The Business Research Company’s Global In-Vitro Diagnostics Market Report 2020-30: Covid 19 Implications And Growth
LONDON, GREATER LONDON, UK, August 7, 2020 /EINPresswire.com/ — Major players in the global in vitro diagnostics market share include Siemens Healthineers, F. Hoffmann-La Roche Ltd, Danaher (Beckman Coulter Inc), Abbott Laboratories Inc, and Thermo Fisher Scientific Inc. Companies in the global in-vitro diagnostics market are very active with multiple strategic collaborations and agreements.
Top companies in the in-vitro diagnostic market are strategically partnering and collaborating with other companies to broaden their products, technologies and services. For instance, in February 2015, Roche acquired Signature Diagnostics to strengthen its cancer diagnostics effort with Signature’s expertise in both next-generation sequencing (NGS) assays and biobanks. In February 2014, Thermo Fisher Scientific acquired Life Technologies Corporation to transform into a major player in the next-generation sequencing space.
The global in-vitro diagnostics market size is expected to grow from $57.9 billion in 2019 to $71.3 billion in 2020 at a compound annual growth rate (CAGR) of 23.2%. The growth of this market is mainly due to the increased diagnostic testing in laboratories, hospitals, and other testing sites across various countries to detect the COVID-19 virus. The need for rapid diagnostic testing such as molecular and RT-PCR based testing to identify people infected by the coronavirus is driving the in-vitro diagnostics market. The in-vitro diagnostics market size is then expected to stabilize and grow at a CAGR of 6% from 2021 and reach $81.3 billion in 2023.
North America was the largest region in the global in-vitro diagnostics market, accounting for 35% of the total share in 2019, with the US in-vitro diagnostics market capturing major share. Asia Pacific was the second largest region accounting for 31% of the global in-vitro diagnostics market share. Africa was the smallest region in the global in-vitro diagnostics market.
The in-vitro diagnostics devices (or) equipment manufacturing market consists of sales of in-vitro diagnostic equipment and related services by entities (organizations, sole traders and partnerships) that produce in-vitro diagnostics. This industry includes establishments that produce diagnostic devices used in microbiological diagnosis, hematological diagnosis, molecular diagnosis, point of care diagnosis and others.
The global in vitro diagnostics market share is segmented by type into point-of-care diagnostics devices and equipment, immunochemistry diagnostic devices and equipment, clinical chemistry diagnostics devices and equipment, molecular diagnostics devices and equipment, microbiology diagnostic devices and equipment, hemostasis diagnostic devices and equipment, hematology diagnostic devices and equipment, and immunohematology diagnostic devices and equipment. By end user, the market is segmented into hospitals and clinics, diagnostic laboratories, and others. By type of expenditure, it is segmented into public and private. By product, the market is segmented into instruments/equipment, and disposables.
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Source: EIN Presswire