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The in-vitro diagnostics market size touched USD 94.67 billion in 2022 and is predicted to reach USD 97.12 billion in 2023. The market is anticipated to touch USD 157.02 billion by 2030, recording a CAGR of 7.1% over 2023-2030.
Fortune Business Insights™ displays this information in its latest report titled “In-vitro Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, and Others), By Setting (Laboratories and Point-of-Care), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, and Others), By End-user (Clinical Laboratories, Hospitals, Physician’s Offices, and Others), and Regional Forecasts, 2023-2030”.
In-Vitro Diagnostics (IVD) refer to medical devices that are used to perform a wide variety of diagnostic tests using biological samples, such as blood, tissues, and urine. These tests can help doctors identify chronic infectious, autoimmune, and several other diseases, which can help them in creating effective treatment therapies. Around 70% of clinical decisions are based on the accuracy of these tests.
Molecular Diagnostics Extensively Used During COVID-19 Pandemic to Diagnose SARS-CoV-2 Virus
While an extensive range of tests and techniques are used to identify various chronic ailments, the COVID-19 pandemic was instrumental in boosting the usage of molecular diagnostics. The techniques and tests used in this type of diagnostic solution played a key role in identifying the SARS-CoV-2 virus. Since it was important to keep track of the blood glucose and troponin levels of patients hospitalized for COVID-19 treatment, the sales of test kits and consumables increased during this period, boosting the in-vitro diagnostics market growth.
Rising Investments and Government Support to Develop and Innovate Medical Devices to Boost Market Growth
Government associations, organizations, and agencies promoted the use of in-vitro diagnostics by starting a vast range of awareness initiatives, thereby driving the market growth. Moreover, the growing cash inflow from governments and other public bodies to conduct research on various technologies is boosting the development of futuristic medical devices.
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Inorganic Growth Strategies Adopted by Companies to Expand Market Presence
Key market participants, such as Sysmex Corporation, Shimadzu Corporation, Becton, Dickinson, and Company (BD), Seegene Inc., Siemens Healthineers AG, DiaSorin S.p.A., Quest Diagnostics Incorporated, Quidel Corporation, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, and Abbott, are implementing inorganic growth & expansion strategies to cement their position in the market. For example, in March 2021, F. Hoffmann-La Roche Ltd. entered into a definitive merger agreement with GenMark Diagnostics Inc. This deal was expected to help Roche gain access to GenMark’s advanced technologies to test a wide range of pathogens using a single patient’s sample.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 7.1% from 2023-2030
Value (USD Billion)
By Product Type, Technique, Setting, Application, End-user, and Region
By Product Type