Report : In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product and Services (Reagents and Kits, Instruments, and Software and Services), Technology (Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, Blood Glucose Self-Monitoring, Coagulation & Hemostasis, Hematology, Urinalysis, and Others), Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, and Others), and End User (Hospitals, Laboratories, Homecare, and Others), and Geography
Reagents and Kits Segment to Drive In-Vitro Diagnostics Market over Forecast Period
According to The Insight Partners market research study titled “In-Vitro Diagnostics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product & Service, Technology, Application, and End User,” the global in-vitro diagnostics market is expected to reach US$ 90,656.80 million by 2027 from US$ 63,746.63 million in 2019. The market is estimated to grow at a CAGR of 4.5% from 2020 to 2027. The report highlights the trends prevalent in the global in-vitro diagnostics market and the factors driving the market along with those that act as deterrents to its growth.
In terms of product & services, the in-vitro diagnostics market is segmented into instruments, reagents & kits, and software & services. In 2019, the reagents & kits segment held a largest market share of the in-vitro diagnostics market. This segment is also expected to dominate the market during the forecast period owing to increasing number of diagnostics tests and rising prevalence of chronic conditions. Moreover, the instruments segment is anticipated to witness considerable growth rate during the forecast period. Certain factors, such as developing healthcare infrastructure and growing demand for rapid disease diagnosis, are expected to drive the segment.
Increasing prevalence of chronic and infectious diseases, growing geriatric population, and rising demand for in-vitro diagnostics during COVID-19 pandemic are driving the market. However, the lack of healthcare infrastructure and reimbursement policies is likely to have a negative impact on the growth of the market in the coming years.
Prominent players operating in in-vitro diagnostics market include F. Hoffmann-la Roche Ltd.; Danaher; Abbott; Siemens AG; Sysmex Corporation; Thermo Fisher Scientific, Inc.; BD; Biomérieux SA; Bio-Rad Laboratories, INC.; and Qiagen. The market players are focused toward bringing new and innovative products to sustain their position in the market. For instance, in January 2021, Roche announced that it has launched two CE-IVD, which are its automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath Dual ISH image analysis for breast cancer. It is likely to help in determining the best treatment strategy for each patient. The image analysis algorithms uses artificial intelligence to support pathologists in making faster, more accurate patient diagnoses in breast cancer.
The report segments the global in-vitro diagnostics market as follows:
By Product & Services