PORTLAND, Oregon, June 29, 2020
Increase in incidences of chronic and infectious diseases, technological advancements in IVD, rise in adoption of in vitro diagnostic testing, surge in government expenditure on healthcare, and popularity of personalized medicine approach fuel the growth of the global In Vitro Diagnostics (IVD) market.
PORTLAND, Oregon, June 29, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "In Vitro Diagnostics Market by Product & Service (Reagents, Instruments, and Software & Services), Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Others), Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and End User (Standalone Laboratory, Hospitals, Academic & Medical Schools, Point of Care, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global In Vitro Diagnostics (IVD) industry was estimated at $67.11 billion in 2019, and is expected to hit $91.09 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in incidences of chronic and infectious diseases, technological advancements in IVD, rise in adoption of in vitro diagnostic testing, surge in government expenditure on healthcare, and popularity of personalized medicine approach fuel the growth of the global In Vitro Diagnostics (IVD) market. On the other hand, unclear reimbursement policies and strict regulatory policies impede the growth to some extent. However, potential opportunities for outsourcing and convergence of new technologies are expected to create multiple opportunities in the industry.
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The reagents segment to maintain the lion's share by 2027-
Based on product type, the reagents segment accounted for nearly three-fifths of the global In Vitro Diagnostics (IVD) market share in 2019, and is expected to rule the roost by the end of 2027. Reagents are a vital part of IVD procedures and thus, the consumption of reagents is repetitive which leads to surge in their demand. This factor drives the growth of the segment. The instruments segment, on the other hand, would grow at the fastest CAGR of 6.4% throughout the forecast period. Rise in awareness among people toward early diagnosis of various disease conditions such as cancer, infectious diseases and others propels the segment growth.
The infectious diseases segment to dominate during the estimated period-
Based on application, the infectious diseases segment contributed to more than one-third of the global In Vitro Diagnostics (IVD) market revenue in 2019, and is anticipated to lead the trail till 2027. The same segment would also register the fastest CAGR of 6.3% during the study period. Increase in incidences of HIV-AIDS, hepatitis, and other infectious diseases that require IVD testing fuels the growth of the segment.
North America to lead the trail in terms of revenue-
Based on geography, North America held the major share in 2019, generating around two-fifths of the global In Vitro Diagnostics (IVD) market. This is attributed to well-penetrated healthcare system, growing healthcare awareness among patients, advancements in technology, and rebounding American economy. At the same time, the Asia-Pacific region would register the fastest CAGR of 6.7% in between 2020 to 2027. Increase in healthcare expenditure and technological advancements with respect to screening of cancer are expected to drive the growth of the market.
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Frontrunners in the industry-
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