The Global In Vitro Diagnostics (IVD) Market to Gather a
New York, May 16, 2022 (GLOBE NEWSWIRE) — The coronavirus pandemic, also known as the COVID-19 pandemic, which was first identified in December 2019 in Wuhan, China, is caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV- 2). The new virus was declared a public health emergency of international concern by the World Health Organization (WHO) on 30and of January 2020. As of May 11, 2022, according to statistics from the World Health Organization (WHO), there have been 516,476,402 confirmed cases of COVID-19 and registered 6,258,023 deaths.
Kenneth Research recently published a report on “Global in vitro diagnostics (IVD) marketwhich includes a brief analysis of market dynamics i.e., growth drivers, restraining factors, recent market trends, as well as opportunities for market growth in the coming years. The market research report which is studied for the forecast period, i.e., 2022-2031, includes a detailed analysis of the impact of COVID-19 and the analysis on the end users. In addition to this, the research report also covers the product portfolio analysis of key market players operating in the market along with their market growth strategies.
The concern for different types of chronic and infectious diseases around the world is increasing at a significant rate. According to statistics from the World Health Organization (WHO), every year 41 million people die from non-communicable diseases (NCDs), which is equivalent to 71% of the total number of deaths worldwide. Additionally, between the ages of 30 and 69, more than 15 million people died from NCDs. In addition, statistics also indicate that of all NCD deaths, cardiovascular disease leads to 17.9 million deaths per year, followed by cancer with 9.3 million, respiratory disease with 4.1 million and diabetes with 1.5 million deaths. On the other hand, the coronavirus pandemic, which is known to be one of the deadliest diseases in human history, has raised the need among healthcare workers and researchers to develop advanced diagnostics for disease treatment. Rising concern over these deadly diseases globally is therefore expected to increase the need for advanced diagnostics and in turn contribute to the growth of the global in vitro diagnostics (IVD) market.
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Global In Vitro Diagnostics (IVD) Market generated revenue of USD 87236.4 million in 2021 and is further expected to touch USD 135167.7 million by the end of 2031, growing with a CAGR of 4 .6% over the forecast period. The growth of the market can also be attributed to the rising healthcare expenditures and increasing research and developments in the healthcare field, supported by the growing initiatives of the governments of nations across the globe. According to World Bank statistics, current health expenditure as a percentage of GDP worldwide has increased from 9.09% in 2008 to 9.84% in 2019. In addition, the growing preference for point-of-service (Les POC diagnostic technologies), as POC diagnostic is cost-effective and more convenient to use, are also expected to contribute to the market growth in the coming years.
The global in vitro diagnostics (IVD) market is segmented by region into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Among the market in these regions, the market in North America generated the largest revenue of USD 36988.2 million in 2021 and is further expected to touch USD 57175.9 million by the end of 2031. of the market in the region can mainly be attributed to the increase in cases of cancer as well as other chronic diseases in the region. For example, according to statistics from the Centers for Disease Control and Prevention (CDC), in the United States, 6 out of 10 adults suffered from a chronic disease, while 4 out of 10 adults suffered from 2 or more of these diseases. On the other hand, according to National Cancer Institute (NCI) statistics, around 1,806,590 new cases of cancer are expected to be diagnosed in 2020 in the United States. The market growth in the region can also be attributed to the rising healthcare expenditure in the region, which according to the World Bank reached 16.32% in 2019 from 12.2% in 2000.
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The in vitro diagnostics (IVD) market in North America is further segmented on the basis of country into the United States and Canada. Among these countries market, the United States market is expected to gain the highest market share by the end of 2031. Moreover, the country market is also expected to grow with the highest CAGR of 4.6 % over the forecast period. . Additionally, the market in Canada is expected to touch USD 7344.8 million in 2023.
On the other hand, Europe In Vitro Diagnostics (IVD) Market is expected to generate the second largest revenue of USD 36508.8 million by the end of 2031 from a revenue of USD 23292.1 million in 2021. The market in the region is further segmented by country into Germany, France, Italy, UK, Spain, Russia and the rest of Europe. Among these countries market, Germany market generated the largest revenue of USD 5613.4 million in 2021 and is further expected to touch USD 9017.7 million by the end of 2031. Additionally, the market in the UK is expected to grow with the highest CAGR of 5.2% during the forecast period.
The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
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The global in vitro diagnostics (IVD) market is segmented on the basis of applications in oncology, cardiology, autoimmune diseases, neurology, infectious diseases, gastroenterology and others. Among these segments, the infectious disease segment generated the largest revenue of $21378.2 million in 2021 and is further expected to reach $33944.8 million by the end of 2031. In North America , the segment recorded the highest revenue of USD 9062.1 million in the year 2021 and is further expected to touch USD 14351.2 million by the end of 2031. Additionally, in Europe, the segment is expected to reach USD 9054.2 million by the end of 2031, compared to revenue of USD 5636.7 million in 2021.
The global in vitro diagnostics (IVD) market is segmented on the basis of end user into hospitals and clinics, research institutes, diagnostic laboratories and others. Among these segments, Hospitals & Clinics segment generated the largest revenue of USD 42162.6 million in 2021 and is further expected to reach USD 64709.2 million by the end of 2031. In North America, the segment is expected to hit the highest revenue of USD 27272.9 million by the end of 2031, compared to revenue of USD 17828.3 million in 2021. Additionally, in Asia Pacific, the segment recorded the highest revenue of USD 9813.8 million in 2021 and is further expected to reach 15472.8 million by the end of 2031.
The global in vitro diagnostics (IVD) market is also segmented on the basis of product and technology.
Global In Vitro Diagnostics (IVD) Market, Segmentation by Product
- Semi-automated instruments
- Fully automated instruments
Global in vitro diagnostics (IVD) market, segmentation by technology
- Immunoassay systems
- DNA analysis/sequencing
- Molecular diagnostics
- Tissue diagnosis
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Some of the key industry leaders in the global in vitro diagnostics (IVD) market that are included in our report are Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, Qiagen GmbH, bioMerieux SA, Danaher Corporation, Bio Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Exact Sciences Corporation, Becton, Dickinson and Company, and others.
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