In a recently published report, IVD (In Vitro Diagnostics) Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IVD (In Vitro Diagnostics) Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
The demand for in-vitro diagnostic products due to the COVID-19 pandemic is expected to grow mainly due to factors such as a strong increase in the demand for PCR, NGS, serology-based rapid-test drugs, the favorable regulatory environment for drug creation & marketing and a sharp increase in target patient population. These trends have driven industry players to develop and enhance their existing capacities in production and delivery, as well as emphasis on commodity development & improvements. It is anticipated that the development of automated in vitro diagnostic (IVD) systems for laboratories and hospitals to provide reliable, precise, and error-free diagnosis would drive progress. For example, Becton, Dickinson and Company obtained CE-IVD certification for an integrated flow cytometry program from BD FACSDuet in March 2019 that helps clinical laboratories to improve their efficiency and performance in relation to manual processes.
The growing geriatric population is projected to be one of the demand drivers for high impact rendering. According to the United Nations (UN), it has been estimated that there were about 962 million people worldwide with age over 60 in 2017. In fact, according to the World Health Organisation (WHO), by 2020, the number of people over 60 years would surpass that of children under 5 years of age. It is expected that the IVD industry will be powered by the involvement of research organizations that offer consultancy services, clinical tests, and laboratory testing to address the increasing need for fast diagnosis and treatment plans. For starters, NAMSA began IVD production company in July 2018 to provide global manufacturers with services such as regulatory in vitro diagnostics, and clinical testing.
The regional analysis of IVD (In Vitro Diagnostics) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In terms of value, the North America is expected to account for the majority of the market owing to the favorable government legislation, well-established healthcare infrastructure, in-vitro diagnostic technical advancements and the involvement of key market players are the factors responsible for the largest regional share.
Major market player included in this report are:
Siemens Healthineers AG
Becton, Dickinson and Company
F. Hoffmann-La Roche Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Polymerase chain reaction
Enzyme-Linked Immunosorbent Assay (ELISA)
Researchers & Academia
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Global IVD (In Vitro Diagnostics) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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