Maharashtra Herald

In Vitro Diagnostics Market Expected to Witness a Sudden Rise with a Tremendous CAGR of 4.17%, asserts DelveInsight

 Breaking News
  • No posts were found

In Vitro Diagnostics Market Expected to Witness a Sudden Rise with a Tremendous CAGR of 4.17%, asserts DelveInsight

October 15
00:18 2022
In Vitro Diagnostics Market Expected to Witness a Sudden Rise with a Tremendous CAGR of 4.17%, asserts DelveInsight
In Vitro Diagnostics Market
The In Vitro Diagnostics Market was valued at USD 67.82 billion in 2020, growing at a CAGR of 4.17% during the forecast period from 2021 to 2026, to reach USD 86.35 billion by 2026.

The In Vitro Diagnostics Market was valued at USD 67.82 billion in 2020, growing at a CAGR of 4.17% during the forecast period from 2021 to 2026, to reach USD 86.35 billion by 2026. 

The In Vitro Diagnostics Market is estimated to register positive revenue growth owing to the factors such as the rising prevalence of various infectious diseases such as COVID-19, the growing prevalence of various cancers, increasing cases of hematological diseases, and increasing product development activities with respect to in vitro diagnostics among others.

Some of the key market players operating in the in vitro diagnostics market include F. Hoffmann-La Roche Ltd (SWX: ROG), Abbott (NYSE: ABT), FUJIFILM Corporation (FUJIY), Sysmex Corporation (SSMXY: OTC US), Siemens Healthcare GmbH (SHL: Xetra), BD (NYSE: BDX), Seegene Inc (096530:KOSDAQ), Beckman Coulter, Inc (NYSE: BEC), QIAGEN (QIA:Xetra), bioMérieux SA (BIM.PA), Bio-Rad Laboratories, Inc. (NYSE: BIO), Thermo Fisher Scientific Inc (NYSE: TMO), Cisbio (Perkin Eemer), ARKRAY, Inc, Ortho Clinical Diagnostics (OCDX), ACON Laboratories, Inc., Teco Diagnostics, EKF Diagnostics (LON: EKF), Besurence GmbH, Savyon Diagnostics, HORIBA, Ltd., Palliance AB (NYSE: AB), Sugentech, Inc (KOSDAQ: 253840), Cypress Diagnostics, Salignostics, The Menarini Group, DxGen Corp, HUMAN, Nova Biomedical, Asahi Kasei Pharma Corporation (OTCMKTS: AHKSY), Agilent Technologies, Inc. (NYSE: A) and others.

DelveInsight’s “In Vitro Diagnostics Market Insight & Forecast” report will offer an in-depth understanding of the In Vitro Diagnostics market, further benefiting the competitors or stakeholders operating in the In Vitro Diagnostics device arena.

In Vitro Diagnostics Devices Overview

In Vitro Diagnostic devices are classified as products such as instruments, systems, and reagents intended to be used in the diagnosis, monitoring, planning for treatment of disease or other conditions.

In vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases. They may also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies. These in vitro diagnostics can include next generation sequencing tests, which scan a person’s DNA to detect genomic variations.

Some tests are used in laboratory or other health professional settings and other tests are for consumers to use at home.

Interested to know more about the functioning of In Vitro Diagnostics Devices – Visit @ In Vitro Diagnostics Devices Operations & Working.

In Vitro Diagnostics Market Insights

Among all the regions, Asia-Pacific is expected to account for the fastest growth in revenue generation in the global in-vitro diagnostics market. Factors such as the rising prevalence of lifestyle disorders such as diabetes, increasing prevalence of various cancers, the growing geriatric population along with rising haematological diseases such as anaemia are expected to aid in the growth of the Asia-Pacific in the vitro diagnostics market. Furthermore, an increase in disposable income and a growing focus on improving healthcare infrastructure and access, are also expected to aid in the in vitro diagnostics market growth in this region.

One of the key driving factors of the APAC in vitro diagnostics market is the high prevalence of anemia in the region. As per the latest data provided by the World Health Organization (2021), out of the global prevalent population of anaemia in non-pregnant women (539,000), South-East Asia accounted for the highest regional anaemic non-pregnant female population (age group- 15-49) with 234,000 people. The source further stated that in 2019, India and China registered approximately 758,200 and 190,400 cases of anaemia in pregnant women. Anemia is widespread throughout the world and affects children and women of childbearing age. Anemia is associated with motor and cognitive development and diminished work capacity. In pregnant women, iron deficiency anemia is also associated with adverse reproductive effects such as preterm birth, low birth weight in infants, and reduced iron storage in babies, which can lead to developmental disorders. IVDs are considered an essential component in primary healthcare and are highly utilized in haematology-related tests for haemoglobin, white blood cells among others.  Therefore, the rising prevalence of anaemia in the region is expected to drive the demand for IVDs, which in turn would provide a conducive growth environment for the Asia-Pacific IVD market.

