Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US) and Thermo Fisher Scientific (US), are the leading players in the in vitro diagnostics market.

Pune , India , 2021-Dec-07 — /EPR Network/ —

The global In-vitro diagnostics market size is projected to reach USD 96.0 billion by 2025 from USD 84.5 billion in 2020, at a CAGR of 2.6% during the forecast period. Factors such as the increased adoption of PoC IVD devices, rising geriatric population, increasing number of infectious diseases, and growing awareness regarding disease diagnostics are expected to drive the growth of the in-vitro diagnostics market. However, inadequate reimbursement will restrain the growth of in-vitro diagnostics market.

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Based on products and services, the in vitro diagnostics market has been segmented into regents and kits, instruments, data management software and services. Within IVD market, reagents and kits accounted for the largest share and highest growth in 2020. The large share and high growth of this segment can be attributed to the superior quality of reagents enabling accurate diagnosis and thus, having high preference amongst the healthcare professionals.

The IVD market in the APAC region is projected to register the highest CAGR of 4.1% during the forecast period. Growth in this region can be attributed to the huge demand for better healthcare services, increasing incidence of chronic and infectious diseases, rapid development in the healthcare infrastructure of developing countries such as India, China, and South Korea, growing healthcare research investments in this region, and increasing per capita income of the middle-class population in the region.

Players in the global in vitro diagnostics industry include Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany). These players are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies, including service launches, expansions, collaborations, and partnerships.

Roche Diagnostics Limited (Switzerland) is the leader in the global in vitro diagnostics in 2019. The company has a diversified service portfolio, which includes a wide range of in vitro diagnostics. The company operates in more globally. It has displayed a major emphasis on product launches in the past years. For instance, in September 2020, Roche Diagnostics launched SARS-CoV-2 antibody test. Similarly, in September 2020, Roche Diagnostics received FDA approval for CINtec PLUS cytology test. Receiving FDA approval for such tests has fostered company’s growth.

Abbott Laboratories (US) held the second-largest market share in the in vitro diagnostics market in 2019. The n extensive product portfolio and offers exceptional quality products to hospitals, laboratories and research institutes. To maintain its leading position and enhance its market share, the company has shown a focus on partnerships. For instance, in February 2020, the company partnered with Insulet to introduce a next-generation glucose-sensing device that ensures automated insulin delivery. Undertaking such inorganic growth strategies has positively impacted company’s growth.

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Danaher Corporation held the third position in the IVD market in 2019. The company geographically operates in Europe, North America, and the Asia Pacific and has 242 manufacturing and distribution facilities worldwide. Danaher operates in the in vitro diagnostics market through its subsidiaries, namely, Beckman Coulter Inc. (US), Leica Biosystems GmbH (Germany), Cepheid (US), HemoCue AB (Sweden), AB SCIEX Pte. Ltd. (US), and Radiometer Medical ApS (Denmark). The company’s focus on product development and launches helps it to maintain its market position. Growth through strategic acquisitions could also help the company expand its product portfolio and market presence.