In Vitro Diagnostics Market is expected to grow from USD 109.70 billion in 2021 to USD 132.63 billion by 2029, at a CAGR of 2.6% during the forecast period 2022-2029 : GreyViews

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In vitro Diagnostics market are Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation and others. To achieve a substantial market share in the worldwide In vitro Diagnostics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Siemens Healthineers is one of the most significant manufacturers and distributors present in the global In vitro Diagnostics market.

Pune India, July 21, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the In vitro Diagnostics market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the In vitro Diagnostics market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product and service, technology, application, end user, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global In vitro Diagnostics market are Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation and others. To achieve a substantial market share in the worldwide In vitro Diagnostics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Siemens Healthineers is one of the most significant manufacturers and distributors present in the global In vitro Diagnostics market.

In vitro Diagnostics tests are usually conducted in test tubes or similar equipment. It is conducted on samples such as blood, stool, urine, and tissue to provide medical information used to diagnose conditions ranging from minor infections to life threatening cancers. In addition to this, the IVDs are used by patients to monitor chronic conditions such as diabetes.  Hence, these tests enhances convenience of patient through self-tests including blood glucose monitors or pregnancy tests. Such tests can be conducted wherever the patient is and enables them to keep a record of their condition.

Every country across the globe is witnessing rapid growth in both the proportion and the size of older persons in the population. For instance, according to the World Health Organization (WHO), 1 in 6 people around the globe will be aged more than 60 years by 2030. This growth in geriatric population creates increased demand for healthcare services including In vitro Diagnostics.

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Scope of In vitro Diagnostics Market Report

Report Metric

Information

Study Period

2021-2029

Base Year             

2021

Forecast Period

2022-2029

Market Share Unit

USD Billion

Segments Covered

Product and service, technology, application, end user, and Regions.

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle-East and Africa

Major Players

Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, and Sysmex Corporation.

Segmentation Analysis

Data management software segment is expected to be the fastest growing segment in 2021.

The product and service segment includes reagents & kits, instruments, services, and data management software. Data management software segment is expected to witness highest growth rate during the forecast period. The data management software is used in hand-held personal IVDs, with various devices in laboratory based or point of care analyzers, as software upgrades to existing systems, and as a standalone software. For instance, recently EKF Diagnostics, the in vitro diagnostics company launched POC Connect, a data management smartphone-based software for its DiaSpect Tm hemoglobin analyzer.

Infectious disease segment is expected to be the fastest growing segment in 2021.        

On the basis of application, the market is segmented into infectious diseases, diabetes, oncology, cardiology, drug testing/ pharmacogenomics, autoimmune diseases, HIV/AIDS, nephrology, and other applications. Infectious disease application dominated the global market in 2021 due to prevalence of life-threatening infections such as HIV/AIDS, hepatitis, pneumonia, and tuberculosis. In addition, in January 2020, Quest Diagnostics, an American clinical laboratory announced its collaboration with Memorial Hermann Health System, the largest not-for-profit health system in southeast Texas to provide cost-efficient, improved, and innovative diagnostic services for 21 hospital laboratories in the Houston region in United States. Such initiatives are opportunistic for growth of this segment.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the In vitro Diagnostics include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

North America region has registered highest value for the year 2021. Growth of market in this region is mainly driven by factors such as growing geriatric population and associated diseases, favorable funding and reimbursement scenarios, and comparatively higher spending on healthcare in the region. However, Asia-Pacific is expected to witness highest growth rate during the forecast period due to upsurge in a number of diagnostic centers and hospitals.

Country Analysis

Germany

Germany In vitro Diagnostics market size was valued at USD 10.97 billion in 2021 and is expected to reach USD 13.22 billion by 2029, at a CAGR of 2.5% from 2022 to 2029.
In the Europe region, Germany is one of the largest market shareholders in the diagnostic imaging market. In addition, this country has a strong healthcare system, especially in regards to hospital beds, infrastructure, equipment, and trained staff.
 The number of factors including growing number of private hospitals, rising demand for personalized medicine & point-of-care testing , and upsurge in a number of independent testing laboratories has driven growth of the Germany In vitro Diagnostics market. Moreover, according to the International Diabetes Federation, an umbrella organization of over 230 national diabetes associations, the rate of prevalence of diabetes in adults across Germany was 15.3% in 2020. This has further created demand for In vitro Diagnostics in the country.

China

China In vitro Diagnostics market size was valued at USD 21.94 billion in 2021 and is expected to reach USD 26.22 billion by 2029, at a CAGR of 2.4% from 2022 to 2029. China has become one of the prominent In vitro Diagnostics market due to economic growth, aging population, and expanding basic health insurance sector.  In addition, by 2030, the Chinese government has planned a broader healthcare ecosystem of about 16 trillion RMB with continuous optimization of healthcare management & services.
Furthermore, according to the National Health Commission of the People's Republic of China, about 1.71 million cases of infectious diseases were reported for December 2019 in the country. This prevalence of infectious diseases has boosted demand for In vitro Diagnostics in the country.

India

India In vitro Diagnostics market size was valued at USD 4.39 billion in 2021 and is expected to reach USD 5.38 billion by 2029, at a CAGR of 2.8% from 2022 to 2029. India is one of the strongest growing economies in Asia. This country is seeing increased government spending on the development of healthcare facilities. For instance, in December 2019, the ministry of health and family welfare of Indian government introduced its plans to partner with private firms operating in diagnostic services to provide enhanced diagnostic services under the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

Covid-19 Impact                   

Covid-19 had a major impact on almost all of the industries such as electronics, semiconductors, manufacturing, and, automobile, etc. However, several companies operating in healthcare sector has seen upsurge in their revenue due to significant changes in consumer preferences towards seeking healthcare services. In addition, the pandemic has led to significant growth in healthcare spending across the developing as well as developed countries.

Furthermore, In Vitro Diagnostics had played an important role in the diagnosis and screening of patients with COVID-19.  Hence, upsurge in volume of point-of-care (POC) testing and need for patient care during the pandemic, has driven growth of global In vitro Diagnostics market.

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