“The global in-vitro diagnostics market is expected to be valued at USD 61.0 billion in 2020, growing at a CAGR of 6.5% during 2020-2025.”
The global in-vitro diagnostics market size is expected to be valued at USD 61.0 billion in 2020, growing at a CAGR of 6.5% during 2020-2025. The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to increase mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrades. The in-vitro diagnostics market is segmented on technology, end user, and region/country.
“The PCR segment is expected to hold the largest share of the market in 2020 H1.”
Based on technology, the in-vitro diagnostics market is segmented into PCR, NGS, ELISA, Rapid-tests, clinical chemistry, hematology, hemostasis, urinalysis, microbiology testing, and others. The PCR segment is expected to hold the largest share of the global in-vitro diagnostics industry in 2020 – H1. Factors such as the increasing patient emphasis on effective & early patient screening, continued commercialization of novel COVID screening platforms by major players, early efforts of key players to address supply chain bottlenecks, and easy availability of controls & standards are driving the growth of this segment.
“US to account for the largest share of the in-vitro diagnostics industry in 2020 H1.”
The US is expected to account for the largest share of the in-vitro diagnostics market in 2020 - H1, followed by Europe. This can primarily be attributed to the continuous commercialization of innovative diagnostic products coupled with ongoing advancements in the field of gene & immunoassay based products, the recent discovery of genetic biomarkers & their clinical role in immunoassay testing, supportive government policies & their emphasis on novel product development, and the significant expansion of target patient population.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 (45%), Tier 2 (34%), and Tier 3 (21%)
- By Designation: C-level (47%), Director-level (33%), and Others (20%)
- By Region: North America (35%), Europe (32%), APAC (25%), Latin America (6%), and MEA (2%)
As of 2019, some of the prominent players in the in-vitro diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Biomerieux (France), and QIAGEN (Germany), among others.
This report studies the in-vitro diagnostics market based on technology, end user, and region/country. It studies major factors (such as drivers and restraints) affecting the market growth. The report also analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for global leaders. It analyzes micromarkets with respect to individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of market segments with respect to five major regions and their respective major countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis; industry trends, COVID impact on major technologies, market shares of major global players, which together form basic views. It also analyzes the competitive landscape; major & emerging segments of the in-vitro diagnostics market; and high-growth geographies and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.