The global In Vitro Diagnostics Market size is expected to reach USD 113.38 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 0.2% over the forecast period driven by the increasing geriatric population, COVID-19 pandemic, and technological advancements in diagnostics that are supporting its adoption. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be one of the high-impact rendering drivers. Technological advancements were further accelerated by the launch of COVID-19 IVD diagnostics and enhanced the adoption of instruments and consumables for technologies, such as PCR. Competitors in the market are increasingly adopting agreement and partnership strategies to maintain a constant flow of business for manufacturers & diagnostics for users.
These agreements are also a result of the
harsh price containment strategies for government laboratories, which lowers
the price in government settings. For instance, in April 2021, the Italian
subsidiary of Seegene, Inc. received a USD 108.25 million tenders for public
procurement for the supply of extraction reagents, as well as 7.15 million
SARS-CoV-2 diagnostic tests. However, it increases the multiparty nature and
complexity of the supply chain. The high prevalence of cancer and
Cardiovascular Diseases (CVDs) globally is anticipated to drive diagnostic
innovation to facilitate early diagnosis and meet the constantly evolving needs
of consumers. Novel technologies, such as plasmonic PCR, are anticipated to
commercially enter the market during the forecast period, influencing the
business of existing products adversely.
Related Press Release@ In Vitro Diagnostics Market Report
In Vitro
Diagnostics Market Report Highlights
- Molecular diagnostics is anticipated to grow at the
fastest CAGR from 2022 to 2030 owing to the rising adoption and usage rate
- Reagents held the largest market share owing to the
surge in demand for genetic testing and enhanced availability of
technologically advanced diagnostic tests in lower and middle-income
countries with unmet clinical needs
- The infectious diseases application segment held the
largest market share owing to the large volume of testing for infectious
diseases globally
- North America dominated the global market in 2021
owing to the high demand for novel technologies, a large pool of key
players, high prevalence of diseases, and advanced healthcare
infrastructure
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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