Global In-Vitro Diagnostics (IVD) Market to Grow with a CAGR of 4.6% During 2022-2031; Surge in Concern for the Rising Cases of COVID-19 to Drive Market Growth
Kenneth Research published a report titled “In-Vitro Diagnostics (IVD) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global in-vitro diagnostics (IVD) market in terms of market segmentation by product, technology, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global in-vitro diagnostics (IVD) market is anticipated to grow with a CAGR of 4.6% over the forecast period, i.e., 2022 – 2031. The market is segmented by product into reagents, instruments, and services, out of which, the reagents segment is projected to garner the largest revenue of USD 112156.4 Million by the end of 2031. Additionally, in the year 2021, the segment garnered a revenue of USD 71786.2 Million.
The global in-vitro diagnostics (IVD) market is estimated to garner a revenue of USD 135167.7 Million by the end of 2031, up from a revenue of USD 87236.4 Million in the year 2021. Surge in cases of coronavirus, along with other chronic and infectious diseases globally, followed by the rising healthcare expenditure and the growing advancements in research in the field of medical sciences, are some of the major factors anticipated to drive the growth of the market during the forecast period.
Geographically, the global in-vitro diagnostics (IVD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to garner the largest revenue of USD 57175.9 Million by the end of 2031. Additionally, in the year 2021, the market generated a revenue of USD 36988.2 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Concern for Chronic Diseases to Drive Market Growth
In one of the statistics by the World Health Organization (WHO), more than 15 Million people between the ages of 30 and 69 years are known to die each year from a noncommunicable disease (NCD).
The concern for the rise in prevalence of chronic diseases worldwide is raising the need amongst the healthcare service providers to develop advanced diagnostic devices that can help to diagnose these diseases. Moreover, with the growing prevalence of different types of chronic diseases, along with the surge in healthcare expenditure globally, healthcare organizations are increasing working on the research and development of IVDs, which is also projected to boost the market growth.
However, the operational barriers faced during conduction of diagnostic tests, along with dynamic regulatory landscape are expected to operate as key restraint to the growth of global in-vitro diagnostics (IVD) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global in-vitro diagnostics (IVD) market which includes company profiling of Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, Qiagen GmbH, bioMerieux SA, Danaher Corporation, Bio Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Exact Sciences Corporation, Becton, Dickinson and Company, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global in-vitro diagnostics (IVD) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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