Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The "In Vitro Diagnostics Market by Product & Service, Technique, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

At an estimated value of over USD 86.51 billion in 2021, the Global In Vitro Diagnostics (IVD) Market is predicted to thrive at a CAGR of 3.3% and valued at over USD 118.57 billion over the forecast year 2022-2030.

In vitro diagnostics (IVD) are the tests for detecting disease and infections. It is done on samples such as tissue or blood taken from the human body. There are several types of in vitro diagnostic instruments that offers features such as tissue diagnostics, hematology, immunodiagnostics, and molecular diagnostics.

The in vitro diagnostics is experiencing a significant popularity in healthcare sector due to its efficacy in diagnosing numerous medical conditions such as infectious diseases, cardiac disorders, cancer, and nephrological disorders.

Market Dynamics and Trends

Upsurge in number of in vitro diagnostic tests across the globe owing to the increased incidences of infectious and chronic diseases drives the growth of IVD market. In addition, rise in geriatric population, which is vulnerable to immunological disorders have been pushing the growth of the market globally.

However, strict government regulations related to the in-vitro diagnostics along with unfavorable compensation policies hamper the growth of the market. On the other hand, high growth shown by the developing countries in terms of population & proliferation of in vitro diagnostic tests is expected to create lucrative opportunities to further propel market growth throughout the forecast period.

Geographical Analysis

In terms of geography, North America held major share of the market in 2019. This is attributed to the well-established healthcare system and the healthcare related awareness among people across the region.

However, Asia-pacific is expected to witness highest growth rate during the forecast period, due to the surge in healthcare expenditure and rise in prevalence of diabetes in the region. Moreover, massively growing patient base of chronic diseases in the region that require IVD testing is projected to be opportunistic for the market growth.

Competitive Landscape

Lucrative growth opportunities make the In Vitro Diagnostics (IVD) market highly competitive.

A number of developmental strategies have been adopted by companies in the past few years. For instance, in October 2020, Quanterix Corporation entered into a non-exclusive royalty-bearing license agreement with Abbott Laboratories. This agreement grants Abbott an access to Quanterix' portfolio of bead-based technology patents for the use in in vitro diagnostic (IVD) applications.

Companies Mentioned

Market Dynamics

Drivers

Restraints

Opportunities

Scope of the Report

Global In Vitro Diagnostics (IVD) Market- By Product & Service

Global In Vitro Diagnostics (IVD) Market - By Technique

Global In Vitro Diagnostics (IVD) Market - By Application

Global In Vitro Diagnostics (IVD) Market - By End User

Global In Vitro Diagnostics (IVD) Market - By Geography

For more information about this report visit https://www.researchandmarkets.com/r/hu7c0u

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