In Vitro Diagnostics Test Kit Market Forecast and CAGR of ~7.1% - 8.5%
Factors such as large outbreaks of bacterial and viral epidemics in India, increasing demand for point-of-care diagnostics, and rapidly evolving technology, are driving the growth of the molecular diagnostics segment. Also, advancements in molecular diagnostics and new product launches in India projected to boost the segment growth.
What is Driving Demand for In Vitro Diagnostics Test Kit Market?
The growing geriatric population in both established and emerging nations would have a favorable impact on the IVD market. The frequency of age-related disorders is predicted to rise dramatically as the world's elderly population grows rapidly. According to the OECD, there were 54 million senior individuals in the United States in 2019 are generating demand for In Vitro Diagnostics.
Moreover, biomarkers have a lot of clinical relevance and interest in the medical field since they can help with disease screening, diagnosis, and treatment. The integration of biomarkers and the availability of biomolecular tools are projected to aid in the creation of a new variety of condition-specific tests, resulting in new IVD market prospects.
Furthermore, newly designed reagents and kits have excellent precision and allow for precise diagnosis. As a result of the aforementioned variables, segmental growth has accelerated.
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New Product Development and E-commerce Channel Complementing the Market Sales
In-vitro diagnostics have become more appealing as a result of significant advances in IVD research. Pregnancy tests, for example, have become increasingly popular for usage at home, making them quite convenient. In a similar vein, with the help of point-of-care monitoring systems, the market for at-home blood glucose monitors has grown. Because of the increased need for such technology.
In December 2020, Fujirebio Diagnoses Inc. aimed to expand the arsenal of AD diagnostics with their Lumipulse G -Amyloid Ratio (1-42/1-40) in vitro diagnostic test. Veracyte, Inc. announced that it’s Quality Management System (QMS) for the design, development, and manufacture of genomic in vitro diagnostic (IVD) tests that aid in the diagnosis and prognosis of cancer and other diseases has been approved by the FDA.
Moreover, Siemens Healthcare Diagnostics e-Commerce says “Our overall aim is not only to set a benchmark in the field of laboratory diagnostics, but also to optimize supply chain management” this can be the driving factor for increase in sales.
US and Canada In Vitro Diagnostics Test Kit Market Outlook
In 2020, North America had the greatest revenue share of 41.1 percent in the IVD market, and this dominance is likely to continue over the forecast period. This is due to the presence of large market participants on the ground. Furthermore, increasing disease prevalence and consumer awareness are driving the demand for better diagnostic devices.
During the forecast period, North America is expected to be the leading regional market for in vitro diagnostics, owing to its well-developed healthcare system and increased healthcare awareness among patients, as well as Obama's Affordable Care Act (ACA), technological advancements, and a recovering American economy. Other variables, such as the widespread availability of gadgets and an increase in public knowledge about the issue, are also playing a role.
Moreover, presence of large number of key players in North America is another major factor that drives the in vitro diagnostics market growth.
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Europe Demand Outlook for In Vitro Diagnostics Test Kit Market
The Europe market is predicted to develop at the fastest rate, with a CAGR of 6.2 percent over the forecast period. There are growing and developed economies in Europe & Asia Pacific. The market is expected to be fueled by increased healthcare awareness and people seeking early diagnosis in the region, as well as a high frequency of chronic diseases.
Furthermore, due to an increase in healthcare expenditure and the prevalence of diabetes in the region, it is predicted to grow at the quickest rate during the projection period. Other reasons, such as the large patient population of other chronic diseases that necessitate IVD testing, also contribute to the market's growth.
Who are the Key Manufacturers and Suppliers of In Vitro Diagnostics Test Kit Market?
Some of the leading manufacturers and suppliers of In Vitro Diagnostics market include
- Abbott Laboratories
- Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories Inc.
- Danaher Corporation (Beckman Coulter, Inc.)
- F. Hoffmann-La Roche AG
- Siemens AG
- QIAGEN N.V.
- Sysmex Corporation
- Thermo Fisher Scientific Inc.
An Adaptive Approach to Modern-day Research Needs
In Vitro Diagnostics Test Kit Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Reagents & kits
- Data Management Software
- Services Fully-automated Instruments
- Semi-automated Instruments
- Large/Reference Laboratories
- Medium-sized Laboratories
- Small Laboratories
- Point-Of-Care Testing
- Patient Self-Testing
- Below US$ 30
- US$ 30 – US$ 100
- US$ 100– US$ 250
- US$ 250 – US$ 1000
- Above US$ 1000
By Sales Channel
- Independent Stores
- Specialty Stores
- Online Retailers
- Direct Sales
- Other Sales Channel
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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