In vitro Diagnostics Market to Exhibit a CAGR of 6.3% and Hit USD 149.03 Billion by 2028; Siemens Healthineers Acquires Varian Medical Systems, Inc. to Reinforce Growth: Fortune Business Insights™
Key Players Covered in the F. Hoffmann-La Roche Ltd (Basel, Switzerland), Abbott Laboratories (Illinois, U.S.), Thermo Fisher Scientific Inc. (Massachusetts, U.S.), Sysmex Corporation (Hyogo, Japan), Siemens Healthineers AG (Munich, Germany), BD (Becton, Dickinson and Company) (Franklin Lakes, U.S.), Seegene Inc. (Seoul, Republic of Korea), DiaSorin S.p.A. ( Saluggia, Italy), Quest Diagnostics Incorporated (New Jersey, U.S.), Bio-Rad Laboratories, Inc. (Hercules, California, U.S.)
Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) — The global In vitro Diagnostics Market Size was USD 80.43 billion in 2020. The market is projected to grow from USD 96.87 billion in 2021 to USD 149.03 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period. Fortune Business Insights™ publishes this vital information in its report titled, “In vitro Diagnostics Market, 2021-2028.”
As per our research, the intensifying demand for point-of-care IVD devices and the growing adoption of these apparatuses have contributed to navigating the global market growth. Additionally, as per the British In-vitro Diagnostic Association, in-vitro diagnostic tests contribute to almost 70% of clinical judgments. Anyhow, out of the financial plan of NHS, below 1% is spent on the advancement of novel and innovative IVD products every year. This is anticipated to reinforce the IVD market growth during the forecast period.
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Rising Diagnostic Processes amid COVID-19 Pandemic to Impact Market Affirmatively
The market observed a sluggish growth in terms of incomes in 2020, owing to the varied impact of covid-19 on several industries. The COVID-19 pandemic has raised the demand for molecular diagnostics methods as it is utilized to detect the SARS-CoV-2 infection. Moreover, the demand for test kits increased, and consumables for observing blood glucose levels, troponin levels, and others, among hospitalized patients as they were detected COVID-19 positive.
This resulted in a substantial upsurge in demand for point-of-care tests ground on serology and molecular methods universally. Key players perceived a significant rise in their incomes produced from sales of molecular tests as well as point of care tests. It is set to propel the market for In vitro Diagnostics in the near future.
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We have employed an exclusive research approach that comprises statistics triangulation based on the famous bottom-up and top-down approaches. Our researchers have lead systematic primary research to verify the estimated size of the market for In vitro Diagnostics.
The statistics utilized to reveal the shares for multiple segments at the national, regional, and global levels are extracted from widespread interviews with various shareholders. Our specialists have also derived information from paid databases, industry journals, SEC filings, and many other similar resources.
On the basis of product type, the market is divided into instruments and reagents & consumables. The reagents & consumables segment held the leading share of the global market in 2020 owing to the rise in utilization of self-testing kits, POC tests, and numerous other progressive products in the in-vitro diagnosis.
Based on technique, the market is classified into immunodiagnostics, clinical chemistry, molecular diagnostics, and point of care, hematology, among other techniques. Whereas by setting, the market is bifurcated into laboratories and point-of-care. By application, the market is categorized into infectious diseases, cardiology, oncology, gastroenterology, and other applications.
By end-user, the market is segregated into clinical laboratories, hospitals, physician’s offices, and others. In terms of region, the global market is separated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Drivers and Restraints
Rising Incidence of Chronic Diseases to Augment the Market Growth
The occurrence of numerous sicknesses such as genetic, cardiovascular, and neurological diseases is surging considerably. As per World Health Organization (WHO), cardiovascular diseases (CVDs) are the primary cause of death across the globe, resulting in approximately 17.9 million deaths per year. This has resulted in an upsurge in consciousness about pre-mature diagnosis among the people and a rise in routine diagnosis, which supports the general growth of the market.
Furthermore, the innovation and development of new advanced IVD products are also contributing to the amplified growth of the market. Moreover, the rising geriatric population is another factor impacting the growth of the market. As per a survey conducted by the United Nations, in 2019, 1 in 11 people in the world are above the age of 65 and is projected to surge 1 in 6 people to be above the age of 65 by 2050. This concern is likely to aid the growth of the market during the mentioned timeframe.
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Key Players and their Acquisition Strategies Set to Propel Market Growth
The global market for In vitro Diagnostics comprises players such as F. Hoffmann-La Roche Ltd, Abbott, Thermo Fisher Scientific Inc., and Sysmex Corporation, responsible for a substantial share in 2020. The leading market players emphasize approaches such as acquisitions, partnerships, and novel product developments and promotions to reinforce their market position worldwide.
For example, in March 2021, F. Hoffmann-La Roche Ltd. signed a conclusive merger contract with GenMark Diagnostics, Inc. This acquisition is likely to aid Roche in attaining admission to GenMark’s novel technology to test for an extensive range of pathogens with one patient tester.
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April 2021: Siemens Healthineers successfully concludes the acquisition of Varian Medical Systems, Inc. This acquisition is expected to fortify the company’s spot as a universal partner in healthcare.
List of Key Players Covered in this Market Report
F. Hoffmann-La Roche Ltd (Basel, Switzerland)
Abbott Laboratories (Illinois, U.S.)
Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
Sysmex Corporation (Hyogo, Japan)
Siemens Healthineers AG (Munich, Germany)
BD (Becton, Dickinson and Company) (Franklin Lakes, U.S.)
Seegene Inc. (Seoul, Republic of Korea)
DiaSorin S.p.A. ( Saluggia, Italy)
Quest Diagnostics Incorporated (New Jersey, U.S.)
Bio-Rad Laboratories, Inc. (Hercules, California, U.S.)
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