Market Research Report
In-vitro Diagnostics Market Size By Type, By Technology, By Application By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025
|In-vitro Diagnostics Market Size By Type, By Technology, By Application By End-user, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025|
Published: November 29, 2021
Global Market Insights Inc.
Content info: 160 Pages
Delivery time: 2-3 business days
The in vitro diagnostics market is anticipated to record considerable growth by 2027 owing to increasing incidences of chronic and infectious diseases across the globe.
In vitro diagnostic (IVD) tests are performed on samples collected from the human body, such as blood samples, swabs of mucus from the back of the throat or inside the nose from a fingerstick or vein. These tests can detect diseases or other disorders and help monitor a person's overall health to cure, treat, or prevent diseases. Recently, in vitro diagnostics have been an indispensable method of diagnosing and managing COVID-19 viral infections, which has fueled industry adoption during the pandemic.
Notably, industry players have been adopting profitable strategies to accommodate the mounting demand for IVD tests in view of the ongoing COVID-19 pandemic, thereby enhancing the global business scenario. For instance, in July 2021, DiaSorin S.p.A., a major diagnostics company, completed the acquisition of Luminex Corporation, a leading biotechnology company. The deal enabled DiaSorin to expand its business by leveraging Luminex's existing offerings and multiplexing technology.
The in vitro diagnostics market has been divided on the basis of end-user, product type, application, test type, and region. With respect to product type, the market has further been segregated into instruments and reagents & kits.
The instruments sub-segment is projected to amass considerable gains by 2027, expanding at a CAGR of about 4.5% over the review period. Escalating demand for in-vitro diagnostic instruments in laboratories is likely to foster segmental growth through the study timeline.
Based on test type, the in vitro diagnostics market has been categorized into urinalysis, clinical chemistry, hematology, immunoassay/immunochemistry, molecular diagnostics, and others. The molecular diagnostics sub-segment is slated to progress at around 5.6% CAGR over the forecast period owing to surging need for molecular diagnostics tests during the COVID-19 pandemic.
From the viewpoint of application, the market has been segmented into drug testing/ pharmacogenomics, oncology, autoimmune diseases, infectious diseases, nephrology, diabetes, cardiology, and others. The in vitro diagnostics market from the infectious diseases sub-segment surpassed a valuation of USD 18 billion in 2020 and is expected to witness robust expansion over 2021-2027. Rising prevalence of infectious diseases would create huge demand for IVD tests, which is estimated to augment segmental growth in the upcoming years.
In terms of end-user, the in vitro diagnostics market has been classified into academic & research institutes, hospitals, diagnostic laboratories, and others. In 2020, the hospitals sub-segment held around 40% market share and is speculated to showcase significant progress over the analysis timeline. Soaring availability of trained medical professionals and advanced diagnostic tools is set to propel segmental expansion.
From the regional perspective, the Latin America in vitro diagnostics market was valued at over USD 6 billion in 2020 and is poised to grow at a substantial pace through the assessment timeframe. The developing medical infrastructure, coupled with increasing demand for in vitro diagnostics in LATAM, is likely to drive regional market expansion.