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Global In-Vitro Diagnostics Market to Grow at a CAGR of 4.5% During 2022-2027, Aided by the Increasing Consumer Preference for Point of Care Testing

According to a new report by EMR titled, ‘Global In-vitro Diagnostics Market Report and Forecast 2022-2027’, the global in-vitro diagnostics industry reached a value of about USD 63 billion in 2020. The market is further expected to grow at a CAGR of 4.5% in the forecast period of 2022-2027.

The global in-vitro diagnostics industry is being driven by favourable government policies across the globe. In addition, the increasing awareness regarding reimbursement policies has significantly boosted the industry's growth. The industry is also being supported by the rising implementation of point of care and rapid testing in clinics and hospitals. In developed countries like the United States, the over-reliance of consumers on expedited and seamless testing has significantly contributed to the market expansion. Further, the increased penetration of the leading companies in the region is also aiding the industry growth. Meanwhile, the Middle East and Africa is expected to account for a relatively small market share in the forecast period due to the lack of consumer awareness regarding in-vitro diagnostics.

The growing focus of the leading players on expanding their presence across the key developing markets and strengthening their distribution channel is expected to significantly boost the industry growth over the forecast period. Beckman Coulter, one of the leading players in the industry, is owned by a Fortune 500 company for science and technology, Danaher Corporation (NYSE: DHR). The company recently launched one of the first high-quality, high throughput COVID-19 antigen tests ideal for mass testing in the United States. Such developments are expected to positively influence market growth over the forecast period.

Market Breakup by Product and Service, Technology, Application, End-Use, and Region:

  • Based on product and service, the industry is bifurcated into reagents and kits, instruments, software and services.
  • On the basis of technology, the market can be divided into immunodiagnostics, clinical chemistry, molecular diagnostics, haematology, microbiology, coagulation and haemostasis, and urinalysis, among others.
  • Based on application, the market is segmented into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/Aids, autoimmune diseases, and nephrology, among others.
  • For end-use, the market is divided into hospitals and clinics, diagnostic laboratories, point-of-care testing, and academic institutes, among others.
  • The regional markets for in-vitro diagnostics include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The global market for in-vitro diagnostics is driven by the growing consumer demand for convenient and rapid testing.
  • The growing point of care (POC) testing has significantly contributed to the market expansion.
  • The rapid technological advancements and the increasing demand for faster testing, particularly in developing nations, are likely to aid the industry's growth.
  • With the outbreak of the COVID-19 pandemic, the market is expected to witness robust growth owing to the massive increase in testing for the virus and a surge in demand for healthcare products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for in-vitro diagnostics for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product and service, technology, application, end-use, and region of in-vitro diagnostics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The key players in the in-vitro diagnostics industry are Danaher Corp, bioMérieux, Inc, Siemens Healthcare GmbH, ARKRAY America, Inc., Sysmex Corporation, and F. Hoffmann-La Roche Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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