Substantial Growth Predicated for the US In-Vitro Diagnostics Market 2021-2026: Roche Diagnostics, Abbott Laboratories andThermo Fisher Scientific at the Forefront
DUBLIN, June 22, 2021 /PRNewswire/ -- The "United States IVD Market (By Application Segment, Products, Region, End Users), Impact of COVID-19, Major Deals, Company Profiles & Recent Developments - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The United States In-Vitro Diagnostics (IVD) market is predicted to reach nearly US$ 37 Billion by 2026. In-vitro Diagnostics (IVD) serves a key role in the healthcare value chain by significantly influencing the quality of health outcomes, patient treatment, care and downstream resource requirements.
With an aging population, technological advances and the advent of point of care diagnostics, the United States IVD market is slated to show substantial growth in the future. The increase in the US in-vitro diagnostics market is majorly driven by a high prevalence of chronic diseases, such as heart diseases, cancer, asthma, and diabetes.
It is estimated that these diseases are responsible for the majority of deaths in the United States, killing more than 1.7 million US citizens annually. All of these conditions can be diagnosed and monitored using IVD products. Thus, IVDs have proved to be beneficial in managing these chronic conditions. However, some of the factors limiting the growth of the market are a lack of proper reimbursement policies and lack of skilled lab technicians.
Impact of COVID-19 on United States In-Vitro Diagnostics Market
The COVID-19 outbreak has become a global stress test. The disease has infected over 110 Million people worldwide. Globally the death toll has reached 2,432,622 according to the latest statistics from the Worldometers (as of February 17, 2021). The number is still growing, and the duration of the pandemic is still difficult to predict.
The COVID-19 outbreak has created a sense of urgency and panic among people globally. While people are being advised to stay indoors, healthcare professionals and researchers have registered a state of urgency. In this scenario, the in-vitro diagnostics forms the crux of increased testing. Manufacturers in the in-vitro diagnostic market are focusing on developing novel technologies for maximum testing within a minimum period.
The novel coronavirus has accelerated the research and development activities in the in-vitro diagnostics market. Development and production in maximum numbers is the need of the hour. Therefore, quick FDA approvals are proving to be the cherry on the cake for the growth of the in-vitro diagnostic market.
United States In-Vitro Diagnostics Market - Application Segments Analysis
- On a segment basis, the POC - Professional segment accounted for the highest share of the United States IVD market, followed by the POC - OTC diabetes segment.
- Immunoassays have become one of the primary and indispensable tools in the diagnosis and monitoring of all diseases and medical conditions.
- The non-infectious immunoassays contribute significantly to the United States IVD market.
- It is anticipated that the molecular microbiology segment will account for around 10% share of the United States IVD market by 2026.
- The Clinical chemistry segment contributed over 7% to the United States IVD market in 2020.
- Histology and Hematology segments are competing closely with each other to grab the maximum share of the pie.
- Urinalysis captures the least share of the United States in-vitro diagnostics market.
United States In-Vitro Diagnostics Market - Products Analysis
- Instruments are the leading product segment of the United States In-Vitro Diagnostics (IVD) market, followed by the reagents segment.
- The software segment contributed nearly 15% share to the United States IVD market in 2020, due to the growing preference for reliable and efficient diagnostic software.
- The services segment captured the least share of the United States in-vitro diagnostics market, but it is likely to show impressive growth throughout the forecast period.
United States In-Vitro Diagnostics Market - Regional Analysis
- The largest share of the US in-vitro diagnostics market is currently in the South of the country with the West being second.
- Midwest region accounts for over 22% share of the total US IVD market in 2020, as an increasing number of accredited laboratories opening in that area.
- The North East region accounted for the least share of the total US IVD market.
United States In-Vitro Diagnostics Market - End Users Analysis
- Hospitals capture the highest share of the United States IVD market, owing to the large volume of diagnostic tests carried out in hospitals.
- An increasing number of independent accredited laboratories are opening all over the country, thus driving the market for the laboratories segment.
- The other end-users (Self Testing, Retail Clinics, Physician Office Labs, Others) segment contributed nearly a quarter to the United States IVD market.
Key Topics Covered:
1. Executive Summary
2. Impact of COVID-19 on United States In-Vitro Diagnostics Market
3. United States - In-Vitro Diagnostics Market and Forecast (2013 - 2026)
4. United States - In-Vitro Diagnostics Market Share and Forecast (2013 - 2026)
5. By Application Segments - United States In-Vitro Diagnostics Market and Forecast (2013 - 2026)
6. By Products - United States In-Vitro Diagnostics Market and Forecast (2013 - 2026)
7. By Region - United States In-Vitro Diagnostics Market and Forecast (2013 - 2026)
8. By End User - United States In-Vitro Diagnostics Market and Forecast (2013 - 2026)
9. United States In-Vitro Diagnostics Market - Company Profiles
10. United States IVD Market - Major Deals
11. United States In-Vitro Diagnostics Market - Growth Drivers
12. United States In-Vitro Diagnostics Market - Challenges
Companies Mentioned
- Roche Diagnostics
- Abbott Laboratories
- Siemens Healthineers
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
- Biomerieux
- Bio-Rad Laboratories, Inc
- Becton Dickinson and Company
For more information about this report visit https://www.researchandmarkets.com/r/h9j4hb
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