In-Vitro Diagnostics (IVD) Market Segmentation by Product (Reagents & Kits, Instruments, and Services); by Technology (Immunoassay Systems, DNA Analytics/Sequencing, Molecular Diagnostics, Hematology, Tissue Diagnostics, Microbiology, and Others); by Application (Oncology, Cardiology, Autoimmune Diseases, Neurology, Infectious Diseases, Gastroenterology, and Others); and by End-User (Hospitals & Clinics, Research Institutes, Diagnostics Laboratories, and Others)-Global Demand Analysis & Opportunity Outlook 2021-2031

Global In-Vitro Diagnostics (IVD) Market Highlights Over 2021 - 2031

The global in-vitro diagnostics (IVD) market is estimated to garner a revenue of USD 135167.7 Million by the end of 2031 by growing at a CAGR of 4.6% over the forecast period, i.e., 2022 – 2031. Moreover, in 2021, the market generated a revenue of USD 87236.4 Million. The growth of the market can be attributed to the rising incidences of chronic diseases as well as different types of infectious diseases, such as SARS-CoV2, HIV, AIDS, tuberculosis, and pneumonia among others, and therefore the need for diagnostic procedures that can help treat these diseases. According to the statistics by the World Health Organization (WHO), more than 15 million people between the ages of 30 and 69 years are known to die each year from non-communicable diseases (NCD). In addition to this, the rising cases of the COVID-19 pandemic, which according to the WHO reported 515192979 confirmed cases and 6254140 deaths as of 5:13pm (CEST), 9 May 2022, which has driven the need for IVD kits and reagents for the accurate and rapid diagnosis of the viral infection are also anticipated to contribute to the market growth.

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The growth of the market can also be attributed to the rising healthcare expenditure globally and the surge in research and developments in the field of medical sciences. Additionally, the shift in preferences towards point-of-care (PoC) diagnosis over conventional diagnosis procedures, backed by numerous benefits of PoC diagnosis, such as convenience of use, low operational costs and quick analytical results, are also expected to boost the market growth in the coming years.

Global In-Vitro Diagnostics (IVD) Market Regional Synopsis

Regionally, the global in-vitro diagnostics (IVD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is projected to garner the largest revenue of USD 57175.9 Million by the end of 2031, up from a revenue of USD 36988.2 Million in the year 2021. The growth of the market in the region can primarily be attributed to the presence of a strong healthcare network in the region, rising awareness for in-vitro diagnostics among the individuals as well as healthcare service operators, along with the surge in concern for different types of chronic diseases in the region, especially in the United States. According to the statistics by the Centers for Disease Control and Prevention (CDC), out of 10 adults, 6 adults were known to have a chronic disease in the United States. Furthermore, out of 10 adults, 4 adults were known to have at least 2 or more such diseases in the nation.

On the other hand, the market in Europe is projected to garner the second-largest revenue of USD 36508.8 Million by the end of 2031, up from a revenue of USD 23292.1 Million in the year 2021. The market in the region is further segmented by country into Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe. The market in Germany is projected to garner the second largest revenue of USD 9017.7 Million by the end of 2031, up from a revenue of USD 5613.4 Million in the year 2021.

Growth Drivers and Challenges Impacting the Growth of the Global In-Vitro Diagnostics (IVD) Market

Growth Drivers

• Increasing Incidences of Chronic Diseases and Infectious Diseases

• Surge in Healthcare Expenditure

• Shift Towards Point-of-Care Diagnosis

Challenges

• Operational Barriers Faced During Conduction of Diagnostic Tests

• Dynamic Regulatory Landscape

Global In-Vitro Diagnostics (IVD) Market Segmentation Synopsis

The global in-vitro diagnostics (IVD) market is segmented by product into reagents, instruments, and services. Out of these, the reagents segment is projected to garner the largest revenue of USD 112156.4 Million by the end of 2031, up from a revenue of USD 71786.2 Million in the year 2021. By technology, the market is segmented into immunoassay systems, DNA analytics/sequencing, molecular diagnostics, hematology, tissue diagnostics, microbiology, and others. Out of these, the immunoassay systems segment is projected to garner the largest revenue of USD 39262.8 Million by the end of 2031, up from a revenue of USD 24754.4 Million in the year 2021. By application, the market is segmented into oncology, cardiology, autoimmune diseases, neurology, infectious diseases, gastroenterology, and others. Out of these, the infectious diseases segment is projected to garner the largest revenue of USD 33944.8 Million by the end of 2031, up from a revenue of USD 21378.2 Million in the year 2021. By end-user, the market is segmented into hospitals & clinics, research institutes, diagnostics laboratories, and others. Out of these, the hospitals & clinics segment is projected to garner the largest revenue of USD 64709.2 Million by the end of 2031, up from a revenue of USD 42162.6 Million in the year 2021.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global in-vitro diagnostics (IVD) market that are included in our report are Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, Qiagen GmbH, bioMerieux SA, Danaher Corporation, Bio Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Exact Sciences Corporation, Becton, Dickinson and Company, and others.

Latest Developments in the Global In-Vitro Diagnostics (IVD) Market:

• March 30^th, 2021: Becton, Dickinson and Company announced that it has received emergency use authorization (EUA) by the United States Food and Drug Administration (FDA) for its BD Veritor System for Rapid Detection of SARS-CoV-2 & Flu A+B, a new rapid antigen test that can detect SARS-CoV-2, influenza A and influenza B in a single test.

• December 23^rd, 2020: Sysmex Corporation announced that it has received marketing approval for the HISCL IFN-λ3 Assay Kit. This test kit is designed in determining the exacerbation risk in positive patients of SARS-CoV-2.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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