Healthcare industries and markets have undergone massive changes in light of the pandemic situation. In Vitro Diagnostics is one such arena.
In Vitro Diagnostics or IVD basically refers to the practice of performing medical tests to detect or prevent infection, diagnose diseases, on an organic sample taken from one’s body such as blood, tissue, urine, and so on.
It often requires the use of medical devices such as blood glucose monitors and more to carry out its functions. This In Vitro Diagnostics industry has gone through multiple technological advancements over the years leading to the adoption of these clinical devices thereby leading the entire healthcare system to receive more funding from the government. This is one of the most important reasons behind the growth of the In Vitro Diagnostics industry.
The global In Vitro Diagnostics market was found to be valued at 83.4 billion dollars in 2020, with a CAGR of 4.5% in its forecast period ranging from now to 2027.
The pandemic situation has witnessed a tremendous increase in the number of in vitro tests being performed globally. There has been a skyrocketing demand for hospitalization and constant health monitoring and In Vitro Diagnostic devices. This is one of the primary driving forces of the In Vitro Diagnostics market. Due to its increasing uses, there have been developments towards automating the In Vitro Diagnostic systems, which further pushed the market towards its lucrative growth. Key players are investing more and launching new products regularly which is an incredible boost for any industry. Apart from these already mentioned driving forces of the in vitro diagnosis, increase in point of care testing, rising number of infectious diseases globally, extreme usage of tools to conduct RT-PCR covid tests, growing geriatric population, etc. are some of the other factors swiftly leading the in Vitro Diagnostics towards prosperity.
Some of the key players in the In Vitro Diagnostics market include Abbott, Danaher, bioMérieux SA, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Siemens Healthineers AG, QIAGEN, Quidel Corporation, F. Hoffmann-La Roche AG, Sysmex Corporation, etc.
In Vitro Diagnostics has a huge number of market segmentations and clinical laboratories are so far known to generate the highest shares.
Product-based segmentation of In Vitro Diagnostics:
- Reagents
- Instruments
Technology-based segmentation of In Vitro Diagnostics:
- Haematology
- Immunoassay
- Clinical chemistry
- Molecular diagnostics
- Microbiology
- Coagulation
Segmentation of In Vitro Diagnostics based on end-use application:
- Hospitals
- Health clinics
- Clinical research laboratories
The hospital application with 44% revenues, infectious diseases with 41% revenues, reagent segment with 65.3% shares, and immunodiagnostics with 29% of total revenues are known to dominate the revenue shares of this in vitro diagnostics market in the upcoming periods.
The oncology segment also leads to a considerable boost up to the in vitro diagnostics market because of its rising prevalence.
A region-wise analysis will reveal North America, with 41% revenue shares and the Asia Pacific with the fastest CAGR of 6.2%, to be dominating areas for the In Vitro Diagnostics market. Thus the In Vitro Diagnostics industry is a well consolidated and investor attracting one, with its diverse application and price sensitivity.
