The global in vitro diagnosis market accounted for a value of USD 74.8 billion in 2019 and is projected to register growth at a CAGR of 2.2% during forecast period.
COVID-19 has impacted the IVD market. The number cases of corona virus are increasing around the world which increases the requirement for test kits. There are various market players in the industry and this lead to increase in introduction of rapid diagnostic tests to sustain the rising competition. The highly efficient antibody test requirement is increasing which provides quick result. The pandemic has boosts the demand and adoption of IVD.
For more details, visit: Global In Vitro Diagnosis Market By Product & Services (Instruments, Services, Others), By Application (Oncology, Cardiology, Others), By Technology (ELISPOT, Rapid Test, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The geriatric population is increasing around the world and this increases incidence of various diseases which requires the use IVD. The age associated diseases are rapidly increasing with the increase in aging population. The number of incidence of different diseases such as cancer and other infectious diseases are increasing around the world and this result in increase in use of IVD in the market. Thus, drives growth in IVD market during forecast period.
On the basis of product and services, the IVD market is segmented into instruments, reagents & kits, data management software and services. The reagents & kits segment is estimated to register growth at highest CAGR during forecast period. The increasing number of corona virus cases has increases the demand for IVD products. Reagents and kits help in speedy diagnosis and also help to combat fatal consequences of corona virus. The reagents and kits enable high precision and accurate diagnosis. The demand for reagents and kits is increasing due to pandemic COVID-19. Thus, drives growth in reagents and kits segment during forecast period.
On the basis of end-users, the IVD market is segmented into laboratories, academics, hospital, point-of-care testing, patient self-testing and others. The hospital segment is estimated to hold largest market share during forecast period. The diagnostic testing required in order supporting a clinical decision which enhances patient recovery in hospitals. The use of IVD is rapidly increasing in the hospital segment and ongoing pandemic has boosts the use of IVD in this segment Thus, drives growth in hospital segment during forecast period.
On the basis of application, the IVD market is segmented into diabetes, infectious disease, oncology, cardiology, nephrology, drug testing, autoimmune diseases and others. The infectious disease segment accounted for largest market share in 2019. The growth can be attributed by increasing incidence of infectious diseases such as AIDS, HIV, tuberculosis and pneumonia etc. IVD helps in combating the increasing incidence of infectious diseases. However, the oncology segment is estimated to register growth at fastest CAGR during forecast period. The incidence of different diseases such as cancer etc. is increasing around the world and this increases demand for oncology. Thus, drives growth in oncology segment during forecast period.
North America region accounted for largest market share in 2019. However, Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The population in this region is very large and geriatric population is also increasing in this region. The improvement in healthcare infrastructure is improving across this region. The increasing number of corona virus cases has also increased the use of IVD in this region. The demand and adoption of IVD is increasing in this region and this drives growth in Asia-Pacific region during forecast period.
The key market players in IVD industry are Roche Diagnostic, Danaher Corporation, Abbott Laboratories Inc., Siemens Healthineers, Sysmex Corporation, Thermo Fisher Scientific, Becton, Dickinson & Company, Biomerieux SA, Bio-Rad Laboratories, Johnson & Johnson, Agilent Technologies, Qiagen, Diasorin, Ortho Clinical Diagnostics, Speedx Diagnostics, Genspeed Biotech GMBH, MSDX and Genomeme.
- What are the expected industry trends over the next three to five years?
- Which of the in vitro diagnosis technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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