Insights on the In-vitro Diagnostics Global Market to 2027 – Development of Condition-Specific Markers and Tests Presents Opportunities – ResearchAndMarkets.com

Insights on the In-vitro Diagnostics Global Market to 2027 – Development of Condition-Specific Markers and Tests Presents Opportunities – ResearchAndMarkets.com




Insights on the In-vitro Diagnostics Global Market to 2027 – Development of Condition-Specific Markers and Tests Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “In-vitro Diagnostics Market (IVD Market) by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories) – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The in-vitro diagnostics market is expected to register a CAGR of 7.0% from 2020 to 2027 to reach $118.50 billion by 2027.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report showcases the key industry drivers, restraints, challenges, and opportunities. The growth of the in-vitro diagnostics market is mainly attributed to the increasing global prevalence of acute and chronic infectious diseases associated with the rising geriatric population, growing awareness regarding the importance of early disease diagnosis, a shift in the focus from centralized to point-of-care testing, and the emergence of the COVID-19 pandemic. Moreover, emerging economies, the development of condition-specific markers and tests, and advances in genomics and proteomics offer significant growth opportunities for the players operating in this market.

In 2020, based on the type of immunoassay diagnostic technologies, the enzyme-linked immunosorbent assay (ELISA) segment is estimated to account for the largest share of the IVD immunoassay market. The continuous development of new biomarkers and the cost-benefits and growing adoption of automated platforms for ELISA are expected to increase this technology’s adoption. This technology’s efficiency, convenience, and accuracy are also expected to propel the segment’s growth.

In 2020, based on product & solution, the consumables segment is estimated to account for the largest share of the IVD market due to the frequent use of assays & kits in the detection of various chronic diseases, the large-scale availability of a diverse range of reagents & consumables for the diagnosis of various diseases, and increase in the volume of testing for infectious disease. In addition to this, the increase in demand for COVID-19 testing products and the cost-effectiveness of these products are factors that are expected to accelerate the growth of the consumables segment in the upcoming years.

Based on end user, the hospitals & clinics segment is estimated to register the fastest growth during the forecast period, 2020-2027. Factors contributing to this segment’s growth include the rise in hospital expenditures, the growing adoption of technologically advanced diagnostic platforms among hospitals, increasing preference for in-house diagnostic facilities, and growing patient volumes leading to increased testing in hospitals.

An in-depth analysis of the in-vitro diagnostics market’s geographical scenario provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major country-level markets in each region. In 2020, North America was estimated to account for the largest share of the IVD market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Market Dynamics

Drivers

  • Rising Prevalence of Acute and Chronic Infectious Diseases
  • Increase in Funding for Research Activities
  • Growing Awareness for Early Disease Diagnosis
  • Shift in the Focus from Centralized to Point-of-Care Testing
  • The Impact of COVID-19

Restraints

  • Technical Requirements and Regulatory Process for High or Moderate-Complexity Tests

Opportunities

  • Development of Condition-Specific Markers and Tests
  • Significant Opportunities in Emerging Markets
  • Advances in Genomics and Proteomics

Challenges

  • Unfavorable Reimbursement Scenario
  • Lack of Awareness of Specific Symptoms and Diagnosis of Emerging Infections

Companies Mentioned

  • Abbott Laboratories (U.S.)
  • Danaher Corporation (U.S.)
  • Bio-Rad Laboratories Inc. (U.S.)
  • bioMerieux S.A. (France)
  • Thermo Fisher Scientific (U.S.)
  • Agilent Technologies Inc. (U.S.)
  • F. Hoffmann-La Roche Ltd. (Switzerland)
  • Becton
  • Dickinson and Company (U.S.)
  • DiaSorin S.p.A. (Italy)
  • Ortho Clinical Diagnostics (U.S.)
  • Siemens Healthcare GmbH (Germany)
  • Sysmex Corporation (Japan)
  • Qiagen N.V. (Netherlands)

For more information about this report visit https://www.researchandmarkets.com/r/l122d6

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