USD 87.11 Billion Global In vitro Diagnostics Market During 2021-2028 | Fortune Business Insights

Posted on Aug 12 2022 4:54 AM

"In vitro Diagnostics Market Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, CAGR, Size, Industry Share"

Introduction of new techniques for disease diagnosis is a key factor driving the global in-vitro diagnostics market, states Fortune Business Insights in a report, titled “In-vitro Diagnostics Market” Size, Share & Industry Analysis, By Product Type (Instruments, Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Point of Care, Hematology and Others), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, Others), By End User (Clinical Laboratories, Hospitals, Physicians Offices, Others) and Regional Forecast, 2019-2026.” According to the report, the global in-vitro diagnostics market Size was valued at USD 61.22 Billion in 2018 is predicted to reach USD 87.11 Billion by 2026, exhibiting a CAGR of 4.5% during the forecast period.

As per the report published by Fortune Business Insights, the reagents and consumables segment is expected to hold maximum shares in the global-vitro diagnostics market during the forecast period owing to the increasing research and development activities for the diagnosis of chronic diseases. In addition, the escalating demand for self-test and point-of-care devices will subsequently increase the demand for reagents and consumables segment, which, will, in, turn boost the global in-vitro diagnostics market revenue during the forecast period.

The report offers an elaborative overview of the trends prevailing in the in-vitro diagnostics industry.  It also includes exclusive data which provides information about the in-vitro diagnostics market dynamics and competitive landscape. The report gives weightage to the segmentation in the global in-vitro diagnostics market and provides proficient facts and figures besides offering informative tools to assist companies in their overall business growth.

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BD Declares FDA Emergency Use Authorization for Mixed COVID-19, Flu Rapid Antigen Test

Becton, Dickinson and Company, BD, which is a prominent worldwide medical technology corporation, made an announcement regarding the approval by the U.S. Food and Drug Administration (FDA) emergency use authorization (EUA) for a novel, quick antigenic test that can identify infections such as SARS-CoV-2 and influenza A and influenza B in just one test. The BD Veritor™ system for the quick revealing of SARS-CoV-2 & influenza A as well as B type-examination consumes nearly 15 minutes and differentiates amid SARS-CoV-2, influenza A and influenza B, by delivering conclusive affirmative or negative distinct digital display details for the above-mentioned tests. The company strategizes to introduce a novel test for the next virus season. The test is envisioned for entities who are doubted by a medical worker of being infected by COVID-19 or influenza A or B within a week of indication arrival. This test follows a similar, easy workflow as other quick examinations on the BD Veritor™ Plus System with an outcome in roughly 15-20 minutes.  

More than 70,000 in-use BD Veritor Systems exist at clinics, hospitals, emergency care centers, nursing facilities, pharmacy centers, educational facilities, industries, and additional testing sites in all the U.S. states. The system is marginally bigger than a mobile device, contains single-button operation, workflow elasticity, and is simple to function. It is a perfect key for testing even in the absence of a healthcare guide. It further presents consumers' real-time notifying abilities by the voluntary BD Synapsys™ Informatics Solution, offering them the capability to effortlessly note data for sickness monitoring and observation motives. Such innovations are likely to aid In vitro Diagnostics market growth.

Major In-Vitro Diagnostics Market Key players covered in the report include:

  • Thermo Fisher Scientific Corporation
  • Life Technologies Corporation
  • Biomerieux SA
  • Gen-Probe Incorporated
  • Becton Dickinson
  • Johnson & Johnson
  • Abbott

Increasing Prevalence of Chronic and Infectious Disease Will Enable Growth

The launch of diagnostic and rapid testing tools by leading market players will propel growth of the global in-vitro diagnostics market. For instance, Thermo Fisher Scientific launched Phadia 200 for diagnosis of allergy & autoimmune conditions. The launch of Phadia 200 is anticipated to increase the revenue of the company. According to the report, the reagents and consumables segment will account for a major portion in the global in-vitro diagnostics market during the forecast period owing to the adoption of self- test and point-of-care devices. Furthermore, the instrument segment is likely to grow at a moderately slower pace during the forecast period. Rising technological advancement is predicted to aid growth of the segment. Moreover, the increasing cases of cancer and infectious disease around the world will further accelerate global in-vitro diagnostics market growth.

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Launch of Altostar Molecular Diagnostics Workflow Will Boost Growth

Altona Diagnostics GmbH, molecular diagnostic testing solutions company launched a CE-IVD marked AltoStar Molecular Diagnostics Workflow. AltoStar Molecular Diagnostics a flexible and efficient automatic system that automates the entire workflow from sample preparation up to analysis. Fortune Business Insights states the launch of CE-IVD marked AltoStar Molecular Diagnostics Workflow is expected to boost the in-vitro diagnostics market revenue. Furthermore, the oncology segment is likely to grow at a considerable rate during the forecast period. Rising adoption and availability of advanced home care kits such as fecal occult blood test (FOBT) for diagnosis of colon cancer in homecare settings is one of the major factor likely to fuel demand for the oncology segment, which, will, in turn, uplift the global in-vitro diagnostics market shares

Increasing Preference towards In-Vitro Diagnostics to Boost Market

Recent advancements made in in-vitro diagnostic solutions have been fruitful for end users as well as companies and manufacturers. Due to the portability factor, many geriatrics prefer in-vitro diagnostics method over other methods. In addition to geriatrics, in-vitro diagnostics help in the treatment of those with severe chronic ailments and bowel disorders or muscle and joint injuries, wherein physical movements are limited. Backed by increasing demand, many companies are setting up in-vitro diagnostic centres with the aim of maximizing their profit. Growing adoption of in-vitro diagnostics by companies and end-users is boosting the global IVD market and is likely to enable growth of this market in the forecast period.

Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • New Product Launches, By Key Market Players
    • Prevalence of Key Diseases, By Key Regions/ Key Countries
    • Reimbursement Policies, By Key Regions
    • Key industry Developments - Mergers, Acquisitions and Partnerships
  • Global In-vitro Diagnostics Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Instruments
      • Reagents & Consumables
    • Market Analysis, Insights and Forecast – By Technique
      • Immunodiagnostics
      • Clinical Chemistry
      • Molecular Diagnostics
      • Point of Care
      • Hematology
      • Others
    • Market Analysis, Insights and Forecast – By Application
      • Infectious Diseases
      • Cardiology
      • Oncology
      • Gastroenterology
      • Others
    • Market Analysis, Insights and Forecast – By End User
      • Clinical Laboratories
      • Hospitals
      • Physicians’ Offices
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Latin America
      • Middle East & Africa
  • North America In-vitro Diagnostics Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis – By Product Type
      • Instruments
      • Reagents & Consumables
    • Market Analysis, Insights and Forecast – By Technique
      • Immunodiagnostics
      • Clinical Chemistry
      • Molecular Diagnostics
      • Point of Care
      • Hematology
      • Others
    • Market Analysis, Insights and Forecast – By Application
      • Infectious Diseases
      • Cardiology
      • Oncology
      • Gastroenterology
      • Others
    • Market Analysis, Insights and Forecast – By End User
      • Clinical Laboratories
      • Hospitals
      • Physicians’ Offices
      • Others
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada

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