"Catalysts and Disruptors: Innovations Shaping the In Vitro Diagnostics Market"

April 23, 2024

April 23^rd,2024/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the In Vitro Diagnostics Market

The In Vitro Diagnostics Market report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

“The In Vitro Diagnostics Market was estimated at USD 100.49 billion in 2021 and is expected to grow at a CAGR of 2.7% during 2022-2028 to reach USD 121.09 billion in 2028”.

Segments Analysis

By Test Type

“The Molecular Diagnostics sector held the largest share of the market and is anticipated to experience robust growth throughout the forecast period”.

The market is segmented into clinical chemistry, molecular diagnostics, immuno diagnostics, hematology, and others. The Molecular Diagnostics segment accounted for the largest IVD market share of >35% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

By Product Type

“The Reagents segment led the global market and is expected to grow steadily during the forecast period”.

The market is segmented into instruments, reagents, and others. There is an increasing need for reagents to meet the growing demand for diagnostics worldwide, for the diagnosis of COVID-19 infection. The Reagents segment accounted for the largest market share of >60% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

By End-User Type

“Diagnostic Laboratories hold the largest share of the In Vitro Diagnostics (IVD) market and are set to grow steadily”.

The market is segmented into diagnostic laboratories, hospitals and clinics, and others. The Diagnostic Laboratories segment accounted for the largest IVD market share of >35% in 2021 and is projected to grow at a healthy CAGR during the forecast period. Major growth factors of the laboratory segment are the growing demand for affordable services, technological advancements, and a rapid increase in awareness about personalized medicines.

By Application Type

“The Infectious Disease segment dominates the market and is projected to grow steadily during the forecast period”.

The market is segmented into infectious disease, diabetes, cancer/oncology, cardiology, autoimmune disease, nephrology, and others. The Infectious Disease segment accounted for the largest market share of >55% in 2021 and is projected to grow at a healthy CAGR during the forecast period. The IVDs facilitate the detection of microorganisms or disease-causing bacteria. HIV/AIDS, TB, hepatitis, and pneumonia are the most frequently occurring life-threatening illnesses.

Regional Analysis

“North America leads the market, expected to grow steadily. Europe and Asia-Pacific also promise significant growth opportunities in the forecast period”.

The market is broken down geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, North America accounted for the largest market share of >40% in 2021 and is projected to grow at a healthy CAGR during the forecast period. It is estimated to be the dominating region in the market over the forecast period on account of its well-established healthcare industry, rising prevalence of chronic diseases in the region, presence of some of the market's major players, and an increasing number of product launches. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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Features of the Report

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

The In Vitro Diagnostics Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

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Author : Emily