What This Report
Will Provide?
This study involved four major
activities in estimating the current size of the in-vitro diagnostics market. Exhaustive secondary
research was carried out to collect information on the IVD market, its peer
markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with
industry experts across the value chain through primary research. Both top-down
and bottom-up approaches were employed to estimate the complete market size.
After that, market breakdown and data triangulation procedures were used to
estimate the size of segments and subsegments.
Expected Revenue Growth:
[70 Pages Report] The global in-vitro
diagnostics market size is expected to be valued at USD 61.7 billion in
2020 and projected to reach USD 77.9 billion by 2025, growing at a CAGR of 4.8%.
Major Growth Boosters:
The demand for in-vitro
diagnostic products due to the COVID-19 pandemic is expected to increase mainly
due to factors such as a sharp rise in market demand for PCR, NGS, serology
based rapid-test products, the supportive regulatory landscape for product
development & commercialization, and a sharp rise in target patient
population. These factors have prompted IVD market players to improve and
strengthen their current manufacturing and distribution capabilities as well as
to focus on product commercialization & upgrades.
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Recent Developments:
In March 2020, Abbott expanded their manufacturing capacity to offer 5 million
ID now test kits per month from April onwards
In April 2020, Hologic has strengthened its production line for CDx units to
provide 600K test kits per month
In March 2020, IDT has announced its capabilities to offer 5 million diagnostic
test kits from April 1st week for COVID screening
In March 2020, BARDA (US) has provided funding of USD 0.7 million to Hologic to
develop rapid diagnostic kits for COVID
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global IVD market?
2. What are the drivers, restraints, opportunities, and challenges in the in-vitro
diagnostics market?
3. What are the opportunities for stakeholders and provide details of the
competitive landscape for key players?
4. What will be growth of in-vitro diagnostics market in North America, Europe,
Asia Pacific, Latin America, and the Middle East and Africa?
Regional Growth Analysis:
The US is expected to account
for the largest share of the in-vitro diagnostics market in 2020 – H1, followed
by Europe. This can primarily be attributed to the continuous commercialization
of innovative diagnostic products coupled with ongoing advancements in the
field of gene & immunoassay based products, the recent discovery of genetic
biomarkers & their clinical role in immunoassay testing, supportive government
policies & their emphasis on novel product development, and the significant
expansion of target patient population.
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Key Players:
As of 2019, some of the
prominent players in the in-vitro diagnostics market are Roche Diagnostics
(Switzerland), Abbott Laboratories (US), Thermo Fisher Scientific (US), Becton,
Dickinson and Company (US), Bio-Rad Laboratories (US), Biomerieux (France), and
QIAGEN (Germany), among others.
An analysis of the market developments between December 2019 to April 2020
revealed that product commercialization, developmental collaborations, and
product distribution partnerships were adopted by market players to maintain a
competitive position in the in-vitro diagnostics market to mitigate the
COVID-19 impact. Product commercialization was the most widely adopted growth
strategy.
