(PharmaNewsWire.Com, October 13, 2020 ) The global in vitro diagnostics market size is expected to be valued at USD 61.7 billion in 2020 and projected to reach USD 77.9 billion by 2025, growing at a CAGR of 4.8% during 2020-2025.
The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrades.
The PCR segment is expected to hold the largest share of the market in 2020 H1
Based on technology, the in-vitro diagnostics market is segmented into PCR, NGS, ELISA, rapid-tests, clinical chemistry, hematology, hemostasis, urinalysis, microbiology testing, and others. The PCR segment is expected to hold the largest share of the global in-vitro diagnostics market in 2020 – H1. Factors such as the increasing patient emphasis on effective & early patient screening, continued commercialization of novel COVID screening platforms by major players, early efforts of key players to address supply chain bottlenecks, and easy availability of controls & standards are driving the growth of this segment.
The US to account for the largest share of the in-vitro diagnostics market in 2020 H1
The US is expected to account for the largest share of the in-vitro diagnostics market in 2020 – H1, followed by Europe. This can primarily be attributed to the continuous commercialization of innovative diagnostic products coupled with ongoing advancements in the field of gene & immunoassay based products, the recent discovery of genetic biomarkers & their clinical role in immunoassay testing, supportive government policies & their emphasis on novel product development, and the significant expansion of target patient population.
Prominent players in the in-vitro diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Biomerieux (France), and QIAGEN (Germany), among others.
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