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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Combo IVD Market – By Test Type (SARS-CoV-2 Flu A/B Combo Test, COVID-19, Influenza A/B, RSV Combo test, COVID-19 IgM/IgG Combo Test, HIV-1/2 Ag/Ab Combo Test, HIV/Syphilis Ab Combo Test, HIV, HBsAg, HCV & Syphilis Combo, hCG Combo Test, Thrombophilia Detection Combo Test, Other Test Types), By Testing, By End-User, By Channel, By Sample Type), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Combo IVD Market is valued at US$ 550.12 Mn in 2023, and it is expected to reach US$ 920.86 Mn by 2031, with a CAGR of 6.84% during the forecast period of 2024-2031.
Combo IVD Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 550.12 Mn |
|
Revenue Forecast In 2031 |
USD 920.86 Mn |
|
Growth Rate CAGR |
CAGR of 6.84% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Test Type, By Testing, By End-User, By Channel, By Sample Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Combo In vitro diagnostic procedures involve the examination of a patient’s blood or tissue samples. They help monitor the patient’s vitals and are utilized for precise diagnostic testing of illnesses and other underlying conditions. Each patient’s best course of treatment can be better determined with the help of these diagnostic tests. With the rise in both acute and chronic disorders continues to rise, the in vitro diagnostics business is seeing rapid growth.
The frequency of long-term health problems, such as diabetes and cancer, heart disease, and tuberculosis, is on the rise in modern workplaces, which is cause for concern. There has been a staggering rise in the number of cases of infectious infections, respiratory disorders, and gastrointestinal difficulties.
It is anticipated that the demand for diagnostic equipment will be driven by the increasing occurrence of these illnesses, which drives the IVD market. The rise in investments in research and development (R&D) aimed at developing more affordable treatments is likely to open up promising prospects for market growth. However, the high cost of instruments and the maintenance of diagnostic tablets impeded the market’s growth.
List of Prominent Players in the Combo IVD Market:
Market Dynamics:
Drivers-
The growing demand for the combo IVD market is fueled by the increasing number of elderly patients who need frequent health monitoring. Improvements in in vitro diagnostics technologies are also driving the industry forward. Thanks to technological advancements, more precise, sensitive, and time-saving diagnostic tools are now available. Point-of-care (POC) testing, liquid biopsy, next-generation sequencing, and molecular diagnostics fall under this category. Advances in diagnostic technology have boosted patient outcomes, which has fueled market expansion.
Challenges:
The prime challenges are strict rules and regulations, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the combo IVD market.
Market participants may face obstacles because of ethical concerns and strict rules around gene editing and human studies. The knowledge of biological methods is essential for success in the in-vitro diagnostic industry. Rising negative reimbursement circumstances and ongoing modifications to government regulations are among the primary challenges limiting industry expansion.
The COVID-19 pandemic broke out, and virus-related disruptions have become increasingly widespread in several industries, including the worldwide in-vitro diagnostic market. Service providers have prioritized sanitizing and reorganizing workspaces as a defense mechanism to increase resilience and decrease security risks.
Integrating digital collaboration tools has also been a need for remote customer support. Businesses in the in-vitro diagnostic industry are gradually making a return from the recession by embracing digital technologies that allow them to grow their customer base and increase productivity.
Regional Trends:
The North American combo IVD market is anticipated to register a large market share in revenue. It is projected to grow at a high CAGR in the near future because local businesses have a strong presence in the area, and the infrastructure supporting various industries is expanding. The rising prevalence of long-term health issues, including diabetes, heart disease, and cancer, is also a key factor propelling the IVD industry forward. Besides, Europe had a remarkable share in the market due to improvements in healthcare expenditure and increased usage of point-of-care devices.
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Recent Developments:
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Segmentation of Combo IVD Market-
By Test Type-
By Testing –
By End-User-
By Channel-
By Sample Type-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
Why should buy this report:
Other Related Reports Published by InsightAce Analytic:
IVD Contract Manufacturing Market
Point of Care Diagnostics Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
