In Vitro Diagnostics Market Value to Hit US$ 115.43 Bn by 2028, at CAGR of 6.3% | Say's TMR

In Vitro Diagnostics Market: Introduction

According to the report, the global in vitro diagnostics market was valued at US$ 70.51 Bn in 2020 and is projected to expand at a CAGR of 6.3% from 2021 to 2028. In vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body.

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Diagnosis of infectious diseases is one of the leading applications of in vitro diagnostics. Investment in the development of new diagnostics tools for diagnosing various infectious diseases has been increasing. In April 2017, the U.S. Department of Health and Human Services awarded a contract to Siemens Healthineers to develop Zika virus immunoassay test to use on its Advia platform of immunoassay analyzers.

The prevalence of hepatitis and HIV diseases is increasing globally and is expected to drive the demand for in vitro diagnostic testing. According to the World Health Organization (WHO), in July 2021, an estimated 58 million people across the world had hepatitis C infection. WHO also stated that around 37.7 million people were affected with HIV across the world in 2020.

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The rise in prevalence of these infectious diseases is likely to increase the demand for diagnostic tests, which in turn is projected to propel the global in vitro diagnostics market.

New innovative technologies such as RT-PCR and next generation sequencing provide a comparatively less expensive way of diagnosis, prognosis, and therapy selection in patients throughout their treatment plan. This helps physicians frame appropriate therapeutic regimes for patients suffering from diseases.

In addition, surge in demand for point-of-care services is likely to drive the in vitro diagnostics market. Point-of-care provides quick and accurate results compared to traditional methods.

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Clinical Chemistry Segment to Dominate Global In Vitro Diagnostics Market

In terms of technology type, the global in vitro diagnostics market has been classified into point-of-care, molecular diagnostics, immunoassays, clinical chemistry, whole blood glucose monitoring, hematology, clinical microbiology, coagulation & hemostasis, and others. The clinical chemistry segment dominated the global market in terms of share in 2020. Increase in the geriatric population and rise in awareness are expected to propel the segment during the forecast period.

North America to Lead Global In Vitro Diagnostics Market

In terms of region, the global in vitro diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The U.S. dominated the market in North America in 2020 due to adoption of new technologies such as next generation sequencing, higher awareness, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country.

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In Vitro Diagnostics Market Players

Major players operating in the global in vitro diagnostics market include F. Hoffmann-La Roche Ltd., Danaher, Siemens Healthineers, bioMérieux SA, Abbott, Diasorin, Meridian Bioscience, Inc., Ortho-Clinical Diagnostics, Inc., Thermo Fisher Scientific, Inc., and Sysmex Corporation.

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