Factors such as the increased adoption of PoC IVD devices, rising elderly population base, and the growing number of infectious diseases are expected to drive the growth of the in-vitro diagnostics market.
The global In-Vitro Diagnostics Market
size is projected to reach USD 96.0 billion by 2025
from USD 84.5 billion in 2020, at a CAGR of 2.6% during the forecast period.
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Market Segmentation: -
Based on products and services, the in vitro
diagnostics market has been segmented into regents and kits, instruments, data
management software and services. Within IVD market, reagents and kits
accounted for the largest share in 2020. The large share of this segment can be
attributed to the superior quality of reagents enabling accurate diagnosis and
thus, having high preference amongst the healthcare professionals.
Based on end user, the in vitro diagnostics market
has been segmented into hospitals, laboratories, patient self-testing,
academia, point-of-care -testing others. The point-of-care testing segment is
estimated to have enormous growth due to rising availability of highly
efficient PoC kits. Recently launched point-of-care devices offer a precise
diagnosis of chronic diseases that has raised its adoption in laboratories.
Key Market Drivers:-
1 Rising geriatric population and subsequent
growth in the prevalence of chronic and infectious diseases.
2 Increasing adoption of fully
automated and POC instruments in developed regions
3 Growing awareness regarding disease diagnosis
in developing regions
4 Growing R&D investments by industry
players to launch new IVD products
Regional Analysis :-
North America dominates the overall market based on
region. This can be attributed to the rising geriatric population. Elderly
population has comparatively weaker immunity and, therefore, is more
susceptible to infections and other diseases. Furthermore, the regulatory
scenario is quite stringent in the region that ensures the availability of
defect-free IVD devices in the market that proves beneficial for market growth.
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Top Key Players:-
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