In-Vitro Diagnostics Market: Current Analysis and Forecast (2022-2028)

Report Description

The global In-Vitro Diagnostics Market is expected to grow at a significant rate of around 7.4% during the forecast period. In vitro diagnostics consists of medical devices and consumables that are used to perform in vitro tests on various biological samples for the detection of various medical conditions, such as diabetes and cancer. The high prevalence of chronic and infectious diseases, the rising use of point-of-care (POC) diagnostics, cutting-edge technologies in in-vitro diagnostic products, and the growing acceptance of companion diagnostics and personalized medicine are all factors contributing to the growth of the global IVD market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2021, around 18.2 million adults aged 20 and older had coronary artery disease (CAD) in the United States. Moreover, key players are rapidly launching technologically advanced products, which is also having a positive impact on market growth. For instance, in January 2021, Abbott received FDA approval for its rapid handheld Traumatic Brain Injury (TBI) blood test. The first-of-its-kind test is used for assessing mild TBIs and concussions in patients.

Abbott; BD; BIOMÉRIEUX; Bio-Rad Laboratories, Inc.; Danaher; Johnson & Johnson Private Limited; F. Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Sysmex Corporation; Thermo Fisher Scientific. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, reagents category to dominate the market growth during the forecast period”

Based on type, the market is segmented into reagents and instrument services. The reagents category to dominate the market growth during the forecast period owing to the extensive R&D projects being carried out by key industry participants for the development of new reagents. Companies can now concentrate on lucrative niche markets in the IVD industry thanks to the introduction of kits that enable speedier cancer detection. For instance, in February 2022, LiquidPlex Dx and FusionPlex Dx cancer diagnostic kits were launched by Invitae to enable the effective management of cancer patients with medication and prompt delivery of the necessary information.

“Amongst techniques, the immunoassay category held a significant share in the market in 2021”

On the basis of techniques, the market is categorized into immunoassay, clinical chemistry, self-monitoring of blood glucose (SMBG), molecular diagnostics, hematology, microbiology, point-of-care, and hemostasis. Among these, the immunoassay held a significant share of the market in 2021. This is mainly due to its high sensitivity analysis, high throughput, low cost, and inherent specificity in the analysis of biological samples. Also, the rising prevalence of diabetes can also contribute to the growth of the market. For instance, according to the National Institutes of Health (NIH), an estimated 34.2 million people have diabetes (10.5 percent of the U.S. population).

In-Vitro Diagnostics Market Report Coverage

“North America to hold a significant share in the market”

For a better understanding of the market adoption of the in-vitro diagnostics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The use of IVD will lead to the early diagnosis of diseases. Moreover, healthcare spending is highest in this region driving the adoption of healthcare technology. Growing demand for in-vitro diagnostics in the region is mainly due to the increase in the aging population, escalation in the incidence and prevalence of chronic diseases, growing adoption of point-of-care diagnostics, and medical and customer needs are the major drivers for this market growth.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global in-vitro diagnostics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the In-Vitro Diagnostics Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global in-vitro diagnostics market were the three major steps undertaken to create and analyze the adoption of in-vitro diagnostics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global in-vitro diagnostics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the in-vitro diagnostics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the in-vitro diagnostics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, techniques, application, end-user, and usability. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the In-Vitro Diagnostics Market. Further, we conducted factor analysis using dependent and independent variables such as various product, techniques, application, end-user, and usability of all-terrain vehicles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the in-vitro diagnostics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global in-vitro diagnostics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the in-vitro diagnostics market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global in-vitro diagnostics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global In-Vitro Diagnostics Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, techniques, application, end-user, and usability in the global In-Vitro Diagnostics Market.

The main objective of the Global In-Vitro Diagnostics Market Study

The current & future market trends of the global In-Vitro Diagnostics Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the In-Vitro Diagnostics Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product, techniques, application, end-user, and usability.
• Define and analysis of the regulatory framework for the all-terrain vehicle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the In-Vitro Diagnostics Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the In-Vitro Diagnostics Market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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