Global In Vitro Diagnostics Market Demand will Reach a Value of US$ 115.43 Billion by the year 2028, at a CAGR of 6.3% | Data Analysis by Transparency Market Research

An increase in incidence of communicable and non-communicable diseases is expected to propel In Vitro Diagnostics Market expansion

Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc.According to research, the global in vitro diagnostics market was worth US$ 70.51 Bn in 2020 and is expected to expand at a CAGR of 6.3% from 2021 to 2028.

As per the TMR market report, the in vitro diagnostics market is projected to observe promising growth during the forecast period due to rise in prevalence of various diseases across the world. The increase in incidence of infectious diseases and rise in need for early treatment have led to advancements in in in vitro diagnostics. This is likely to create lucrative opportunities in the in vitro diagnostics industry.

In vitro diagnostic tests perform the function of detecting and identifying the specific infectious agent to establish its origin and enable healthcare professionals to provide the ideal treatment to a patient. These tests can also help in overcoming potential epidemics. In vitro diagnostics include next-generation sequencing tests that can detect genomic variations through DNA scans.

In addition, these tests help in monitoring the patient’s overall health, identifying the disease, and enabling the healthcare professionals to prescribe an accurate line of treatment. Thus, precision in medicine and treatment is serving as a vital driver of the in vitro diagnostics market.

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Market Snapshot:

Market Revenue USD 70.51 Bn
Estimated Value USD 115.43 Bn
Growth Rate – CAGR 6.3%  
Forecast Period 2021 – 2028
No. of Pages 222 Pages
Market Segmentation By Technology Type, Application, End-user
Regions Covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Covered Danaher, Siemens Healthineers, Abbott, Meridian Bioscience, Inc., Thermo Fisher Scientific, Inc., Diasorin

In Vitro Diagnostics Market: Growth Drivers

  • Rise in applications of in vitro diagnostics in point-of-care testing, central laboratories, and others has led to rise in demand for in vitro diagnostics
  • Introduction of novel technologies such as next-generation sequencing and RT-PCR has enabled physicians to diagnose the disease and prescribe appropriate treatment plans. The therapeutic regimes planned on the basis of these diagnostics prove effective for the patients. Therefore, adoption of in vitro diagnostics in healthcare is expanding, which can in turn boost market growth.
  • Rise in influence of various diseases across the globe and application of in vitro diagnostics for detecting a variety of diseases, including infectious diseases, metabolic diseases, autoimmune diseases, COVID-19, and others, is expected to drive the market.

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In Vitro Diagnostics Market: Regional Prospects

  • In vitro diagnostics market in North America is likely to observe a dominant trajectory between 2021 and 2028 on the back of technological advancements such as next-generation sequencing and numerous R&D activities going on for efficacy in diagnostics.
  • Asia Pacific is also projected to witness stupendous growth owing to the rise in communicable and non-communicable diseases in countries such as China and India. Furthermore, initiatives to promote health awareness have played a crucial role in giving impetus to business growth.

Key Findings of the Report

  • Molecular Diagnostic Technology Type Segment to Witness Lucrative Growth Amidst COVID-19 Pandemic: The COVID-19 pandemic has wreaked havoc across the globe due to rising transmission rates and fatality rates. The most efficient way to decrease the mortality rate and prevent infecting others is to focus on testing. For COVID-19 testing, RT-PCR (real-time reverse transcription-polymerase chain reaction) is regarded as the gold standard. This testing method is clinically proven and accepted for the etiological diagnosis of COVID-19, in which viral DNA is directly detected.

    RT-PCR tests are being considered the best option for COVID-19 testing across the world. The growing popularity of these testing methods would create opportunities in the in vitro diagnostics market. RT-PCR tests are considered the best option for COVID-19 testing across the world. The rise in popularity of these testing methods are expected to augment the vitro diagnostics market.

  • Infectious Diseases Application Segment to Show Significant Growth: Rise in incidence of infectious diseases across the globe has augmented the demand for rapid vitro diagnostics. Additionally, government initiatives to increase testing and develop the healthcare infrastructure in various countries across the world is likely to bolster the segment. However, the oncology application segment is expected to grow rapidly due to increasing instances of various types of cancer and revolutionized diagnostic techniques.

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In Vitro Diagnostics Market: Competitive Landscape

  • The in vitro diagnostics market has several players involved in intense competition. The players invest in research and development activities. These activities help in discovering novel insights. Manufacturers in the in vitro diagnostics market are developing kits that are easier for home use.

    These kits are designed for home testing and treatments. Self-testing kits are useful for early diagnosis and consistent patient monitoring. They are also important for curbing costs. Hence, the rising demand for self-testing kits is directly proportional to the growth of the in vitro diagnostics market. Further, advancements in diagnostic techniques according to the novel variants have opened new growth avenues for the global industry.

In Vitro Diagnostics Market: Segmentation

Technology Type

  • Point-of-Care
  • Molecular Diagnostics
  • Immunoassays
  • Clinical Chemistry
  • Whole Blood Glucose monitoring
  • Hematology
  • Clinical Microbiology
  • Coagulation & Hemostasis
  • Others

Application

  • Drug Testing
  • Infectious Diseases
  • Oncology
  • Metabolic Diseases
  • Autoimmune Diseases
  • Others

End-user

  • Diagnostic laboratories
  • Hospitals
  • Academic & Research Centers
  • Home Care
  • Others

Regions

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

About Transparency Market Research

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