In Vitro Diagnostics Industry to Reach $113.86 Billion

According to the report, the global in-vitro diagnostic market is valued at $69.51 billion in 2020 and is anticipated to grow over $113.86 billion by 2030.

The global in-vitro diagnostic market is expected to grow at the double-digit compound annual growth rate in the forecast period 2020-2030, aided primarily by the impressive growth in the underlying manufacturing market.

The in vitro diagnostic (IVD) has emerged as one of the most promising techniques in the field of diagnostics.

The IVD sector is playing a critical role in shifting the healthcare and drug discovery landscape.

The current healthcare system is under massive burden on account of rising demand and soaring costs, and this trend is projected to worsen in the forthcoming years.

The potential challenges tend to be chronic age-related conditions, including cardiovascular disease, cancer, and neurological diseases, and these will become more prevalent as population demographics shift upward.

Rising healthcare costs pertaining to these conditions create a need for advanced tools that are fast, accurate, specific, informative, affordable, and less invasive for clinical decision making.

Catering to these mentioned needs, IVD tools hold the potential to help shift the emphasis in medicine from reaction to prevention.

North America is the leading contributor in the global IVD market and contributed approximately 37.60% to the global market value in 2019.

This region is anticipated to grow at a CAGR of 4.43% during the forecast period 2020-2030 and continue dominating the global market in 2030 as well.

However, the Asia-Pacific region is expected to grow at an impressive CAGR of 6.10% during the forecast period from 2020-2030.

The European region also contributed a significant share of 28.50% to the global market in 2019 and is anticipated to grow at a CAGR of 4.96% during the forecast period from 2020-2030.

Research Highlights

  • IVD market for consumables is expected to witness a robust CAGR of 5.28% during the forecast period 2020-2030. However, the IVD market for instruments is anticipated to witness the growth of 4.28% during the forecast period, 2020-2030.
  • F. Hoffmann-La Roche Ltd is currently the largest shareholder in the global IVD market. This market dominance is attributed to the company’s presence within the market through its dedicated product mix based on its proprietary technologies.

This market intelligence report provides a multi-dimensional view of the global IVD market in terms of market size and growth potential.

This research report aims at answering various aspects of the global IVD market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launch and enhancements, approvals, synergistic activities, acquisitions, and expansions.

The research report provides a comprehensive analysis of product sales, manufacturers, and trend analysis by segment, market share, and growth-share analysis by companies.

Additionally, the report provides a comprehensive and attractive analysis and opportunity analysis for the entire IVD market for 2019 and 2030.

This report is a meticulous compilation of research on more than 30 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading and emerging companies, market participants, and vendors.

The report also comprises 18 detailed company profiles including several key players, such as Agilent Technologies, Inc., F. Hoffmann-La Roche, Illumina, Inc., Qiagen N.V., Abbott Laboratories, Inc., Thermo Fisher Scientific, Danaher Corporation, Myriad Genetics, Inc., Laboratory Corporation of America Holdings, Siemens Healthineers, Inc., Quest Diagnostics Incorporated, Bio-Rad Laboratories, Inc., Sysmex Corporation, bioMrieux S.A. Becton, Dickinson and Company, Ortho Clinical Diagnostics, Hologic, Inc, and DiaSorin S.p.A.

Growth Drivers

  • Rise in Adoption of Rapid, Minimally Invasive and Non-Invasive Diagnostics Tools & Techniques
  • Rise in the Global Geriatric Population
  • High Number of Patients with Infectious and Chronic Diseases
  • Rise in the Global Healthcare Expenditure
  • Rise in the Demand for POC Testing

For more information, visit www.researchandmarkets.com

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