London, March 10, 2021 (GLOBE NEWSWIRE) -- In-vitro diagnostic (IVD) testing has become an indispensable tool in clinical practice for diagnosing and monitoring diseases, providing prognosis, and predicting treatment response. The IVD industry is growing steadily due to various factors such as increased demand for infectious disease testing as new pathogen strains develop each year and high incidences of hospital acquired infections. The IVD market comprises of kits & reagents, system, and software and services which can be used to detect diseases or other conditions and can be used to monitor a person's overall health to help cure, treat, or prevent diseases.

Thein-vitro diagnostics (IVD) market is projected to reach $118.5 billion by 2027, at a CAGR of 7% from 2020. The growth in this market is primarily driven by the rising prevalence of acute & chronic infectious diseases, increasing funding for research activities, growing awareness for early disease diagnosis, the shift in the focus from centralized to point-of-care testing, and the emergence of the COVID-19 pandemic. Further, the emerging economies, development of condition-specific markers and tests, and advances in genomics and proteomics are expected to offer significant growth opportunities for players operating in the IVD market.

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The in-vitro diagnostics (IVD) market is segmented based on product & solution, technology, application, end user, and geography.

Based on product and solution, the in-vitro diagnostics (IVD) market is broadly segmented into kits &reagents, instruments, and software and services. In 2020, the kits & reagents segment accounted for the largest share of the overall in-vitro diagnostics (IVD) market. The large share of this segment is primarily attributed to the frequent use of assays & kits in the detection of various chronic diseases, commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, increase in the volume of testing for infectious diseases such as COVID-19 and influenza, and rise in demand of molecular and immunoassay reagents across the globe.

Based on technology, the in-vitro diagnostics (IVD) market is segmented into immunoassay/ immunochemistry, molecular diagnostics, biochemistry/clinical chemistry, microbiology, hematology, coagulation/hemostasis, urinalysis, and other technologies, which include hybridization and loop mediated amplification. In 2020, the immunoassay/ immunochemistry segment accounted for the largest share of the overall in-vitro diagnostics (IVD) market due to the increase in the prevalence of infectious diseases, the exponential rise in the number of diagnostic tests for COVID-19, and rise in the number of approvals and emergency use authorizations of COVID-19 test kits & reagents. However, the molecular diagnostics segment is expected to grow at the fastest CAGR during the forecast period due to rising awareness of personalized medicine and companion diagnostics, advancements in molecular techniques, rising focus of market players on the development of diagnostic NGS kits & reagents and rising penetration of cutting-edge clinical laboratory technologies.

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Based on application, the in-vitro diagnostics (IVD) market is segmented into infectious diseases, oncology, cardiology, endocrinology, diabetes, nephrology, and other applications, which include toxicology, gastrology, neonatal, genetic, and neurological disorders.

In 2020, the infectious diseases segment accounted for the largest share of the overall IVD market. The large share of this segment is primarily attributed to the recent regulatory approvals, product launches, increase in the availability of COVID-19 test kits across the globe, and the growth of the infectious diseases segment. However, the oncology segment is expected to grow at the fastest CAGR during the forecast period due to the adoption of various strategies for increasing access to new diagnostic technologies in oncology by IVD manufacturers, the growing influx of new products for cancer diagnosis owing to the rising prevalence of cancer, and growing field of personalized medicine in oncology.

Based on the end user, the in-vitro diagnostics (IVD) market is broadly segmented into diagnostics reference laboratories, hospitals and clinics, home healthcare, and other end users, including nursing homes, academic and research institutes, forensic laboratories, and transfusion laboratories. In 2020, the diagnostics reference laboratories segment commanded the largest share of the overall IVD market. The large share of this segment is primarily attributed to the rising numbers of samples shared with laboratories for analysis, rising laboratory automation, availability of well-equipped systems, presence of skilled laborers, rise in the number of patient volume owing to the emergence of various infectious diseases, and government initiatives to support the technological advancements of laboratories.

Based on geography, the in-vitro diagnostics (IVD) market is categorized into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions.

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In 2020, North America commanded the largest share of the global IVD market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The rising prevalence of various infectious diseases, the growing healthcare sector, increasing awareness regarding early disease diagnosis, higher adoption for advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced diagnostic technologies contribute to the growth.

Some of the key players operating in the in-vitro diagnostics (IVD) market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMrieux S.A. (France), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S.), DiaSorin S.p.A. (Italy), Ortho Clinical Diagnostics (U.S.), Siemens Healthcare GmbH (Germany), Sysmex Corporation (Japan), QIAGEN N.V. (Netherlands) among others.

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Scope of the Report:

In-vitro Diagnostics Market, by Product & Solution

In-vitro Diagnostics Market, by Technology

In-vitro Diagnostics Market, by Application

In-vitro Diagnostics Market, by End User

In-vitro Diagnostics Market, by Geography

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In-vitro Diagnostics (IVD) Market to Reach $118.5 Billion by 2027, Growing at a CAGR of 7% from 2020 with the Increasing Demand for Infectious Disease...