The viral spread of coronavirus (COVID-19) is projected to create a considerable impact on the global in-vitro diagnostics market. The reagents & kits segment shall experience huge growth in the global marketplace. The clinical chemistry technology will have substantial market growth, during the forecast period. The cardiology segment shall witness tremendous growth. The Asia-Pacific region shall create lucrative opportunities for the investments during the analysis period. The key players of the market are focussing on effective strategies to grow into the global market.
In vitro diagnostics (IVD) are tests performed on samples like tissues or blood of the patient to detect disorders or other conditions. These tests are used to monitor a patient’s health to treat diseases. Moreover, the global pandemic of COVID-19 has positively affected the in-vitro diagnostics market. The driving factors of the global market are an increase in the geriatric population, a rise in adoption of lab automation, and the presence of a significant patient pool suffering from infectious and chronic disorders. In addition, the supportive Government policies for in-vitro diagnostics are also anticipated to surge the global market growth. For instance, On 30 January 2020, the World heath Organization (WHO) declared the pandemic of Coronavirus. Thus, The WHO has activated the Emergency Use Listing (EUL) for IVDs candidates to detect SARS-CoV-2. These initiatives from the government may create significant opportunities for the global In-vitro diagnostics market, during the pandemic period.
Furthermore, due to the pandemic of COVID-19, the majority of the key manufacturers are more focusing on product development to fight against COVID-19. For instance, in April 2020, Ortho Clinical Diagnostics, a leading manufacturer of In-Vitro diagnostics, has announced to launch the COVID-19 antibody test – ‘the VITROS Immunodiagnostic Products Anti-SARS-CoV-2’. This reagent pack detects antibodies to SARS- CoV-2 as well as it also helps to better understand the spread of coronavirus disease. These developments may lead to boost the growth of the global In-Vitro diagnostics market, throughout the pandemic period. By implementing such strategies, the in-vitro diagnostics manufacturers across the countries are preparing for the post-pandemic impact.
During the chaotic situation, we are helping our clients in understanding the impact of the COVID-19 on the global in-vitro diagnostics market.
According to the recently published report of Research Dive, the global in-vitro diagnostics market is set to register a revenue of $104.1 billion by 2027, at a healthy growth rate, during the forecast timeframe.
The segmentation of the market has been done on the basis of type, technology, application, end-user, and region. The report provides valuable insights on future opportunities, drivers, segments, restraining factors, and key manufacturers of the global market.
Factors Affecting the Market Growth
As per our analyst estimates, enormously increasing prevalence of viral and infectious diseases along with massive growth in the geriatric population are some of the factors fueling the growth of the in-vitro diagnostics market. However, the high cost and dearth of professionals in this market may be expected to restrain the in-vitro diagnostics market growth.
The reagents & kits will have a Substantial Growth During the Forecast Period
On the basis of type, the global market for the in-vitro diagnostics market is divided into reagents and kits, instruments, data management software, and services. The reagents & kits will have rapid growth in the global market, during the projected period. The growing number of IVD tests performed across the world along with increased demand are some of the factors surging the segment growth.
The Clinical Chemistry segment Shall Have Rapid Growth, in the Global Marketplace
Based on the technology, the global market for in-vitro diagnostics is broadly categorized into clinical chemistry, immune chemistry, microbiology, molecular diagnostics, coagulation and haemostasis, haematology, urinalysis, and others. The clinical chemistry technology is projected to foster at a noteworthy CAGR of during the projected period. The technology plays a major role in the detection and quantitation of a broad range of molecules, structures or entire cells in a complex biological matrix; which may lead to surge the growth of the segment.
Cardiology Segment Shall be the Most Lucrative
Depending on the application the market is segmented into infectious diseases, diabetes, nephrology, oncology, autoimmune diseases, cardiology, drug testing, and, others. Cardiology segment is expected to register a substantial revenue and is anticipated to grow at noteworthy CAGR, during the projected period. The rising prevalence of CVDs (Cardiovascular Diseases) in the developing and developed nations is one of the major reason may offer a lucrative opportunity to the segment.
The Point of care Shall have a Significant Growth Throughout the Analysis Period
On the basis of end-user, the market is mainly divided into laboratories, academics, hospitals, Point of Care, self-testing, and others. The point of care represents the faster growth in the global market, during the projected period; mainly due to cost-effectiveness along with rapid and accurate results.
Geographical Analysis and Major Market Players
Depending on the region, the global for the in-vitro diagnostics market is classified into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific In-vitro diagnostics market is anticipated to rise at a significant CAGR during the forecast period. This is majorly because of the extensively increasing prevalence of infectious disease and the aging population mainly into China, India, and Japan.
The manufacturers of the in-vitro diagnostics market include F. Hoffmann-La Roche Ltd, BD, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, Danaher., Abbott., Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Sysmex Corporation, DiaSorin S.p.A., and QIAGEN.
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