In Vitro Diagnostics Market

Insights

In Vitro Diagnostics Market was expected to grow from USD 100.49 Billion in 2021 and is likely to grow at a CAGR of 2.7% during 2022-2028 to reach USD 121.09 Billion by 2028.

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What are In Vitro Diagnostics?

In vitro diagnostics are tests that are performed on blood samples or tissues that have been taken from the human body, to detect, treat, and prevent diseases.

Key Players

Some of the key players in the In Vitro Diagnostics Market are:

• Abbott Laboratories
• Arkray Inc.
• Becton, Dickinson, and Company
• Biomerieux SA
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Siemens Healthcare GmbH
• Sysmex Corporation
• Thermo Fischer Scientific Inc.

Drivers

The growth of the In Vitro Diagnostics Market is primarily driven by -

• Major factors such as the high prevalence of chronic and infectious diseases.
• The rapid development of diagnostic kits for the diagnosis of COVID-19 by key companies.
• The growing demand for IVD kits and reagents.

are likely to propel the growth of the in vitro diagnostics market during the forecast period.

Segment Analysis

By Test Type

The Molecular Diagnostics segment accounted for the largest market share of >37.5% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

The market is segmented into Clinical Chemistry, Molecular Diagnostics, Immuno Diagnostics, Hematology, and Others.

By Product Type

The Reagents segment accounted for the largest market share of >64.50% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

The market is segmented into instruments, reagents, and others. Increasing need for reagents to meet the growing demand for diagnostics across the world, for the diagnosis of COVID-19 infection. 

By End-User Type:

The Diagnostic Laboratories segment accounted for the largest market share of >37.50% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

The market is segmented into Diagnostic Laboratories, Hospitals and Clinics, and Others. Major growth factors of the laboratory segment are the growing demand for affordable services, technological advancements, and a rapid increase in awareness about personalized medicines.

By Application Type:

The Infectious Disease segment accounted for the largest market share of >59% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

The market is segmented into Infectious Disease, Diabetes, Cancer/Oncology, Cardiology, Autoimmune Disease, Nephrology, and Others. The detection of microorganisms or disease-causing bacteria is facilitated by IVDs. HIV/AIDS, TB, hepatitis, and pneumonia are the most frequently occurring life-threatening illnesses.

By Region

North America accounted for the largest market share of >41.50% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

It is estimated to be the dominating region in the market over the forecast period on account of its well-established healthcare industry, rising prevalence of chronic diseases in the region, presence of some of the market's major players, and an increasing number of product launches. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

The In Vitro Diagnostics Market is segmented into the following categories.

By Test Type:

• Clinical Chemistry
• Molecular Diagnostics
• Immuno Diagnostics
• Hematology
• Others

By Product Type:

• Instruments
• Reagents
• Others

By Usability Type:

• Disposable IVD Devices
• Reusable IVD Devices

By Application Type:

• Infectious Disease
• Diabetes
• Cancer/Oncology
• Cardiology
• Autoimmune Disease
• Nephrology
• Others

By End-User Type:

• Diagnostic Laboratories
• Hospitals and Clinics
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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Target Audience

Here is the list of the group of customers that the Global In Vitro Diagnostics market hopes to have the greatest opportunity to convert-

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by end-user type. 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.