In-vitro Diagnostics (IVD) Market to Reach $118.5 Billion by 2027, Growing at a CAGR of 7% From 2020 with COVID-19 Impact- Meticulous Research® Analysis

In-vitro Diagnostics (IVD) Market to Reach $118.5 Billion by 2027, Growing at a CAGR of 7% From 2020 with COVID-19 Impact- Meticulous Research® Analysis

In-vitro Diagnostics Market (IVD Market) by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories) – Forecast to 2027

London, Feb. 17, 2021 (GLOBE NEWSWIRE) — The epidemiological burden of infectious diseases worldwide has increased in the past few years. Various infections such as Severe Acute Respiratory Syndrome (SARS), Middle East Respiratory Syndrome (MERS), Ebola, Chikungunya, Avian flu, Swine flu, and Zika have emerged. The recent outbreak of the coronavirus (COVID-19) disease is a devastating example. Due to this global crisis of increasing outbreaks of infectious diseases, there is a rising need for early disease diagnosis to help medical professionals and patients make important medical decisions regarding care and support. In turn, this need has boosted the demand for diagnostic kits and assays.

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In efforts to deliver effective diagnostic reagents, manufacturers have started developing tests that require minimal time for testing and are more advanced than the tests currently available. In its latest publication, titled In-vitro Diagnostics Market (IVD Market) by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories) – Forecast to 2027” , Meticulous Research® states that the in-vitro diagnostics market is expected to grow at a CAGR of 7% from 2020 to 2027 to reach $118.5 billion by 2027.

The growth in the in-vitro diagnostics market is mainly attributed to the increasing global prevalence of acute and chronic infectious diseases associated with the rising geriatric population, growing awareness regarding early disease diagnosis, a shift in the focus from centralized testing to point-of-care testing, and the emergence of the COVID-19 pandemic. Moreover, emerging economies, the development of condition-specific markers and tests, and advances in genomics and proteomics offer significant growth opportunities for the players operating in the IVD market. On the other hand, technical requirements and regulatory processes for high/moderate complexity tests hinder this market’s growth to a certain extent.

To provide efficient analysis, Meticulous Research® has segmented the in-vitro diagnostics market based on product & solution, technology, application, end-user, and geography.

Based on product and solution, the in-vitro diagnostics (IVD) market is broadly segmented into kits & reagents, instruments, and software and services. In 2020, the kits & reagents segment accounted for the largest share of the overall in-vitro diagnostics (IVD) market. The large share of this segment is primarily attributed to the frequent use of assays & kits in the detection of various chronic diseases, commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, increase in the volume of testing for infectious diseases such as COVID-19 and influenza, and rise in demand of molecular and immunoassay reagents across the globe.

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Based on technology, the in-vitro diagnostics (IVD) market is segmented into immunoassay/ immunochemistry, molecular diagnostics, biochemistry/clinical chemistry, microbiology, hematology, coagulation/hemostasis, urinalysis, and other technologies, which include hybridization and loop mediated amplification. In 2020, the immunoassay/ immunochemistry segment accounted for the largest share of the overall in-vitro diagnostics (IVD) market due to the increase in the prevalence of infectious diseases, the exponential rise in the number of diagnostic tests for COVID-19, and rise in the number of approvals and emergency use authorizations of COVID-19 test kits & reagents. However, the molecular diagnostics segment is expected to grow at the fastest CAGR during the forecast period due to rising awareness of personalized medicine and companion diagnostics, advancements in molecular techniques, rising focus of market players on the development of diagnostic NGS kits & reagents, and rising penetration of cutting-edge clinical laboratory technologies.

Based on application, the in-vitro diagnostics (IVD) market is segmented into infectious diseases, oncology, cardiology, endocrinology, diabetes, nephrology, and other applications, which include toxicology, gastrology, neonatal, genetic, and neurological disorders. In 2020, the infectious diseases segment was estimated to account for the largest share of the overall in-vitro diagnostics (IVD) market. The large share of this segment is primarily attributed to the recent regulatory approvals, product launches, increase in the availability of COVID-19 test kits across the globe, and the growth of the infectious diseases segment. However, the oncology segment is expected to grow at the fastest CAGR during the forecast period due to the adoption of various strategies for increasing access to new diagnostic technologies in oncology by IVD manufacturers, the growing influx of new products for cancer diagnosis owing to the rising prevalence of cancer, and growing field of personalized medicine in oncology.

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Based on the end user, the in-vitro diagnostics (IVD) market is broadly segmented into diagnostics reference laboratories, hospitals and clinics, home healthcare, and other end users, including nursing homes, academic and research institutes, forensic laboratories, and transfusion laboratories. In 2020, the diagnostics reference laboratories segment accounted for the largest share of the overall in vitro diagnostics (IVD) market. The large share of this segment is primarily attributed to the rising numbers of samples shared with laboratories for analysis, rising laboratory automation, availability of well-equipped systems, presence of skilled laborers, rise in the number of patient volume owing to the emergence of various infectious diseases, and government initiatives to support the technological advancements of laboratories.

Based on geography, the global IVD) market is categorized into five major regions: North America, Europe, Asia- Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2020, North America accounted for the largest share of the global IVD market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The rising prevalence of various infectious diseases, the growing healthcare sector, increasing awareness regarding early disease diagnosis, higher adoption for advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced diagnostic technologies contribute to the growth.

Some of the key players operating in the global IVD market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S.), DiaSorin S.p.A. (Italy), Ortho Clinical Diagnostics (U.S.), Siemens Healthcare GmbH (Germany), Sysmex Corporation (Japan), and QIAGEN N.V. (Netherlands) among others.

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Scope of the Report:

In-vitro Diagnostics Market, by Product & Solution

  • Consumables
  • Systems
  • Software & Services

In-vitro Diagnostics Market, by Technology

  • Immunoassay/ Immunochemistry
    • Enzyme-linked Immunosorbent Assay (ELISA)
    • Radioimmunoassay
    • Rapid Tests
    • Western Blotting
    • Enzyme-linked Immunospot Assays
  • Biochemistry/Clinical Chemistry
    • Molecular Diagnostics
    • Polymerase Chain Reaction (PCR)
    • Isothermal Nucleic Acid Amplification Technology
    • Microarray
    • Hybridization
    • DNA Sequencing & Next-generation Sequencing
  • Microbiology
  • Hematology
  • Coagulation/Hemostasis
  • Urinalysis
  • Other Technologies*
    (*Other Technologies Include Anatomical Pathology, Histochemistry, and Others .)

In-vitro Diagnostics Market, by Application

  • Infectious Diseases
  • Oncology
  • Endocrinology
  • Diabetes
  • Cardiology
  • Nephrology
  • Other Applications*
    (*Other Applications Comprise Genetic and Neurological Disorders, Autoimmune Disorders, Hepatology, and Congenital Disorders.)

In-vitro Diagnostics Market, by End User

  • Diagnostic Reference Laboratories
  • Hospitals & Clinics
  • Home Healthcare
  • Other End Users*
    ( *Other End-users Comprise Nursing Homes, Academic and Research Institutes, and Transfusion Laboratories.)

In-vitro Diagnostics Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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Amidst this crisis, Meticulous Research ® is continuously assessing the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

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