In-Vitro Diagnostics Global Market Report 2021: COVID 19 Implications and Growth to 2030

In-Vitro Diagnostics Global Market Report 2021: COVID 19 Implications and Growth to 2030

  • February 2021 •
  • 400 pages •
  • Report ID: 6027761 •
  • Format: PDF
Major companies in the in-vitro diagnostics market include Siemens Healthineers; F. Hoffmann-La Roche Ltd; Danaher (Beckman Coulter Inc); Abbott Laboratories Inc and Thermo Fisher Scientific Inc.

The global in-vitro diagnostics market is expected to grow from $71.71 billion in 2020 to $80.12 billion in 2021 at a compound annual growth rate (CAGR) of 11.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $105.3 billion in 2025 at a CAGR of 7%.

The in-vitro diagnostics devices and equipment market consists of sales of in-vitro diagnostic equipment and related services by entities (organizations, sole traders and partnerships) that produce in-vitro diagnostics equipment.In-vitro diagnostics are tests performed on samples collected from human body such as tissues and blood.

The in-vitro diagnostics equipment market is segmented into point-of-care diagnostics devices and equipment; immunochemistry diagnostic devices and equipment; clinical chemistry diagnostics devices and equipment; molecular diagnostics devices and equipment; microbiology diagnostic devices and equipment; hemostasis diagnostic devices and equipment; hematology diagnostic devices and equipment; immunohematology diagnostic devices and equipment.

North America was the largest region in the global in-vitro diagnostics market, accounting for 35% of the market in 2020.Asia Pacific was the second largest region accounting for 31% of the global in-vitro diagnostics market.

Africa was the smallest region in the global in-vitro diagnostics market.

IVD devices are being integrated with IoT and data analytics technologies to improve device efficiency and increase device security.IoT refers to a system of interconnected devices via communication technologies such as WIFI and Bluetooth for data transfer and accessing devices remotely.

Data analytics refers to qualitative and quantitative techniques, used to infer actionable information from large data sets. These technologies are helping in enhancing IVD device functionality, mainly through remote monitoring, predictive maintenance for decreased downtime and advanced data processing capabilities.

Demand for point-of-care diagnostic devices is increasing as they provide rapid results, are cost effective and have advanced diagnosis features for patients.The number of patients seeking treatments at local physician offices, retail clinics and in-patient homes are increasing thus boosting the demand for point-of-care testing devices.

Companies in this market are focusing on developing more user friendly, reliable and efficient point of care devices.For instance, in July 2016, Spartan Bioscience introduced Spartan Cube, the world’s smallest DNA-testing system that allows quick DNA testing.

Philips also launched a new handheld blood test, Handheld Minicare I-20 system used for diagnosing heart attacks in emergency departments which provide results within 10 minutes.