In-Vitro Diagnostics are tests executed on individual's blood or tissue samples to diagnose & monitor their health accurately.
According to the MarkNtel Advisors' research report, "Global In-Vitro Diagnostics Market Analysis, 2021," the market is likely to grow at a CAGR of around 4.8% during 2021-26 due to the increasing prevalence of chronic diseases, burgeoning demand for automation in laboratories, and surging adoption of fully automated instruments. Further, the rising development of condition-specific treatment and booming awareness regarding personalized medicines is fueling the growth of the In-Vitro Diagnostics market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, Mexico and Argentina|
|Middle East & Africa: Saudi Arabia, South Africa, Rest of the Middle East & Africa|
|Key Companies Profiled||BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Siemens Healthineers AG, Qiagen, Quidel Corporation, F. Hoffmann-La Roche AG, Sysmex Corporation, Danaher Corporation|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the COVID-19 pandemic has affected most industries due to nationwide lockdown and halt in production & manufacturing activities. Initially, the In-vitro diagnostic market faced challenges due to disruption in the supply chain and varying demand for the product. However, the widespread pandemic has also pushed the In-vitro diagnostic market into action by generating new opportunities to develop rapid COVID-19 testing kits, thereby propelling the market growth in the forecast period.
Reagents and Kits Accounted for the Largest Market Share
Based on product and services, the Reagents and Kits segment has acquired the largest share in the Global In-Vitro Diagnostics market in the previous few years due to the rising demand for point-of-care products and self-testing kits. Additionally, burgeoning demand for rapid & accurate devices and the surging number of R&D activities to make sensitive devices further drive the In-vitro Diagnostics market growth, states MarkNtel Advisors in their research report, "Global In-Vitro Diagnostics Market Analysis, 2021."
Infectious Disease Dominated the Market
Based on Application, the Infectious disease segment accounted for the largest share in the Global In-Vitro Diagnostics market in 2019 owing to the rising prevalence of infectious diseases such as SARS-CoV-2, HIV, tuberculosis, and pneumonia. Furthermore, the expansion of 'infectious disease detection' assays by the market players for in-vitro diagnostics is likely to create lucrative opportunities for market growth.