Global In Vitro Diagnostic Market: Analysis and Forecast, 2020-2030

Jul 2020| BIS375A| BIS Research

Report Highlights

Global In Vitro Diagnostic Market to Reach $113.86 Billion by 2030.

Key Questions Answered in this Report:

• What are IVD solutions? How have different IVD solutions evolved over the years?
• What are the major market drivers, challenges, and opportunities in the global IVD market? 
• What was the global IVD market size in terms of revenue in 2019? How is the market expected to evolve in the upcoming years? What is the market size expected to be in 2030?
• How is each segment of the global IVD market expected to grow during the forecast period between 2020 to 2030, and what is the revenue expected to be generated by each of the segments by the end of 2030?
• What are the developmental strategies implemented by the key players to sustain in the competitive market?
• What is the growth potential of the IVD market in each region, namely, North America, Europe, Asia-Pacific, Latin America, Middle East, and Rest-of-the-World?
• Which product among the two (assays and kits & instrument) are offered by key players such as Thermo Fisher Scientific, Illumina Inc., Qiagen N.V., and F. Hoffmann-La Roche Ltd.?
• Which test type is leading the market in 2019 and expected to dominate the market in 2030, and why?
• Which application and end user type are leading the market in 2019 and are expected to dominate the market in 2030, and why?
• Which region dominated the global IVD market in 2019, and what are the expected trends from each of the regions during the forecast period 2020-2030?
• What are the emerging trends in the global in vitro diagnostic market? 
• Which companies are anticipated to be highly disruptive in the future, and why?

Market Report Coverage - In Vitro Diagnostic

Market Segmentation

• Product – Instruments, Consumables, and Software
• Test Type – Immunoassay, Clinical Chemistry, Whole Blood Glucose Monitoring, Molecular Diagnostics, Microbiology, Anatomic Pathology, Hematology, Coagulation, Critical Care, Urinalysis, and Others
• Application- Diabetes, Infectious Disease, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Disease, Drug Testing/Pharmacogenomics, HIV/AIDS, Women Health, and Others
• End User – Hospitals, Central Laboratories, Point-of-Care (POC), Clinics, Academic Institutions, and Others

Regional Segmentation

• North America – U.S., Canada
• Europe – Germany, U.K., France, Italy, Spain, Netherlands, and Rest-of-Europe
• Asia-Pacific – Japan, China, India, South Korea, Australia, and Rest-of-Asia-Pacific
• Latin America – Brazil, Mexico, and Rest-of-Latin America
• Middle East – Saudi Arabia, Israel, and Rest-of-Middle East
• Rest-of-the-World

Growth Drivers

• Rise in Adoption of Rapid, Minimally Invasive and Non-Invasive Diagnostics Tools & Techniques
• Rise in the Global Geriatric Population
• High Number of Patients with Infectious and Chronic Diseases
• Rise in the Global Healthcare Expenditure
• Rise in the Demand for POC Testing

Market Challenges

• Uneven Reimbursement Scenario
• Uncertain Regulatory Environment

Market Opportunities

• Rise in the Demand for Molecular Diagnostics
• Epigenomics Based Approach

Key Companies Profiled

Agilent Technologies, Inc., F. Hoffmann-La Roche, Illumina, Inc., Qiagen N.V., Abbott Laboratories, Inc., Thermo Fisher Scientific, Danaher Corporation, Myriad Genetics, Inc., Laboratory Corporation of America Holdings, Siemens Healthineers, Inc., Quest Diagnostics Incorporated, Bio-Rad Laboratories, Inc., Sysmex Corporation, bioMérieux S.A. Becton, Dickinson and Company, Ortho Clinical Diagnostics, Hologic, Inc, and DiaSorin S.p.A.

Market Overview

Healthcare experts have found IVD industry to be one of the most rapidly evolving markets and the global market for IVD is predicted to grow at a CAGR of 5.06% over the forecast period of 2020-2030. The market is driven by certain factors, which include rise in adoption of rapid, minimally invasive and non-invasive diagnostics tools & techniques, rise in the global geriatric population, high number of patients with infectious and chronic diseases, rise in the global healthcare expenditure, and rise in the demand for POC testing.

The market is favored by the development of rapid diagnostic instruments and consumables for several clinical areas, such as infectious disease, oncology/cancer, cardiology, HIV/AIDS, and nephrology, among others. Additionally, recent infectious disease outbreaks, such as COVID-19, have further propelled the growth of the global market.

Within the research report, the market is segmented on the basis of product, test type, application, end user, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

Competitive Landscape

The exponential rise in the application of precision medicine on the global level has created a buzz among companies to invest in the development of IVD to increase the accuracy and to ensure shorter turn-around time for disease diagnosis. Due to the diverse product portfolio and intense market penetration, F. Hoffmann-La Roche has been a pioneer in this field and has been a significant competitor in this market.

On the basis of region, North America holds the largest share of the global in vitro diagnostic market due to growing incidence of infectious disease and cancer, including its various types, increased focus on democratizing precision diagnostics for various applications, increasing geriatric population, and favorable government reimbursement policies in the region. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.

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