Moreover, the large presence of the diabetic population in the APAC region is also a key factor stimulating the demand for in vitro diagnostic devices in the region. This can be supported by the facts provided by the International Diabetes Federation. According to the IDF Diabetes Atlas 9th Edition, an estimated 87.6 million adults in the age group of 20-79 years were living with diabetes in the South-East Asia region in 2019. As per the data provided by the IDF, in 2019, China had the highest number of diabetics worldwide, with 116 million people with diabetes, which was followed by India (77 million people with diabetes). Furthermore, the factsheet by the WHO also states that the prevalence of diabetes has been higher in developing economies than in developed nations. In vitro diagnostics has been extremely beneficial for diabetes monitoring as the need for constant monitoring of glycemic levels has led to the development of numerous blood glucose self-monitoring products such as AccuChek and other products. Therefore, the rising prevalence of diabetes in the region is predicted to boost the APAC in vitro diagnostics market in the coming years.

To read more about why APAC is leading the market growth in the In Vitro Diagnostics market, get a snapshot of the In Vitro Diagnostics market report.

In Vitro Diagnostics Market Dynamics

One of the major drivers of the In Vitro Diagnostics Market was the onset of the COVID-19 pandemic and the urgency felt for the need for diagnostic tests in order to contain the spread of the COVID-19 infection. As per the latest data collated by the World Health Organization (WHO), as of November 2021, there have been 255,324,963 confirmed cases of COVID-19, including 5,127,696 deaths across the globe. 

The high virulence associated with the SARS- COV-2 virus led to panic situations across the globe and led to various stages of lockdowns globally. This led to the exigent need for diagnostic methods and kits for the detection of the SARS-COV-2 virus with the aim to design better care for both infected and uninfected population groups. Technological advancements led to the development of numerous reverse transcriptase polymerase chain reaction tests as well as rapid antigen tests in order to serve the need for reliable novel diagnostic kits to meet the urgency created by the pandemic thereby positively impacting the in vitro diagnostics market growth during the forecast period (2021-2026).

Besides the COVID-19 pandemic, another contributing factor responsible for the growth of the in vitro diagnostics market is the rising prevalence of various cancers such as lung cancer. As per the facts stated by the GLOBOCAN 2020 study cited by the WHO, in 2020, lung cancer was the second most diagnosed cancer type with 2,206,771 new cases across the globe. In addition to that, lung cancer was the leading cause of death among all cancer types accounting for 1,796,144 deaths globally. In vitro diagnostics provide an opportunity for early diagnosis of cancer thereby providing better clinical outcomes for patients.

Technological advancements in product development coupled with a better understanding of cancer research led to the development of liquid biopsy. This technique comes under the molecular diagnostics branch of in vitro diagnostics and has proven to be beneficial in cancer diagnosis where tissue biopsy proved to be unfeasible. 

Moreover, besides helping in cancer diagnosis, liquid biopsy has also been used in the companion diagnostic device which helps in assessing the efficacy of a particular therapeutic intervention in a patient. Therefore, the rising prevalence of cancers has necessitated the need for in vitro diagnostic devices and products for improving cancer diagnosis and management. Hence, the rising prevalence of lung cancer, as well as the benefits of in vitro diagnostics in lung cancer diagnosis and treatment, may contribute to the rising demand for in vitro diagnostic devices, thereby supporting the growth of the in vitro diagnostics market during the forecast period from 2021-2026.

However, challenges in the development of accurate diagnostic tests and equipment and stringent regulations regarding product approvals may hinder the IVD market growth.

Recent Advancements in In Vitro Diagnostics Market:

  • In October 2021, Bio-Rad Laboratories, Inc launched their CFX Dx Real-Time PCR Detection systems- CFX™ Opus 96 Dx System and the CFX™ Opus 384 Dx System for In Vitro Diagnostics.
  • In March 2021, Agilent Technologies Inc announced the launch of the real-time reverse transcriptase PCR (qRT-PCR) IVD reagent kit for the detection of SARS-CoV-2 RNA in the European markets after completing the registration of the product in accordance with the European Union regulations thereby receiving the CE-IVD mark.
  • In March 2021, Roche announced the launch of a connected glucose monitoring system- the new Accu-Chek Instant system compatible with integrated Personalized Diabetes Management (iPDM)

Key Players Proactively Working In the In Vitro Diagnostics Market

Key In Vitro Diagnostics companies involved in manufacturing and production is making a significant growth in the advancement of these devices. To boost their market position, they also engage in mergers and acquisitions. Some of the key In Vitro Diagnostics companies operating actively in the In Vitro Diagnostics Device market include F. Hoffmann-La Roche Ltd, Abbott, FUJIFILM Corporation, Sysmex Corporation, Siemens Healthcare GmbH, BD, Seegene Inc, Beckman Coulter, Inc (Danaher Corporation), QIAGEN, bioMérieux SA, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc, Cisbio (Perkin Eemer), ARKRAY, Inc, Ortho Clinical Diagnostics, ACON Laboratories, Inc., Teco Diagnostics, EKF Diagnostics, Besurence GmbH, Savyon Diagnostics, HORIBA, Ltd., Palliance AB, Sugentech, Inc, Cypress Diagnostics, Salignostics, The Menarini Group, DxGen Corp, HUMAN, Nova Biomedical, Asahi Kasei Pharma Corporation, Agilent Technologies, Inc and others.

Covid 19 Impact Analysis on In Vitro Diagnostics Market

The impact of the COVID-19 pandemic resulted in a surge in revenue for the in vitro diagnostics market due to the growing demand for COVID-19-specific tests as well as various self-monitoring and testing kits and products. Owing to the contagious nature of the COVID-19 virus, there was a huge need for diagnostic methods in order to devise strategies for the containment of the viral spread. With the isolation and the identification of the genomic sequence of the COVID-19 strain, several COVID-19 test kits made it to the market to cater to different requirements of patients and healthcare workers. Therefore, the market for in vitro diagnostics was expected to witness a positive growth rate during the COVID-19 pandemic.

Get a glimpse of the In Vitro Diagnostics market report to see how COVID-19 will affect you in the short and long run.

Scope of the In Vitro Diagnostics Market Report:

  • Geography Covered: Global
  • Study Period: 2021-2026
  • Key In Vitro Diagnostics Companies: F. Hoffmann-La Roche Ltd, Abbott, FUJIFILM Corporation, Sysmex Corporation, Siemens Healthcare GmbH, BD, Seegene Inc, Beckman Coulter, Inc (Danaher Corporation), QIAGEN, bioMérieux SA, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc, Cisbio (Perkin Eemer), ARKRAY, Inc, Ortho Clinical Diagnostics, ACON Laboratories, Inc., Teco Diagnostics, EKF Diagnostics, Besurence GmbH, Savyon Diagnostics, HORIBA, Ltd., Palliance AB, Sugentech, Inc, Cypress Diagnostics, Salignostics, The Menarini Group, DxGen Corp, HUMAN, Nova Biomedical, Asahi Kasei Pharma Corporation, Agilent Technologies, Inc, and others.
  • Market Segmentation By Product Type- Instruments, Reagents, And Others
  • Market Segmentation by Test Type- Immunodiagnostics, Hematology, Molecular Diagnostics, Clinical Chemistry, And Others
  • Market Segmentation by Application- Oncology, Immunology, Infectious Diseases, Cardiology, Nephrology, And Others
  • Market Segmentation By End-User –  Hospitals, Diagnostic Laboratories, And Others
  • Market Segmentation by Geography: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
  • Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

1

Report Introduction

2

Executive Summary

3

Regulatory and Patent Analysis

4

Key Factors Analysis

5

In Vitro Diagnostics Porter’s Five Forces Analysis

6

COVID-19 Impact Analysis on In Vitro Diagnostics Market

7

In Vitro Diagnostics Market Layout

8

In Vitro Diagnostics Global Company Share Analysis – Key 3-5 Companies

9

In Vitro Diagnostics Companies and Product Profiles

10

Project Approach

11

KOL Views

12

DelveInsight Capabilities

13

Disclaimer

 

Media Contact
Company Name: DelveInsight Business Research LLP
Contact Person: Kritika Rehani
Email: Send Email
Phone: +91 9568243403
Address:304 S. Jones Blvd #2432
City: Las Vegas
State: NV
Country: United States
Website: https://www.delveinsight.com