(PharmaNewsWire.Com, February 26, 2021 ) This report aims to provide detailed insights into the global IVD Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The demand for In-Vitro Diagnostic products due to COVID-19 pandemic is expected to grow 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 & upgrade.
Expected Revenue Growth:
The 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.
Based on technology, the PCR segment is expected to hold the largest share of the market in 2020
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 industry in 2020 – H1. Factors such as the increasing patient emphasis on effective and 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 industry in 2020
The US is expected to account for the largest share of the in-vitro diagnostics market in 2020, 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.
As of 2019, some of the 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.
Roche Diagnostics is the top player in the global in-vitro diagnostics market. Roche Diagnostics was the leading player in the IVD market. The company’s leading position in the IVD market is attributed to its diverse product portfolio across clinical chemistry, immunochemistry, molecular diagnostics, and tissue diagnostics products. The company also has a strong geographic presence across major healthcare markets in North America, Europe, Asia, as well as MEA, which enables it to cater to a large consumer base worldwide. To maintain its leadership position in the global IVD market, the company mainly focuses on product commercialization, developmental collaborations, and product distribution partnerships.
The study involved four major activities in estimating the current size of the global in-vitro diagnostics market as well as impact assessment of the COVID-19 pandemic at the country level. Exhaustive secondary research was conducted to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
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