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;
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.
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