Global In-Vitro Diagnostics (IVD) Market to Garner a Revenue of USD 135167.7 Million by 2031 and Touch a CAGR of 4.6% During 2022-2031; Market to Grow on Account of Growing Prevalence of Chronic and Infectious Diseases
Key Companies Covered in the Global In-Vitro Diagnostics (IVD) Market Research 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 key market players.
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 novel virus was declared a Public Health Emergency of International Concern by the World Health Organization (WHO) on the 30th of January 2020. As of 11 May 2022, according to the statistics by the World Health Organization (WHO), there have been 516476402 confirmed cases of COVID-19 and recorded 6258023 deaths.
Kenneth Research has recently released a report on “Global In-Vitro Diagnostics (IVD) Market” which includes a brief analysis of the market dynamics, i.e., the growth drivers, restraint factors, recent market trends, as well as the growth opportunities for the market 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. Besides this, the research report also covers the product portfolio analysis of the key market players operating in the market along with their market growth strategies.
The concern for different types of chronic and infectious diseases worldwide is growing at a significant pace. According to the statistics by the World Health Organization (WHO), each year 41 Million people were known to die as a result of noncommunicable diseases (NCDs), which is equivalent to 71% of total deaths worldwide. Additionally, between the ages of 30 and 69 years, more than 15 Million people were known to die as a result of NCDs. Besides this, the statistics also stated that out of all deaths caused due to NCDs, cardiovascular diseases resulted in 17.9 Million deaths annually, followed by cancer with 9.3 Million, respiratory diseases 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 the history of mankind, has raised the need amongst healthcare workers and researchers to develop advanced diagnostic devices for the treatment of the disease. The surge in concern for such deadly diseases worldwide is therefore projected to raise the need for advanced diagnosis, and in turn, contribute to the growth of the global in-vitro diagnostics (IVD) market.
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The global in-vitro diagnostics (IVD) market generated a revenue of USD 87236.4 Million in the year 2021 and is further projected to touch USD 135167.7 Million by the end of 2031, by growing with a CAGR of 4.6% during the forecast period. The growth of the market can also be attributed to the rising health expenditure and the growing research and developments in the field of healthcare, supported by the increasing initiatives of the government of nations worldwide. According to the statistics by the World Bank, the current health expenditure as a share of GDP around the globe increased from 9.09% in the year 2008 to 9.84% in the year 2019. Besides this, the growing preference for point-of-care (POC) diagnostic technologies as POC diagnosis is cost-effective and more convenient to use, is also expected to contribute to the growth of the market in the coming years.
The global in-vitro diagnostics (IVD) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 36988.2 Million in the year 2021 and is further expected to touch USD 57175.9 Million by the end of 2031. The growth of the market in the region can primarily be attributed to the rising cases of cancer as well as other chronic diseases in the region. For instance, according to the statistics by the Centers for Disease Control and Prevention (CDC), in the United States, 6 in 10 adults had a chronic disease, while 4 in 10 adults had 2 or more of these diseases. On the other hand, according to the statistics by the National Cancer Institute (NCI), around 1806590 new cases of cancer was expected to be diagnosed in the year 2020 in the United States. The growth of the market in the region can also be attributed to the rising healthcare expenditure in the region, which according to the World Bank, touched 16.32% in the year 2019, up from 12.2% in the year 2000.
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The in-vitro diagnostics (IVD) market in North America is further segmented on the basis of the country into the United States and Canada. Amongst the market in these countries, the market in the United States is projected to garner the highest market share by the end of 2031. Additionally, the market in the nation is also expected to grow with the highest CAGR of 4.6% during the forecast period. Further, the market in Canada is expected to touch USD 7344.8 Million in the year 2023.
On the other hand, the in-vitro diagnostics (IVD) market in Europe is anticipated to garner the second-largest revenue of USD 36508.8 Million by the end of 2031, up from a revenue of USD 23292.1 Million in the year 2021. The market in the region is further segmented by country into Germany, France, Italy, United Kingdom, Spain, Russia, and the Rest of Europe. Amongst the market in these nations, the market in Germany garnered the largest revenue of USD 5613.4 Million in the year 2021 and is further expected to touch USD 9017.7 Million by the end of 2031. Further, the market in the United Kingdom is expected to grow with the highest CAGR of 5.2% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & 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 Middle East and Africa).
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The global in-vitro diagnostics (IVD) market is segmented on the basis of application into oncology, cardiology, autoimmune diseases, neurology, infectious diseases, gastroenterology, and others. Amongst these segments, the infectious diseases segment generated the largest revenue of USD 21378.2 Million in the year 2021 and is further expected to touch USD 33944.8 Million by the end of 2031. In North America, the segment registered the largest 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 projected to touch USD 9054.2 Million by the end of 2031, up from a revenue of USD 5636.7 Million in the year 2021.
The global in-vitro diagnostics (IVD) market is segmented on the basis of end-user into hospitals & clinics, research institutes, diagnostics laboratories, and others. Amongst these segments, the hospitals & clinics segment generated the largest revenue of USD 42162.6 Million in the year 2021 and is further expected to touch USD 64709.2 Million by the end of 2031. In North America, the segment is expected to touch the largest revenue of USD 27272.9 Million by the end of 2031, up from a revenue of USD 17828.3 Million in the year 2021. Moreover, in the Asia Pacific, the segment registered the largest revenue of USD 9813.8 Million in the year 2021 and is further expected to touch USD 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
- Reagents
- Instruments
- Semi-Automated Instruments
- Fully Automated Instruments
- Services
Global In-Vitro Diagnostics (IVD) Market, Segmentation by Technology
- Immunoassay Systems
- DNA Analytics/Sequencing
- Molecular Diagnostics
- Hematology
- Tissue Diagnostics
- Microbiology
- Others
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Some of the prominent 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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