusable) and Region (North America, Europe, Asia-Pacific and Rest of World) - Current Analysis and Forecast (2019-2025)." According to the analysis, the market was valued at US$ 68.92 billion in 2018 and is predicted to reach US$ 98.18 billion by 2025. The market registered a CAGR of 5.24% during the forecast period (2019-2025).
The report put forward both quantitative and qualitative industry analysis. Qualitative factors include several drivers and opportunities. It was estimated by WHO that, the proportion of the burden of Noncommunicable diseases (NCDs) will reach 57% by 2020. They possess one of the biggest health challenges throughout the globe. It has also been estimated that by 2030, the global population aged 60 years or over will occupy more than 56%.The rising geriatric population also leads to an increase in age-related disorders thereby influencing the market growth. It is estimated that between 2015 and 2050, the population aged over 60 years will almost be doubled across the world.
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In-vitro diagnostics (IVDs) tests are conducted on the samples obtained from the human body, such as mucous swabs from the inside of the back of the throat or nose, or blood extracted from a vein or fingertip. IVDs can detect COVID-19 or other such conditions and can be used to monitor a person's health to help cure, treat, or prevent diseases. Serology/Antibody Tests detect antibodies (e.g., IgM, IgG) to the SARS-CoV-2 virus. Witnessing the rise in cases and tests conducted across the world, it is estimated that the pandemic will certainly increase the demand for such tests, supplementing the growth of In-Vitro Diagnostics market growth.
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The report also highlights the regulations and reimbursement policy in several countries such as the US, China, India, Japan, Australia, and Europe. Cost and benefits of diagnostic testing have also been provided to offer the stakeholders with the overall scenario as most treatment decisions today are based on IVD results.
By Product, the market is primarily bifurcated into
Reagents are essential components of IVD kits. They consist of surfactants, buffers, dyes, and basic chemicals. These reagents are used for setting up a reaction to the diagnosis of the disease. Special chemistry testing laboratories and clinical chemistry laboratories use them for an accurate diagnosis. Reagents dominated the product segment of the global In-Vitro Diagnostics market with a 69% share in 2018.
By Technique, the market is primarily bifurcated into
Self-Monitoring of Blood Glucose (SMBG)
Among techniques, Immunoassay occupied the largest share of 24.7% in 2018 and is expected to maintain its dominance throughout the forecast period 2019-2025. Immunoassay is deployed for the diagnosis of several infectious diseases. The popularity of SMBG is also increasing for keeping a regular check on the blood glucose level, as the diabetic population is increasing globally.
By Application, the market is primarily bifurcated into
In 2018, IVD was majorly used for the treatment and diagnosis of Infectious Diseases. The segment is anticipated to witness growth with a CAGR of 4.89% during the forecast period 2019-2025. Moreover, the escalating prevalence of these diseases will increase the application of IVD for their detection. For instance, it has been estimated that 9.3% (463 million people) globally were suffering from diabetes. This figure is estimated to reach 10.9% (700 million) by 2045.
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By End-User, the market is primarily bifurcated into
Clinics & Laboratory
IVD is used in hospitals, clinics & laboratories, home care, and other healthcare facilities The hospital is the major end-user of IVD and registered the maximum market growth. Point of care tests are compact such as pregnancy strips, fertility tests, and can be used in home settings. The results are provided by these tests much earlier as compared to the traditional tests.
By Usability, the market is primarily bifurcated into
Disposable IVD Devices
Reusable IVD Devices
The Reusable IVD Devices occupied the largest share and is projected to maintain its dominance throughout the forecast. These IVD devices can be used again after thorough cleaning and disinfection.
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Global In-Vitro Diagnostics Market Geographical Segmentation Includes:
North America (United States, Canada and Rest of NA)
Europe (Germany, United Kingdom, France, Italy, Spain and Rest of Europe)
Asia-Pacific (China, Japan, India, Australia and Rest of APAC)
Rest of World (Brazil and Other Rest of World)
Based on the estimation, North America dominated the In-Vitro Diagnostics market. Rising incidence of chronic diseases, escalating geriatric population, and high healthcare spending are major factors attributed to this dominance. Moreover, the presence of several players in the region also provides the country with a first-mover advantage.
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The competitive landscape has been provided pointing out the position of the key market players in the market along with the market share that is held by major players. These players are constantly working on expanding the market reach through M&A's along with partnerships.