In-vitro diagnostics or IVD refers to products and clinical functions obtained by testing human samples (various body fluids, cells, tissue samples, etc.) outside the human body to collect clinical diagnostic information to determine the disease. It involves molecular biology, genetic diagnostics, translational medicine, and other disciplines.
The global In-Vitro Diagnostics market expected to bolster the market growth at an enormous CAGR in the forecast period from 2020-2027. The continuous growth of the worldwide population base and the increasing incidence of chronic diseases and tumors have become the driving forces for the continued development of the global IVD market.
Moreover, the in-vitro diagnostic industry is a branch of the medical device industry. It is a multidisciplinary, knowledge-intensive, and capital-intensive high-tech sector. It is a combination of traditional manufacturing and high-tech technologies such as biomedical engineering, electronic information technology, and the modern medical imaging technology industry.
Additionally, In-vitro diagnosis plays a significant role in the entire process of disease prevention, diagnosis, monitoring, and guiding treatment. It is an indispensable tool for modern disease and health management. With the rapid development of various new technologies and the gradual improvement of most national medical security policies, the IVD industry has developed rapidly. It has become one of the most vital and fastest-growing sectors in the pharmaceutical market.
Furthermore, the global in-vitro diagnostic market is propelling due to factors such as an aging population, increasing insurance coverage, rising expenditure, and high income. Also, the out-patient diagnosis industry has become one of the most dynamic and fastest-growing industries. After disease prevention, diagnosis, and recovery judgment, therapeutic drug screening, health assessment, and heredity prediction are playing an increasingly important role.
After the future of cloud intelligence, IVD companies will not sell products and services but sell the cloud. Products and services will only be terminal data collectors. In different application scenarios, these collected data will be transferred to the cloud and become precious data assets. The future industry leaders will integrate global industrial resources through informatization and digitalization.
The market share of immunodiagnostics, microbiology, blood glucose testing, and coagulation testing has changed. In addition to it, the proportion of biochemical diagnostics has dropped significantly, and the percentage of emerging technologies in molecular diagnostics and POCT has increased substantially.
Based on the product, the global In-Vitro Diagnostics market segmented into Reagents, Instruments, and Software & Services. The instrument’s product segment captures the largest share in the recent market. However, the reagents product segment expected to dominate the market in the forecast period from 2020-2027. It is mainly owing to the increasing number of IVD tests worldwide, which rise in demand for reagents. In addition to it, the increased number of chronic diseases and the adoption of self-test and point of care devices will fuel the market demand for the reagents in the market.
Based on the technique, the global In-Vitro Diagnostics market classified into Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques. The Immunodiagnostics technique segment is currently in the mainstream and captures the largest share in the global in-vitro diagnostics market. It is mainly owing to rising cases of chronic and infectious diseases, coupled with increasing demand for early detection of the disease, which will fuel the IVD market.
Moreover, molecular diagnostics has increased, and it is likely to catch up in the future. Besides, application scenarios such as prenatal diagnosis, tumor genetic testing, and personalized medicine will become the mainstream trend in the future, and the demand will be quickly released.
Based on the application, the global In-Vitro Diagnostics market aggregated into Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Other Indications. Infectious diseases have captured the market’s largest share as it is owing to the emerging geriatric population increased the cases of cardiovascular diseases. Moreover, the oncology segment will bolster its market share in the forecast period. Due to propelling demand for non-invasive instruments, home care kits for diagnosis of colon cancer are rising market share for global In-vitro diagnostics.
Based on End-use, the global In-Vitro Diagnostics market classified into Standalone laboratories, Hospitals, Academic & Medical Schools, Point of Care Testing, and Others. The standalone laboratory segment has dominated the largest market share in the global in-vitro diagnostics market mainly due to rising demand for glucose meters, pregnancy kits, biosensors for quick and accurate results. However, POCT will bolster its market demand owing to POCT detection short time, portability of instrument, and the operator does not need too much professional training to get started quickly. Thus, it helps in increasing the demand for POCT in the forecast period from 2020-2027.
Based on geography, the global In-Vitro Diagnostics market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America expected to hold the largest share of the global in-vitro diagnostics market. The rising cases of infectious diseases, emerging geriatric population, and advancement in diagnostic instruments and adoption of the advance diagnostic technique are fueling the market demand for the global in-vitro diagnostics market.
Companies such as Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Johnson & Johnson, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc. and others are key players in the global In-Vitro Diagnostics market.
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