In Vitro Diagnostic Market Expected to Generate $127.4 Billion Revenue in 2030

The global in vitro diagnostic market is predicted to advance at a CAGR of 6.6% between 2020 and 2030 and reach a valuation of $127.4 billion by 2030. The main factors driving the advancement of the market are the increasing prevalence of chronic diseases, the rising number of blood donors, rapid advancements and innovations in the in vitro diagnostics (IVD) technology, soaring healthcare expenditure in several countries, and the increasing number of academic institutions and hospitals.

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The ongoing COVID-19 pandemic is boosting the requirement for the IVD procedure, which is, in turn, causing the expansion of the in vitro diagnostic market. While the restrictions put on trade and transportation and the lockdowns initiated in several countries for controlling the spread of the virus have caused the shutting down of many manufacturing plants and severely affected many industries, they have only accelerated the progress of the in vitro diagnostic industry. Moreover, the pandemic is augmenting the burden on healthcare institutions in many countries. However, the leading market players are rising to the occasion and responding brilliantly in these tough times.

The objective of this research includes;

• Major factors driving the in vitro diagnostic market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the in vitro diagnostic market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

Globally, the in vitro diagnostic market recorded the highest growth in North America in the years gone by and this trend is predicted to continue in the upcoming years. This is ascribed to the increasing volume of tests being conducted due to the soaring number of patients being diagnosed with infectious and chronic diseases. Furthermore, the existence of several leading players such as Danaher Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., and F. Hoffmann-La Roche Ltd. is positively impacting the progress of the market in this region.

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Some of the leading players in the global in vitro diagnostic market are Grifols S.A., Ortho-Clinical Diagnostics Inc., DiaSorin S.p.A., Bio-Techne Corporation, Trinity Biotech plc, bioMérieux S.A., Bio-Rad Laboratories Inc., Sartorius Stedim Biotech S.A., Hologic Inc., Dickinson and Company, Becton, Abbott Laboratories, Siemens AG, DIAGNOSTICA STAGO S.A.S, Sysmex Corporation, Thermo Fisher Scientific Inc., OraSure Technologies Inc., Quidel Corporation, F. Hoffmann-La Roche Ltd., Danaher Corporation, and PerkinElmer Inc.

The research includes detailed analysis of;

Based on Offering

• Reagents & Kits
• Instruments
• Software & Services

Based on Technology

• Clinical Chemistry
  • Basic metabolic panel
  • Lipid profile
  • Liver profile
  • Renal profile
  • Thyroid function panel
• Immunochemistry
  • Enzyme-linked immunosorbent assay (ELISA)
  • Radioimmunoassay (RIA)
  • Fluoroimmunoassay (FIA)
  • Chemiluminescence immunoassay (CLIA)
  • Immunochromatographic Assay (ICA)
• Molecular Diagnostics
  • Infectious diseases
  • Genomics
  • Blood donor screening
• Hematology
  • Complete blood count (CBC)
  • Cholesterol testing
  • Blood glucose testing
  • Hemoglobin testing
  • Coagulation testing
• Microbiology

Based on Application

• Infectious Diseases
• Diabetes
• Oncology
• Cardiology
• Nephrology
• Autoimmune Diseases

Based on End User

• Hospitals & Clinics
• Point of Care (POC)
• Laboratories
• Research & Academic Institutes

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