"We Envision Growth Strategies Most Suited
to Your Business"

In vitro diagnostics market to reach $149.03 bn by 2028; Thermo Fisher Scientific Inc. Achieves CE Mark Regarding COVID-19 Tests to Stimulate Growth

October 01, 2021 | Healthcare

The global In vitro Diagnostics (IVD) market size was USD 80.43 billion in 2020. The market is projected to grow from USD 96.87 billion in 2021 to USD 149.03 billion in 2028 at a CAGR of 6.3% during the 2021-2028 period. This crucial information is issued by Fortune Business Insights™ in its report titled, “In vitro Diagnostics (IVD) Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, and Other Techniques), By Setting (Laboratories and Point-of-care), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, and Other Applications), By End-user (Clinical Laboratories, Hospitals, Physicians Offices, and Other End-users) and Regional Forecasts, 2021-2028.” As per our analysts, the growth is owing to the surging investment by crucial players in research & development to modernize novel products and discover new applications of IVD procedures.


COVID-19 Impact: Positive Sales Graph Observed amid Pandemic Outbreak


As the COVID-19 pandemic hit the world about in 2019, the universal industries and sectors reported a stagnant growth rate chart in terms of the revenue collected. Several sectors experienced a downfall and were forced to close their units due to a loss in income. On the contrary, the COVID-19 pandemic has effectively raised the requirement for molecular diagnostics procedures on account of the factor that it is used to identify the SARS-CoV-2 infection. Though, other practices such as immunodiagnostics, clinical chemistry, hematology, among others, reported a deterioration in growth owing to government inflicted lockdowns and a decrease in general routine tests executed in clinics and laboratories across the globe. These factors are anticipated to bolster the market growth.


Moreover, the unveiling of fresh and innovative methods for prompt detection of the COVID-19 virus has escalated the demand for In vitro Diagnostics goods and services across the world. For example, in March 2020, Abbott Laboratories introduced molecular testing equipment that involves polymerase chain reaction (PCR) means on its m2000 Real-time lab-based portal to identify COVID-19 in accordance with an Emergency Use Authorization (EUA) in the U.S. and CE Mark.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/in-vitro-diagnostics-ivd-market-101443


BD Declares FDA Emergency Use Authorization for Mixed COVID-19, Flu Rapid Antigen Test


Becton, Dickinson and Company, BD, which is a prominent worldwide medical technology corporation, made an announcement regarding the approval by the U.S. Food and Drug Administration (FDA) emergency use authorization (EUA) for a novel, quick antigenic test that can identify infections such as SARS-CoV-2 and influenza A and influenza B in just one test. The BD Veritor™ system for the quick revealing of SARS-CoV-2 & influenza A as well as B type-examination consumes nearly 15 minutes and differentiates amid SARS-CoV-2, influenza A and influenza B, by delivering conclusive affirmative or negative distinct digital display details for the above-mentioned tests. The company strategizes to introduce a novel test for the next virus season. The test is envisioned for entities who are doubted by a medical worker of being infected by COVID-19 or influenza A or B within a week of indication arrival. This test follows a similar, easy workflow as other quick examinations on the BD Veritor™ Plus System with an outcome in roughly 15-20 minutes.  


More than 70,000 in-use BD Veritor Systems exist at clinics, hospitals, emergency care centers, nursing facilities, pharmacy centers, educational facilities, industries, and additional testing sites in all the U.S. states. The system is marginally bigger than a mobile device, contains single-button operation, workflow elasticity, and is simple to function. It is a perfect key for testing even in the absence of a healthcare guide. It further presents consumers' real-time notifying abilities by the voluntary BD Synapsys™ Informatics Solution, offering them the capability to effortlessly note data for sickness monitoring and observation motives. Such innovations are likely to aid In vitro Diagnostics market growth.


Rising Acceptance of Point-of-care Testing Devices to Impel Demand for IVD Tests


The escalating liability of illnesses has occasioned medical equipment firms to constantly innovate technologically progressive diagnostic gadgets. Besides, hospitals, clinics, and laboratories have confirmed a growing inclination towards point-of-care testing equipment to achieve precise real-time statistics. This aspect is probable to upsurge demand for point-of-care testing equipment, which eventually shall fortify the market for In vitro Diagnostics devices. Furthermore, the substantial development in original, innovative products reveals is promoting the growth of the IVD market.


Industry Development



  • April 2021: Siemens Healthineers acquired Varian Medical Systems Inc. to strengthen its position as a holistic partner in healthcare.

  • March 2020: Thermo Fisher Scientific Inc. achieved a CE mark for its analytical test to identify nucleic acid from SARS-CoV-2, the virus that sources COVID-19.


List of Key Players Covered in this Market Report



  • F. Hoffmann-La Roche Ltd (Basel, Switzerland)

  • Abbott Laboratories (Illinois, U.S.)

  • Thermo Fisher Scientific Inc. (Massachusetts, U.S.)

  • Sysmex Corporation (Hyogo, Japan)

  • Siemens Healthineers AG (Munich, Germany)

  • BD (Becton, Dickinson, and Company) (Franklin Lakes, U.S.)

  • Seegene Inc. (Seoul, Republic of Korea)

  • DiaSorin S.p.A. (Saluggia, Italy)

  • Quest Diagnostics Incorporated (New Jersey, U.S.)

  • Bio-Rad Laboratories, Inc. (Hercules, California, U.S.)


Further Findings



  • The reagents & consumables segment held the largest In vitro Diagnostics market share in 2020 due to the surge in usage of self-testing kits, POC tests, and several other advanced products in the in-vitro diagnosis.

  • North America stood at USD 31.95 billion in 2020 and is anticipated to continue to dominate this market during the forecast period. Some of the prominent factors contributing to the region’s highest share include the presence of major companies in the region


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD billion)



Segmentation



  Product Type, Technique, Setting, Application, End-user, and Region



By Product Type




  • Instruments

  • Reagents & Consumables



By Technique




  • Immunodiagnostics

  • Clinical Chemistry

  • Molecular Diagnostics

  • Hematology

  • Other Technique



By Setting




  • Laboratories

  • Point-of-care



By Application




  • Infectious Diseases

  • Cardiology

  • Oncology

  • Gastroenterology

  • Other Applications



By End-User




  • Clinical Laboratories

  • Hospitals

  • Physicians’ Offices

  • Others



By Geography




  • North America (By Application, By Route of Administration, By Distribution Channel, and By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Application, By Route of Administration, By Distribution Channel, and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)





  • Asia Pacific (By Application, By Route of Administration, By Distribution Channel, and By Country)





    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Application, By Route of Administration, By Distribution Channel, and By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Application, By Route of Administration, By Distribution Channel, and By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)




In-Vitro Diagnostics Market
  • PDF
  • 2020
  • 2017-2019
  • 194

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Our Clients

Kpmg
SPG
Pont Europe
3M
Fresenius
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X