At 4.9% CAGR, Global In Vitro Diagnostics (IVD) Market Forecast & Growth| 2021 - 2028 | to Massive Growth up to US$ 1,03,310.9 Million By 2028: Industry Size, Share, Trends, Forecast Report by Reports and Insights

The report is titled as ‘In Vitro Diagnostics Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the In Vitro Diagnostics market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. In Vitro Diagnostics market is expected to grow with significant rate in the near future.

The global In Vitro Diagnostics (IVD) market in 2020 is estimated for more than US$ 70,561.9 Mn and expected to reach a value of US$ 1,03,310.9 Mn by 2028 with a significant CAGR of 4.9%.

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In Vitro Diagnostics Market Dynamics

In-vitro diagnostics are tests performed in laboratories on biological samples such as blood, urine, tissue, etc. In vitro diagnostic are not only used for diagnosis but also provides useful information on monitoring of disease and treatment. Two-thirds of today’s clinical diagnoses involve in vitro diagnostics, hence are referred to as the backbone of healthcare.

In-vitro diagnostics market has witnessed substantial growth in last decade owing to technological advancements in testing methods as well as in analyzer instruments. According to the EPRS report, there are over 40,000 different IVD products available in the European market and per capita annual spending on IVD is approximately US$ 26. In-vitro diagnostics help to reduce the healthcare cost by making treatments more efficient and precise.

Evolving regulations for in-vitro diagnostics is the major driving force for market growth over the forecast period. For instance, regulation of medical devices in the European Union (EU) is undergoing a significant transformation with expanding the scope for in vitro diagnostics, which is expected to impact the increased product approvals for IVD in the region. Significant progress in point-of-care testing is another factor driving the growth of the global in-vitro diagnostics market. Introduction of molecular based assays and identification of range of biomarkers has opened up huge new opportunity for growth of global in-vitro diagnostics market.

In Vitro Diagnostics Market Competitive Landscape

Global market for in vitro diagnostics is dominated by Abbott Laboratories, Merck KGaG, F. Hoffman-La Roche AG, Becton Dickinson & Company, Danaher Corporation, Thermo Fisher Scientific Inc., Qiagen N.V., Diasorin S.P.A., biomerieux SA, Alere Inc., Bayer AG, Bio-Rad Laboratories Inc., Sysmex Corporation, etc. to name a few.

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In Vitro Diagnostics Market Segmentation

The global in vitro diagnostics market is segmented on the basis of product type, technology, end user and region. On the basis of product type, in vitro diagnostics market is segmented as reagents and kits, analyze, and consumables. Based on technology, global market is segmented as immunochemistry, molecular diagnostics, hematology, point-of-care diagnostics, tissue diagnostics and clinical chemistry. On the basis of end user, global in vitro diagnostics market is segmented into hospitals, diagnostic centers, clinics, home care settings and others.

By Products & Services

•  Reagents & Kits
•  Instruments

o    Fully Automated Instruments

o    Semi-Automated Instruments

o    Other Instruments

•  Data Management Software
•  Services

By Technology

•  Immunoassay/Immunochemistry

o    Enzyme-Linked Immunosorbent Assay

    Chemiluminescence Immunoassays

    Fluorescence Immunoassays

    Colorimetric Immunoassays

o    Radioimmunoassay

o    Rapid Test

o    Western Blotting

o    Enzyme-Linked Immunospot Assays

•  Clinical Chemistry

o    Basic Metabolic Panel

o    Electrolyte Panel

o    Liver Panel

o    Lipid Profile

o    Renal Profile

o    Thyroid Function Panel

o    Specialty Chemical Tests

o    Molecular Diagnostics

o    Polymerase Chain Reaction

o    Isothermal Nucleic Acid Amplification Technology

o    Microarray

o    Hybridization

o    DNA Sequencing & Next-Generation Sequencing

o    Other Mdx Technologies

•  Microbiology
•  Hematology
•  Coagulation and Hemostasis
•  Urinalysis
•  Other IVD Technologies

By Application

•  Infectious Diseases
•  Diabetes
•  Oncology
•  Cardiology
•  Autoimmune Diseases
•  Nephrology
•  Drug Testing/Pharmacogenomics
•  HIV/Aids
•  Other Applications

By End User

•  Hospitals
•  Laboratories

o    Large/Reference Laboratories

o    Medium-Sized Laboratories

o    Small Laboratories

•  Point-Of-Care Testing
•  Patient Self-Testing
•  Academic Institutes
•  Other End Users

By Region

•  North America
•  Latin America
•  Europe
•  Asia Pacific
•  Middle East
•  Africa

In Vitro Diagnostics Market Regional Segmentation

On the basis of region, the global in vitro diagnostics market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America in vitro diagnostics market is expected to be the most dominating market throughout the forecast period due to growing number of product approvals. Presence of key players in Europe makes it second largest market for in vitro diagnostics.

Asia Pacific in vitro diagnostics market is expected to witness highest growth rate due to increasing number local players in China and India. In terms revenue in 2018, North America is accounted to hold more than 40% of the market share, owing to favorable government regulations and presence of the key players in the region, also advancement in technology and advanced healthcare infrastructure also lead to the growth of In vitro diagnostic market in this region.

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