Kenneth Research recently added a report on ‘In Vitro Diagnostics (IVD) Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the In Vitro Diagnostics (IVD) Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions 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) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for In Vitro Diagnostics (IVD) Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global In Vitro Diagnostics Market was valued at USD 61700.22 Million in the year 2018. As size of old age population is increasing globally, quality healthcare is required. Diagnostics have major role, as majority of clinical decisions are based on diagnostic test result. They assist in providing personalised treatment and drugs are administered to the patient specifically. Additionally, number of patients suffering from chronic and infectious disease are increasing globally, which is primarily powered by unhealthy lifestyle, air and water pollution, genetic modification of disease causing microbes, which is estimated to accelerate the In Vitro Diagnostics Market Growth during the period of 2019-2024.
Molecular Diagnostics technology has been estimated to propel the market growth globally mainly because of large number of chronic diseases such as cancer, genetic disease, Non Invasive Prenatal Testing. Also, End User growth rate of home test kits will be high due to ease of testing, cost effectiveness and accuracy of test results obtained. By product type, reagents and kits will have high growth rate, as they get consumed in the diagnostic process and have to be replenished. Also rising investment by leading IVD companies in development and automation of IVD products, according to disease specificity, has been anticipated to spur the market growth during the forecast period.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Scope of the Report
Global In Vitro Diagnostics Market (Actual Period: 2014-2018, Forecast Period: 2019-2024)
? In Vitro Diagnostics Market – Size, Growth, Forecast
? Analysis By Technology: Centralised and Point of care, Diabetes Care, Molecular Diagnostics, Tissue Diagnostics
? Analysis By Application: Infectious Disease, Non Infectious Disease
? Analysis By End User: Hospital, Laboratory, Home Test, Others
? Analysis By Product- Medical Devices, Reagents & Kits, Services
Regional Analysis – North America, Latin America, Asia Pacific, EMEA (Actual Period: 2014-2018, Forecast Period: 2019-2024)
? In Vitro Diagnostics Market – Size, Growth, Forecast
? Analysis By Technology: Centralised and Point of care, Diabetes Care, Molecular Diagnostics, Tissue Diagnostics
? Analysis By Application: Infectious Disease, Non Infectious Disease
? Analysis By End User: Hospital, Laboratory, Home Test, Others
? Analysis By Product- Medical Devices, Reagents & Kits, Services
Country Analysis – USA, Canada, Germany, UK, Italy, Japan, China, India, Brazil, Mexico (Actual Period: 2014-2018, Forecast Period: 2019-2024)
? In Vitro Diagnostics Market – Size, Growth, Forecast
? Analysis By Technology: Centralised and Point of care, Diabetes Care, Molecular Diagnostics, Tissue Diagnostics
? Analysis By Application: Infectious Disease, Non Infectious Disease
? Analysis By End User: Hospital, Laboratory, Home Test, Others
? Analysis By Product- Medical Devices, Reagents & Kits, Services
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Other Report Highlights
? Competitive Landscape
? Leading Companies
? Key Developments
? Market Dynamics – Drivers and Restraints.
? Market Trends
? SWOT Analysis.
? Company Analysis – Roche, Sysmex, Abbott, Danaher, Siemens Healthineers, Biomerieux, Becton-Dickinson, Thermofisher Scientific, Bio-Rad, Ortho clinical Diagnostics.
Customization of the Report
The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research.
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