Product ID: SQSG35G2015
Report ID:
SQSG35G2015 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
124 |
Figures:
77
In 2022, North America contributed to the major share of the in vitro diagnostics market, and it is considered to maintain its top position during the market forecast period. Therefore, the main reason for their dominance is that many of the leading players are involved. Apart from this, the region also has witnessed technological upgrades in manufacturing sector for in vitro diagnostics which is another driving factor for this market.
The Asia-Pacific area is expected that to have the most rapidly growth rate in the in vitro diagnostics market over the forecast period. This growth can be explained by the increased demand arising from countries that have a large population and abundant purchasing power of the population. Also, the expanding tendency for the personalised medicine, and application of the innovative production methods to improve the manufacturing of the in vitro diagnostics products create a favourable environment for unstoppable development of this market in this region. For Instance, In October 2023 Fapon and Halodoc have united being a part of a strategic partnership to promote sales and services in vitro diagnostic products in Indonesia. Furthermore, the leading players have chosen partnerships with local partners to take their presence deeper into developing countries emerging in the Asia Pacific region.
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REQUEST FREE CUSTOMIZATIONIn-Vitro Diagnostics (IVD) Market size was valued at USD 117.8 billion in 2019 and is poised to grow from USD 121.69 billion in 2023 to USD 157.78 billion by 2031, growing at a CAGR of 3.3% during the forecast period (2024-2031).
The In-Vitro Diagnostics market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Roche Diagnostics', 'Siemens Healthineers', 'Abbott Laboratories', 'Danaher Corporation', 'Thermo Fisher Scientific', 'Sysmex Corporation', 'bioMerieux SA', 'Becton, Dickinson and Company', 'Ortho-Clinical Diagnostics', 'QIAGEN N.V.', 'Beckman Coulter, Inc.', 'Hologic, Inc.', 'Bio-Rad Laboratories', 'Agilent Technologies', 'Illumina, Inc.', 'Cepheid', 'PerkinElmer, Inc.', 'Bruker Corporation', 'Luminex Corporation', 'DiaSorin S.p.A.'
The centralized laboratory using automated analytical testing techniques to identify target analytes continues to be the predominant laboratory testing paradigm in use today. This pattern is already well-established in the fields of clinical chemistry and hematology, and it is currently spreading to others like immunoassays and molecular diagnostics.
The market's reagent segment contains elements, solutions, or preparations that are chemical, biological, or immunological and that the maker intends to utilize throughout the in vitro diagnosis procedure. Manufacturers frequently lease equipment rather than selling it outright to customers since many diagnostic platforms are expensive. In these agreements, the leasing is linked to agreements for the long-term purchase of related reagents or tests for the equipment.
The in-vitro diagnostics market size in North America was the largest in 2020, and it's expected to hold this position during the forecast period. This is ascribed to the region's well-integrated healthcare system, patients' increased knowledge of healthcare issues, patients' adoption of cutting-edge therapies, and an increase in healthcare spending overall. However, the Asia-Pacific region is expected to see significant growth due to rising healthcare costs, a sizable patient population with chronic illnesses that necessitate IVD testing, and rising disposable incomes. In addition, the Asia-Pacific in-vitro diagnostics market is anticipated to rise rapidly in India and China.
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Product ID: SQSG35G2015