According to the new market research report “In-Vitro Diagnostics Market by Product & Service (Instrument, Kits), Technology (Immunoassay, MDx, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases) End User (Hospitals) – Global Forecast to 2025″, published by MarketsandMarkets™, the global IVD 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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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 IVD Market.
By-products and services, the reagents & kits segment is expected to dominate the in vitro diagnostics market in 2020
Based on products and services, the IVD Market has been segmented into regents and kits, instruments, data management software and services. Within 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.
By end user, a point-of-care testing segment is expected to grow at the highest CAGR in the in vitro diagnostics market during the forecast period
Based on end user, the 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.
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North America holds the largest share in the market in 2020, followed by Europe
North America dominates the overall IVD 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.
The prominent players in the in vitro diagnostics market include Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany).