NEW YORK, June 4, 2020
- The rising awareness about in vitro diagnostic techniques and continuous research and development in the field of in vitro diagnostic are driving the demand for the market
- Market Size – USD 71.8 Billion in 2019, Market Growth - CAGR of 4.6%, Market Trends – Growing health awareness and use of digital health technologies
NEW YORK, June 4, 2020 /PRNewswire/ -- The Global In Vitro Diagnostics (IVD) market is forecasted to reach USD 98.3 Billion by 2027, according to a new report by Reports and Data. The continuous research and development and the rising awareness about its types are the key driving factors of In Vitro Diagnostics market in the modern health-care world. Though the term "in vitro diagnostics" is not commonly recognized, almost everyone has undergone such testing in their lifetime from an infant to an elderly. The increasing occurrence of accidents and chronic ailments coupled with the growth of the geriatric population are the drivers of the market demand in the forecast period. Growing incidences of surgical procedures are anticipated to fuel the growth of the market. The rising prevalence of target diseases such as diabetes, gastrointestinal diseases, cancer, cardiac disorders, and infectious diseases are contributing to the market growth positively. Due to this scenario, the developments in the diagnostic industry to aid in the treatment of such severe diseases becomes important. Additionally, governing institutes including CDC, CEA and FDA and studies related to clinical trials have enforced guidelines and safety parameters, which in turn, would support the growth of the market in the future.
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The leading players in this market are consistent with product innovations and technology. One of the leading companies in this market, Biomerieux's R&D draws on more than a century of expertise in infectious disease management and a unique mastery of the three core technologies required for developing in vitro diagnostics. They invest around 12-13% of their sales in R&D, which is the highest percentage of any other IVD company. In Aug 2019, transasia-Erba, part of ERBA Mannheim GmbH Group of Germany, and India's leading in-vitro diagnostic (IVD) products maker increased their R&D budget, doubling its annual R&D spend in a bid to emerge a total solutions provider in the growing field of IVD.
Factors impeding the growth of the market are the regulations associated with the use of in-vitro diagnostic test kits. Also, inadequate reimbursement scenarios are expected to act as a restraining factor on the global market in the years ahead.
The COVID-19 impact:
The outbreak has resulted into an emergence in the demand for screening and diagnostics test kits. The market has experienced a rise over the weeks, which may continue over the next few months. This is mainly due to the augmented and emergency launches and approvals for SARs-nCOV-2 screening and diagnostic kits and rapid ongoing developments. This pandemic has affected the North America, and European region the most in this outbreak, leading to major shortage of diagnostic kits for virus testing. The market is experiencing an upsurge in demand for in vitro testing kits in this period and is anticipated to grow significantly in the future.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/global-in-vitro-diagnosticsivd-market
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global In Vitro Diagnostics market on the basis of product, application, technique, end use, device, and region:
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