Overview:

The global in-vitro diagnostics market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. In-vitro diagnostics is the tests that are performed to detect various disease, infections, and conditions. These tests are performed in laboratories, hospitals, and at home. The in-vitro diagnostic tests are performed in test tubes and instruments hence referred as in-vitro diagnostics.

Market Dynamics:

The growing preference for in-vitro diagnostics for precision medicine development is a primary factor driving growth of the global in-vitro diagnostics market. The in-vitro diagnostic test allows to recognize benefits associated with specific test to the particular individual, also it helps to identify specific test to cure specific disease and specific individual by detecting genomic variations. Hence, preference for in-vitro diagnostics is increasing across the globe.

In addition, growing prevalence of various chronic disease such as diabetes and cancer across the globe is another key factor supporting growth of the target market. For example, according to International Agency for Research on Cancer, around 19.3 million new cases of cancer occurred in the year 2020 globally. Additionally, around 10 million individuals died due to cancer in the same year across the globe.

Moreover, growing demand for home healthcare, emergency pregnancy kits, glucose meters, and cholesterol meters is among the other factors propelling target market growth. Many individuals are preferring home or in-house testing for primary level diagnostics and the trend is growing year on year. This in turn expected to drive the global market growth during the forecast period.

Key Trends:

Growing focus on strategic initiatives such as collaborations and merger & acquisitions among key players is a key trend witnessed in the global in-vitro diagnostics market. For example, in August 2018, Sysmex Corporation and JVCKENWOOD Corporation has announced an agreement to establish new company - Creative Nanosystems Corporation. This new company will develop and manufacture IVD devices.

Regional Analysis:

For detailed understanding of market dynamics, the global in-vitro diagnostics market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is accounted for the major revenue share in 2019. Well established regulations about IVD devices and established healthcare infrastructure are key factors driving regional market. Also, strong presence of key companies in countries in the region is another factor supporting growth of the target market in the region.

However, the target market in Asia Pacific is expected to witness highest growth over the forecast period. This is majorly attributed to rising patient base in countries in the region. Also, increasing healthcare access, rising healthcare spending, and increasing healthcare facility development are some other factors propelling market growth.

Scope of the Report:

Detailed Segmentation:

Global In-Vitro Diagnostics Market, By Product Type:

• Instruments
• Reagents & Kits
• Services

Global In-Vitro Diagnostics Market, By Technology:

• Immunochemistry/Immunoassay
• Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Hematology
• Coagulation & Hemostasis
• Urinalysis
• Other Technologies

Global In-Vitro Diagnostics Market, By Application:

• Infectious Disease
• Cardiology
• Oncology
• Autoimmune Disease
• Drug Testing
• Other Application

Global In-Vitro Diagnostics Market, By End User:

• Hospitals
• Laboratories
• Other End User

Key Players Covered:

Key players operating in the global in-vitro diagnostics market includes Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, Quidel Corporation, Danaher Corporation, Becton; Dickinson and Company, Abbott Laboratories, bioMérieux SA, Siemens Healthineers AG, Sysmex Corporation, and Agilent Technologies, Inc.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global In-Vitro Diagnostics Market by product type, technology, application, end user, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global in-vitro diagnostics market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.