In-Vitro Diagnostics Market Research Report, By Product & Services (Reagents & Kits, Instruments, Data management software), By Applications (Infectious Diseases, Non-infectious diseases), By End User - Forecast 2027
|ID: VPR/HC/1151||Publishing Year: January 2022||Pages: 105||Format:|
In-Vitro Diagnostics Market Overview:
The In Vitro Diagnostics (IVD) Industry is driven by the growing elderly population and the resulting rise in the prevalence of chronic and infectious diseases.
In Vitro Diagnostics are tests that are performed on a person's blood or tissue sample. They're used to accurately screen and diagnose diseases and any underlying issues, and they're also useful for keeping track of a patient's health. These diagnostic tests have the advantage of assisting in determining the optimal course of treatment for each individual.
The increased usage of fully automated instruments and automation in laboratories, as well as rising awareness of customised medicine and the increasing implementation of point-of-care testing, are among the primary factors driving the in vitro diagnostics/IVD market. Furthermore, in the anticipated period of 2021-2028, rising development of condition-specific markers and tests, rising importance of companion diagnostics, and rising growth potential in emerging nations will all generate new chances for the in vitro diagnostics/IVD market.
However, rising unfavourable reimbursement scenarios and constant regulatory upgradation by authorities are among the major factors obstructing market growth, while changing regulatory landscape and rising operational barriers faced in conducting diagnostic tests will further challenge the market growth in the forecast period mentioned above.
The Global In Vitro Diagnostics Market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum In Vitro Diagnostics Market Share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
The rise in the number of pathology labs in emerging nations is one of the factors driving the market's growth. The private sector's increasing involvement in healthcare services is causing transformation in the Indian healthcare market. The field of In Vitro Diagnostics (IVD) is undergoing tremendous technical advancements. New test parameters have been included as a result of the requirement for a more accurate and extensive test menu. Due to a lack of automation, most diagnostic laboratories are limited to routine biochemistry tests (e.g., enzymes and substrates). Despite the great demand for these tests, facilities face limited profitability and fierce competition. Specialized tests such as drug screenings, expanded lipid profiles, and therapeutic drug monitoring are being offered by laboratories to differentiate themselves. The increased use of third-party QC products is another aspect that is assisting the market's expansion.
Risks in IVD centre reimbursement are projected to be a stumbling block to the market's growth. High healthcare expenses, growing patient lineups for treatment, deficit financing in the US for its booming healthcare expenditure, and other factors have an impact on payment structures in the US and Europe. As a result, the US and European governments have passed legislation limiting compensation levels for costly healthcare diagnostic procedures. Only the most important healthcare services at the lowest cost should be covered, according to payers. From the standpoint of an OEM, this viewpoint frequently results in a halt in medical technology progress.
The market for In Vitro Diagnostics (IVD) is divided into four categories: technology, application, end-user, and product and service. The growth of these sectors will assist you in analysing meagre growth segments in the industries, as well as providing users with a comprehensive market overview and industry insights to aid them in making strategic decisions for core market application identification.
The immunodiagnostics, haematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and others segments of the In Vitro Diagnostics (IVD) Market are divided by technique.
Infectious illnesses, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and others are among the applications that the In Vitro Diagnostics (IVD) Market is divided into.
The In Vitro Diagnostics (IVD) Market is divided into standalone laboratories, hospitals, academic and medical schools, point of care, and others, depending on the end-user.
During the forecast period, North America is expected to be the leading regional market for In Vitro Diagnostics, owing to its well-developed healthcare system and increased healthcare awareness among patients, as well as Obama's Affordable Care Act (ACA), technological advancements, and a recovering American economy. Other factors that contribute to the market's growth include the simple availability of devices, increased awareness about their use, and the presence of a significant number of senior populations suffering from various chronic ailments. Another major factor driving the in vitro diagnostics market expansion is the presence of a high number of prominent companies in North America. Furthermore, due to an increase in healthcare expenditure and the prevalence of diabetes in the region, Asia-Pacific is predicted to grow at the quickest rate during the projection period. Other reasons, such as the large patient population of other chronic diseases that necessitate IVD testing, also contribute to the Asia-Pacific market's growth.
Roche Diagnostics, Abbott Laboratories, and Siemens Healthineers are among the leading Tier I and II vendors in the IVD market. These vendors have manufacturing sites distributed across Asia Pacific, Europe, North America, South America, and the rest of the world. COVID-19 has also had an influence on their enterprises. To be competitive, the companies began producing fast diagnostic tests.Roche will develop a SARS-CoV-2 antibody test in September 2020 that is very efficient and offers speedy results. During the pandemic Covid-19, the introduction of such high-efficiency testing aided the company's expansion to some extent.Sysmex Corporation released an antigen detection reagent for the Covid-19 virus in September 2020. The company's revenue has increased as a result of the introduction of such high-quality reagents.
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