PRwire360
30 Sep 2022, 21:34 GMT+10
Increase in number of Research & Development (R&D) initiatives related to tests and diagnostics and surge in demand for Point-of-Care (POC) facilities are key factors driving market revenue growth
Market Size - USD 98.00 Billion in 2021, Market Growth - at a CAGR of 2.3%, Market Trends - Rising awareness about and use of self-care medical devices
New York, September 29, 2022 - The global In Vitro Diagnostics (IVD) market size was USD 98.00 Billion in 2021 and is expected to register a revenue CAGR of 2.3% over the forecast period, according to the latest report by Reports and Data. Rise in prevalence of Sexually Transmitted Diseases (STDs) will also create an increasing need for molecular diagnostic IVD tools, resulting in driving revenue growth of the market.
In vitro diagnostic (IVD) tests allow for identification of microorganisms that cause infectious diseases as well as susceptibility testing to determine the best treatment. Non-infectious diseases can also be detected using in-vitro diagnostics, which is another important factor increasing demand for diagnostic and test kits over the projected period. Due to COVID-19 pandemic, leading manufacturers have recently taken important steps to enhance patient access to coronavirus diagnostic testing in laboratories, hospitals, and other testing sites across the U.S,, to guide patient care and preserve public health. Furthermore, unprecedented global collaboration with the primary goal of accelerating COVID-19 diagnostics, treatments, and vaccines development, manufacture, and equitable access is a major factor likely to support and drive revenue growth of the market over the forecast period.
Other significant factors influencing market revenue growth include consistent and rising R&D spending as well as expanding awareness of the benefits of IVDs. However, increased use and awareness of self-care medical devices will also drive revenue growth of IVD kits over the forecast period.
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Some Key Highlights From the Report
For the purpose of this report, Reports and Data has segmented the global In Vitro Diagnostics (IVD) market based on product type, technology, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Technology Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
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