The Global In Vitro Diagnostics Market to grow from USD 53,365.60 Million in 2019 to USD 73,460.73 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.47%.
Market Segmentation & Coverage:
The research report categorizes the In Vitro Diagnostics Market to forecast the revenues and analyze the trends in each of the following segments:
Based on Component, the In Vitro Diagnostics Market studied across Data Management Software, Instruments, Reagents & Kits, and Services.
Based on Technology, the In Vitro Diagnostics Market studied across Clinical Chemistry, Coagulation & Hemostasis, Hematology, Immunochemistry, Microbiology, Molecular Diagnostics, and Urinalysis. The Clinical Chemistry further studied across Basic Metabolic Panel, Electrolyte Panel, Lipid Profile, Liver Panel, Renal Profile, Specialty Chemical Tests, and Thyroid Function Panel. The Immunochemistry further studied across Enzyme-Linked Immunosorbent Assay, Enzyme-Linked Immunospot Assays, Radioimmunoassay, Rapid Test, and Western Blotting. The Molecular Diagnostics further studied across DNA Sequencing & Next-Generation Sequencing, Hybridization, Isothermal Nucleic Acid Amplification Technology, Microarray, and Polymerase Chain Reaction.
Based on End User, the In Vitro Diagnostics Market studied across Hospitals & Care Providers, Laboratories, and Patient Self-Testing.
Based on Application, the In Vitro Diagnostics Market studied across Autoimmune Diseases, Cardiology, Diabetes, Drug Testing, HIV/Aids, Infectious Diseases, Nephrology, and Oncology.
Based on Geography, the In Vitro Diagnostics Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom.
The factors attributing to the growth of the market are geriatric population and prevalence of chronic and infectious diseases in americas, increasing deployment of point-of-care testing facilities, growing awareness on self-testing and personalized medicine, and increasing adoption automated instruments and equipment in laboratories. However, some factors such as unfavorable reimbursement may hinder the market growth. The In Vitro Diagnostics Market expected to showcase the opportunities such as attractive companion diagnostics, growth opportunities in emerging countries, and development of condition-specific markers and tests. Soon market may face the possible challenges in the growth due to changing the regulatory landscape and operational limitations faced in conducting diagnostic tests. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Global In Vitro Diagnostics Market: Market Dynamics
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the In Vitro Diagnostics Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The In Vitro Diagnostics Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global In Vitro Diagnostics Market, including Abbott Laboratories, Inc., Agilent Technologies, Arkray, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Biomérieux Sa, Danaher Corporation, Diasorin, Johnson & Johnson, Ortho Clinical Diagnostics, Qiagen, Roche Diagnostics, Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific.