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In-Vitro Diagnostics Market Booming: $202.1 Billion Forecast By 2034 Latest Report By Evolve Business Intelligence
(MENAFN- EIN Presswire)
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Core Market Segments
“The Reagents segment is expected to grow faster throughout the forecast period.
By product type, the market is segmented as (Instruments, Reagents, Services). Reagents dominate the IVD market due to their essential role in diagnostic tests. They are required for various assays and are consumed in large quantities across different testing applications. As the volume of tests increases, especially in areas like infectious diseases and chronic conditions, the demand for reagents grows correspondingly. Additionally, advancements in reagent formulations and the introduction of new testing protocols further contribute to their significant market share.”
“The infectious disease segment is expected to grow faster throughout the forecast period.
By application, the market is segmented as (Infectious Disease, Diabetes, Oncology, Nephrology, Others). The infectious disease segment is the largest application area within the IVD market, driven by the ongoing need for rapid and accurate diagnostics to manage outbreaks and control public health threats. The rise in global health concerns, such as the COVID-19 pandemic, has accelerated the demand for diagnostic tests for various infectious agents. Furthermore, the increasing prevalence of sexually transmitted infections, respiratory diseases, and emerging pathogens ensures that this segment continues to lead the market in terms of both volume and revenue.”
“The infectious disease segment is expected to grow faster throughout the forecast period.
By technique, the market is segmented as (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Others). The Molecular Diagnostics segment is projected to command the largest market share, reflecting its rapid growth within the IVD field. This area focuses on the detection and measurement of nucleic acids, such as DNA and RNA, in biological samples, enabling the diagnosis and monitoring of various diseases and health conditions.”
Industry Leaders
Abbott Laboratories, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories Inc, Danaher Corporation (Beckman Coulter, Inc.), Hoffmann-La Roche, Siemens, QIAGEN N.V., Sysmex Corporation, Thermo Fisher Scientific Inc
For sample report pages -
The Secrets to Success
The Increasing Adoption of Smart Water Metering is a significant driver in the In-Vitro Diagnostics (IVD) market, as it reflects the broader trend of leveraging technology to enhance healthcare outcomes. Smart water metering technologies, which enable real-time monitoring and data collection, can be utilized in various healthcare settings, including laboratories and diagnostic facilities. By facilitating more accurate and timely diagnostics, these systems contribute to improved patient management and treatment planning. Additionally, the integration of smart metering with IVD devices allows for the monitoring of water quality in clinical laboratories, ensuring optimal conditions for diagnostic testing. This enhances the reliability of results and can lead to more effective disease management. As healthcare facilities increasingly embrace smart technologies, the demand for advanced diagnostic solutions that complement these innovations will likely grow, further driving the IVD market.
The future of In-Vitro Diagnostics Market
The rapid growth in the number of smart cities worldwide presents significant opportunities for the In-Vitro Diagnostics (IVD) market. As urban areas become more technologically advanced, there is an increased focus on healthcare accessibility and efficiency, driving the demand for innovative diagnostic solutions. Smart cities can leverage advanced data analytics, integrated healthcare systems, and point-of-care testing to enhance public health initiatives and streamline disease monitoring. Additionally, the integration of IVD solutions in smart healthcare ecosystems can facilitate real-time health assessments and improve patient outcomes, creating a lucrative environment for IVD manufacturers and service providers.
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North America to main its dominance in 2023
North America is expected to maintain its dominance in the In-Vitro Diagnostics (IVD) market in 2023, driven by a robust healthcare infrastructure and significant investments in research and development. The region benefits from a high prevalence of chronic diseases and a growing aging population, which increases the demand for accurate and timely diagnostic solutions. Furthermore, the presence of leading IVD companies and a strong focus on technological advancements, such as molecular diagnostics and point-of-care testing, position North America as the largest region in this market. Government initiatives aimed at improving healthcare access and outcomes further bolster the region's market leadership.
Key Matrix for Latest Report Update
.Base Year: 2023
.Estimated Year: 2024
.CAGR: 2024 to 2034
About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool – EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
IVD Market Segment Analysis
IVD Market Analysis
The In-Vitro Diagnostics Market, valued at USD 92.1 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of 7.22% from 2023 to 2033
INDIA, October 21, 2024 /EINPresswire / -- Increasing Prevalence of Chronic Diseases is a primary driver in In-Vitro Diagnostics (IVD) market , as the demand for early and accurate diagnosis continues to rise. The Advancements in Technology, such as the development of molecular diagnostics and point-of-care testing, are enhancing the accuracy and speed of diagnostic results. Growing Aging Population also fuels market growth, as older adults typically require more frequent testing and monitoring. Additionally, Rising Demand for Home-Based Testing solutions is transforming the IVD landscape, making diagnostics more accessible to patients. Regulatory Support and initiatives aimed at improving healthcare outcomes further contribute to the market's expansion, creating a favorable environment for innovative diagnostic solutions in the coming years.For More Information:
Core Market Segments
“The Reagents segment is expected to grow faster throughout the forecast period.
By product type, the market is segmented as (Instruments, Reagents, Services). Reagents dominate the IVD market due to their essential role in diagnostic tests. They are required for various assays and are consumed in large quantities across different testing applications. As the volume of tests increases, especially in areas like infectious diseases and chronic conditions, the demand for reagents grows correspondingly. Additionally, advancements in reagent formulations and the introduction of new testing protocols further contribute to their significant market share.”
“The infectious disease segment is expected to grow faster throughout the forecast period.
By application, the market is segmented as (Infectious Disease, Diabetes, Oncology, Nephrology, Others). The infectious disease segment is the largest application area within the IVD market, driven by the ongoing need for rapid and accurate diagnostics to manage outbreaks and control public health threats. The rise in global health concerns, such as the COVID-19 pandemic, has accelerated the demand for diagnostic tests for various infectious agents. Furthermore, the increasing prevalence of sexually transmitted infections, respiratory diseases, and emerging pathogens ensures that this segment continues to lead the market in terms of both volume and revenue.”
“The infectious disease segment is expected to grow faster throughout the forecast period.
By technique, the market is segmented as (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Others). The Molecular Diagnostics segment is projected to command the largest market share, reflecting its rapid growth within the IVD field. This area focuses on the detection and measurement of nucleic acids, such as DNA and RNA, in biological samples, enabling the diagnosis and monitoring of various diseases and health conditions.”
Industry Leaders
Abbott Laboratories, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories Inc, Danaher Corporation (Beckman Coulter, Inc.), Hoffmann-La Roche, Siemens, QIAGEN N.V., Sysmex Corporation, Thermo Fisher Scientific Inc
For sample report pages -
The Secrets to Success
The Increasing Adoption of Smart Water Metering is a significant driver in the In-Vitro Diagnostics (IVD) market, as it reflects the broader trend of leveraging technology to enhance healthcare outcomes. Smart water metering technologies, which enable real-time monitoring and data collection, can be utilized in various healthcare settings, including laboratories and diagnostic facilities. By facilitating more accurate and timely diagnostics, these systems contribute to improved patient management and treatment planning. Additionally, the integration of smart metering with IVD devices allows for the monitoring of water quality in clinical laboratories, ensuring optimal conditions for diagnostic testing. This enhances the reliability of results and can lead to more effective disease management. As healthcare facilities increasingly embrace smart technologies, the demand for advanced diagnostic solutions that complement these innovations will likely grow, further driving the IVD market.
The future of In-Vitro Diagnostics Market
The rapid growth in the number of smart cities worldwide presents significant opportunities for the In-Vitro Diagnostics (IVD) market. As urban areas become more technologically advanced, there is an increased focus on healthcare accessibility and efficiency, driving the demand for innovative diagnostic solutions. Smart cities can leverage advanced data analytics, integrated healthcare systems, and point-of-care testing to enhance public health initiatives and streamline disease monitoring. Additionally, the integration of IVD solutions in smart healthcare ecosystems can facilitate real-time health assessments and improve patient outcomes, creating a lucrative environment for IVD manufacturers and service providers.
Get access to the report -
North America to main its dominance in 2023
North America is expected to maintain its dominance in the In-Vitro Diagnostics (IVD) market in 2023, driven by a robust healthcare infrastructure and significant investments in research and development. The region benefits from a high prevalence of chronic diseases and a growing aging population, which increases the demand for accurate and timely diagnostic solutions. Furthermore, the presence of leading IVD companies and a strong focus on technological advancements, such as molecular diagnostics and point-of-care testing, position North America as the largest region in this market. Government initiatives aimed at improving healthcare access and outcomes further bolster the region's market leadership.
Key Matrix for Latest Report Update
.Base Year: 2023
.Estimated Year: 2024
.CAGR: 2024 to 2034
About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool – EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
Swapnil Patel
Evolve Business Intelligence
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