In vitro Diagnostics Market revenue to cross USD 115 Bn by 2027: Global Market Insights Inc.

SELBYVILLE, Del., Dec. 7, 2021 /PRNewswire/ -- The in vitro diagnostics market size is anticipated to record a valuation of USD 115 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing number of pathology labs and services equipped with advanced diagnostics systems will boost the market growth during the forecast timeline.

Increasing popularity of point of care testing (POCT) is one of the prime factors that will promote the market expansion. Over the past few years, there has been dramatic rise in point of care testing owing to the increased test accuracy, precision, and easier connection and management of data offered in POCT centers. Point-of-care testing centers are CLIA-certified in the U.S. and are supervised by a qualified laboratory medical director. Furthermore, testing done at POCT is cheaper compared to laboratories and hospitals.

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The reagents & kits segment dominated more than 67% of the in vitro diagnostics market share in 2020. The demand for reagents & kits has increased owing to continuous demand for testing. Also, increasing number of authorized diagnostic laboratories and rising worldwide elderly population will propel the segment growth. The developments and innovation in various test kits and growing demand for user-friendly, diagnostic tests will bolster the industry expansion.

The immunoassay/immunochemistry segment accounted for 20% of the revenue share in 2020 led by the increasing usage of immunoassays in oncology and COVID-19 detection. Also, with the increasing epidemic potentials, integration of microfluidics technology into immunoassays is creating growth opportunities for the segment and thereby promoting the overall industry progression.

The diabetes segment in the in vitro diagnostics market captured USD 11 billion in 2020. According to WHO report, the prevalence of diabetes has increased. In 2019, diabetes was one of leading cause of deaths worldwide. Around 1.5 million deaths were directly caused due to diabetes. This has created awareness among people for early diagnosis and treatment thereby increasing demand for in vitro diagnostic tests. Growing awareness regarding diabetes testing and development of advanced diagnostic tests will stimulate the market demand.

The academic & research institutes segment is projected to witness 4.5% growth rate through 2027 driven by the increasing in research activities in academic universities, institutes and clinical research organizations. Increased usage of kits, and diagnostic instruments for research purpose will spur the segment expansion.

Asia Pacific in vitro diagnostics market held around 20% of revenue share in 2020. Several APAC countries such as India, Japan, and China, are witnessing increasing demand for in vitro diagnostic tests due to surging geriatric population and escalating prevalence rates of infectious and chronic diseases in the region. The industry growth is also supported by presence of independent diagnostic center chains, hospitals, and academic institutes. Moreover, government funding on healthcare infrastructure and launch of new diagnostic kits in the region will fuel the business progression.

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Some of the prominent players operating in the market include, F. Hoffmann-La Roche AG, Abbott, Danaher, Siemens Healthineers, BioMerieux, DiaSorin, Bio-Rad Laboratories, Becton Dickinson and Company, Sysmex Corporation, Thermo Fisher Scientific, Ortho Clinical Diagnostics, and Qiagen. These market participants are implementing various growth strategies to sustain competition in industry.

Some major findings of the in vitro diagnostics market report include:

• Rising prevalence of chronic and infectious diseases worldwide will impel the demand for in vitro diagnostics.
• Increasing adoption of personalized medicines for cancer treatment is proving beneficial for the industry.
• Growing popularity for point of care testing will accelerate the market value.
• Government funding and rising R&D activities to develop fully automated in vitro diagnostic instruments will foster the industry demand.
• The impact of COVID-19 on market was positive as the demand for tests significantly increased. Also, various test kits were launched amid pandemic thereby accelerating the industry revenue.
• However, high cost of diagnostic instruments may hinder the business progression to a certain extent.

Table of Contents (ToC) of the report:

Chapter 3 In Vitro Diagnostics Market Insights

3.1  Industry segmentation

3.2  Industry landscape, 2016 - 2027

3.3  Industry impact forces

3.3.1  Growth drivers

3.3.2  Industry pitfalls and challenges

3.4  Growth potential analysis

3.4.1  By product type

3.4.2  By test type

3.4.3  By application

3.4.4  By end-user

3.5  COVID-19 impact analysis

3.6  Porter's analysis

3.7  Competitive landscape, 2020

3.7.1  Competitive matrix analysis, 2020

3.8  PESTEL analysis

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About Global Market Insights Inc.

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SOURCE Global Market Insights Inc.