In Vitro Diagnostics Market to Surpass US$ 113 Bn Valuation by 2026 Attributed to its Efficient Illness Screening and Treatment Abilities - Future Market Insights, Inc.

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Nov 16, 2022, 08:30 ET

North America accounts for the largest in vitro diagnostics market share. Asia Pacific is anticipated to show the fastest overall market growth in the coming years, aided by the growing chronic disease prevalence in the region along with rising healthcare awareness.

NEWARK, Del., Nov. 16, 2022 /PRNewswire/ -- The global In Vitro diagnostics market is predicted to have a stable CAGR throughout the forecast period of around 3% from 2022 to 2032. The global market reached a valuation of around US$ 98.2 Bn in 2021 and is expected to exceed US$ 113 Bn by 2026. The urgency to deliver care locally to patients has resulted in likely promote a rise in the proportion of testing performed outside of the traditional laboratory in the coming years. Over the last two decades, the list of tests that can be conducted with Point of Care testing devices has grown significantly.

The emergence of well-established technologies such as lateral flow strips and immune sensors, as well as the continued downsizing of circuits and improved computational capacity of devices, fueled this growth of in-vitro diagnostic medical devices.

This efficient shift from a centralized to a point-of-care testing system is expected to drive the demand for in-vitro diagnostics forward. The Covid-19 pandemic impacted the in-vitro diagnostics market as the market faced challenges such as interrupted supply chains, inconsistent demand for products, and others.

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In addition, the availability of raw materials and human resources was severely impacted by the global pandemic. An increasing demand for in vitro diagnostics was witnessed during the pandemic era demanding new Covid-19 testing kits, which is serving as a huge opportunity for the key players in the IVD market. Therefore, the overall impact of the Covid-19 pandemic remained positive for the prominent market players in the adoption of the in-vitro diagnostics market.

Key Takeaways

The frequency of age-related diseases is anticipated to surge dramatically as the world's elderly population grows increasingly. Biomarkers are also expected to have a lot of clinical value and interest in the medical business because they can help with illness screening, treatment, and medication.
The easy accessibility of biomolecular tools and the incorporation of biomarkers are projected to aid in the creation of a new variety of condition-specific tests, giving rise to new in-vitro diagnostics products.
The IVD industry is predicted to be characterized by fierce competition. As competitors try to maintain their presence within the global landscape with meticulous research and development in the field, the in-vitro diagnostics market adoption is fast evolving with automation, AI, and advanced data analytics.
In order to fulfill the changing demand for in-vitro diagnostics from several providers including clinical laboratories and point-of-care diagnostic centers, companies have begun to automate diagnostic testing.
With the introduction of quick POC technology, several facilities were able to streamline workflows and reduce personnel requirements in order to process a larger sample load. In addition to that, diagnostic testing and laboratory industries have combined together to help public health efforts, provide data for testing, and develop new transformational diagnostic technologies.
The emergence of the newly launched in vitro diagnostic devices made a deleterious impact on several other products, and they got replaced by in vitro diagnostic devices for emergency use authorized IVD tests used for COVID-19 detection.

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Competitive Landscape

Biomarkers and essays for specific diseases are being rapidly developed over the projection period. The integration of biomarkers and the availability of biomolecular tools are anticipated to help the development of a new set of condition-specific tests, thereby expanding the in-vitro diagnostics industry reach. In addition to that, the development of new biomarkers for diagnosing several diseases, particularly cancer, has revolutionized medicine. Biomarkers have become more effective in illness identification thanks to advances in sequencing technology and a better understanding of genetics. As a result, demand for precision medicine is likely to rise, providing considerable potential prospects for in-vitro diagnostics market size growth.

More Insights into the In Vitro Diagnostics Market

The global in vitro diagnostics market is separated into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

North America is anticipated to dominate the global in vitro diagnostics market during the forecast period attributing to the well-established healthcare infrastructure in the region and increased healthcare awareness among patients, as well as Obama's Affordable Care Act (ACA), technological advancements, and a recovering American economy.

Owing to the surge in healthcare expenditure and the incidence of diabetes in the region, Asia-Pacific is predicted to expand at the quickest rate throughout the projection period. Several chronic diseases within a large patient population contribute to the Asia-Pacific market's growth.

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Key Segments

By Product & Service:

Reagents
Instruments
Services & software

By Technology:

Immunodiagnostics
Hematology
Molecular diagnostics
Tissue diagnostics
Clinical chemistry
Others

By Application:

Infectious diseases
Cancer
Cardiac diseases
Immune system disorders
Nephrological diseases
Gastrointestinal diseases
Others

By End user:

Standalone laboratories
Hospitals
Academics & Medical Schools
Point-of-Care
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Summary of Statistics

1.3. Key Market Characteristics & Attributes

1.4. Fact.MR Analysis and Recommendations

2. Market Overview

2.1. Market Coverage

2.2. Market Definition

3. Market Risks and Trends Assessment

3.1. Risk Assessment

3.2. Key Trends Impacting the Market

3.3. Formulation and Product Development Trends

4. Market Background

4.1. In-Vitro Diagnostics Market, by Key Countries

4.2. In-Vitro Diagnostics Market Opportunity Assessment (US$ Mn)

4.3. Market Scenario Forecast

4.4. Investment Feasibility Analysis

4.5. Forecast Factors - Relevance & Impact

4.6. Market Dynamics

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