SAN FRANCISCO, Sept. 5, 2022 /PRNewswire/ -- The global in vitro diagnostics market size is expected to reach USD 113.38 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 0.2% over the forecast period driven by the increasing geriatric population, COVID-19 pandemic, and technological advancements in diagnostics that are supporting its adoption. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be one of the high-impact rendering drivers. Technological advancements were further accelerated by the launch of COVID-19 IVD diagnostics and enhanced the adoption of instruments and consumables for technologies, such as PCR. Competitors in the market are increasingly adopting agreement and partnership strategies to maintain a constant flow of business for manufacturers & diagnostics for users.
Key Insights & Findings from the report:
Molecular diagnostics is anticipated to grow at the fastest CAGR from 2022 to 2030 owing to the rising adoption and usage rate.
Reagents held the largest market share owing to the surge in demand for genetic testing and enhanced availability of technologically advanced diagnostic tests in lower and middle-income countries with unmet clinical needs.
The infectious diseases application segment held the largest market share owing to the large volume of testing for infectious diseases globally.
North America dominated the global market in 2021 owing to the high demand for novel technologies, a large pool of key players, high prevalence of diseases, and advanced healthcare infrastructure.
Read 200-page market research report, "In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product (Reagents, Services), By Test Location (PoC, Homecare), By End-use (Hospitals, Laboratory), By Application, By Technology, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
In Vitro Diagnostic Market Growth & Trends
These agreements are also a result of the harsh price containment strategies for government laboratories, which lowers the price in government settings. For instance, in April 2021, the Italian subsidiary of Seegene, Inc. received a USD 108.25 million tenders for public procurement for the supply of extraction reagents, as well as 7.15 million SARS-CoV-2 diagnostic tests. However, it increases the multiparty nature and complexity of the supply chain. The high prevalence of cancer and Cardiovascular Diseases (CVDs) globally is anticipated to drive diagnostic innovation to facilitate early diagnosis and meet the constantly evolving needs of consumers. Novel technologies, such as plasmonic PCR, are anticipated to commercially enter the market during the forecast period, influencing the business of existing products adversely.
In Vitro Diagnostics Market Segmentation
Grand View Research has segmented the global in vitro diagnostics market based on product, technology, application, end-use, test location, and region:
IVD Market - Product Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
IVD Market - Technology Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
· Molecular Diagnostics
IVD Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
IVD Market - End-use Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
IVD Market - Test Location Outlook (Revenue, USD Million, 2018 - 2030)
Point of Care
IVD Market - Regional Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List of Key Players in In Vitro Diagnostics Market
Bio-Rad Laboratories, Inc.
Check out more related studies published by Grand View Research:
In Vitro Diagnostics Quality Control Market - The global IVD quality control market size is expected to reach USD 1.24 billion by 2026, according to a new report by Grand View Research, Inc. The market is projected to witness a CAGR of 4.1% over the forecast period.
Infectious Disease In Vitro Diagnostics Market - The global infectious disease in vitro diagnostics market size is expected to reach USD 56.60 billion by 2030, registering a CAGR of -7.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of infectious diseases, such as tuberculosis & COVID-19, and technological advancements are projected to drive the product demand in the coming years.
Point Of Care Diagnostics Market - The global point of care diagnostics market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2022 to 2030. The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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