In-vitro Diagnostics Market Size to Reach USD 117.54 Billion in 2028, Says Reports and Data

Increasing prevalence of chronic diseases and growing awareness about regular body profiling are key factors expected to drive market growth

The global in-vitro diagnostics market size is expected to reach USD 117.54 Billion in 2028 and register a revenue CAGR of 4.30% over the forecast period, according to the latest report by Reports and Data. Major factors driving the global market revenue growth are rise in geriatric population worldwide, rising awareness about regular body profiling, and surging prevalence of chronic diseases such as cancer and diabetes, increasing sales of over-the-counter diagnostic devices such as glucose monitoring kits. Growing need for rapid and accurate disease diagnosis, technological advancements in IVD products, and increasing adoption of point-of-care in vitro diagnostic devices are the other key factors bolstering the growth of this market. In addition, rapid spread of the coronavirus disease, increasing incidences of hospital-acquired infections (HAIs), increasing volumes of COVID-19 tests including RT-PCR, and growing demand for home-care IVD products have boosted demand for in-vitro diagnostics globally.

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In-vitro diagnostics (IVD) refers to a wide range of biological tests performed in laboratory settings to accurately diagnose diseases. These tests are regulated by the Food and Drug Administration (FDA) and are used for testing various samples such as blood or saliva samples for the precise detection of substances like cholesterol and sodium in the human body. In-vitro diagnostic devices are widely used by clinicians for disease diagnosis and prevention, and these devices help detect the presence of specific markers such as genetic mutations in the human body.

Some Key Highlights from the Report:

• The reagents & kits segment was the leading product type segment in the global in-vitro diagnostics market in 2020, with the largest revenue share. Increasing prevalence of infectious diseases such as COVID-19, surging need for accurate and rapid disease diagnosis, and growing applications of reagents & kits in in-vitro diagnostic tests are major factors boosting the growth of this segment.
• Based on application, the infectious diseases segment is expected to hold the highest revenue share in the global market, mainly owing to rising prevalence of infectious diseases such as HIV/AIDS, tuberculosis, and the novel coronavirus infection. Increasing adoption of advanced disease detection assays across healthcare institutions is another driver for this segment’s growth.
• Among regional markets, the North America in-vitro diagnostics market accounted for the highest revenue share in 2020. Growing geriatric population, rising burden of chronic diseases, and increasing demand for point-of-care diagnostic testing devices including COVID-19 diagnostic test kits are key factors driving the regional market growth.
• Key players in the global in-vitro diagnostics market include BioMérieux SA, Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories, Inc., QIAGEN, Siemens Healthineers AG, Becton, Dickinson and Company, Quidel Corporation, F. Hoffmann-La Roche AG, Charles River Laboratories International, Quest Diagnostics, Agilent Technologies, and Sysmex Corporation, Inc.

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For the purpose of this report, the global in-vitro diagnostics market is segmented on the basis of product type, technology, usability, application, end-use, and region:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

• Instruments
  • Fully-automated Instruments
  • Semi-automated Instruments
  • Others
• Data Management Software
• Reagents & kits
• Services

Technology Outlook (Revenue, USD Billion; 2018-2028)

• Immunochemistry/Immunoassay
  • Enzyme-Linked Immunosorbent Assay (ELISA)
    • Chemiluminescence Immunoassay (CLIA)
    • Colorimetric Immunoassay (CI)
    • Fluorescence Immunoassay (FIA)
  • Radioimmunoassays (RIA)
  • ELISPOT
  • Rapid Tests
  • Western Blot
• Clinical Chemistry
  • Basic Metabolic Panel
  • Thyroid Function Panel
  • Specialty Chemicals
  • Electrolyte Panel
  • Liver Panel
  • Renal Profile
  • Lipid Profile
• Molecular Diagnostics
  • Isothermal Nucleic Acid Amplification Technology (INAAT)
  • Hybridization (In-situ Hybridization & FISH)
  • Polymerase Chain Reaction (PCR)
  • DNA Sequencing & NGS
  • Microarray
  • Others
• Coagulation & Hemostasis
• Hematology
• Microbiology
• Urinalysis
• Others

Usability Outlook (Revenue, USD Billion; 2018-2028)

• Reusable IVD devices
• Disposable IVD devices

Application Outlook (Revenue, USD Billion; 2018-2028)

• Diabetes
• Oncology/Cancer
• Infectious Diseases
• Autoimmune Diseases
• Cardiology
• Nephrology
• HIV/AIDS
• Drug Testing/Pharmacogenomics
• Others

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End-use Outlook (Revenue, USD Billion; 2018-2028)

• Hospitals
• Laboratories (Large, medium-sized, and small laboratories)
• Home Care
• Point-of-Care Testing
• Patient Self-testing
• Academic & Research Institutes
• Others

Region Outlook (Revenue, USD Billion; 2018-2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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