New York, USA, June 21, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global in-vitro diagnostics market is expected to gain noteworthy revenue from 2019-2027.
Market Analysis
The presence of a large number of individuals belonging to the elderly group category who fall under the high risk category for severe, infectious, and cardiovascular illnesses is expected to boost the growth of the market. Additionally, the implementation of automated devices for the treatment of the infectious illnesses, has led to a rise in the provision of efficient yet quick test results. These advancements in the healthcare sector along with more awareness about medication for specific purposes are expected to lead to the growth of the market.
Several clinical laboratories are yet to implement certain technological developments and there is also a need to provide improved technical knowledge. The lack of awareness among people about the ideal storage conditions is one of the primary restraining factor for the growth of the market.
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Segmental Analysis
Product Sub-segment Predicted to Gain Highest Market Share
By type, the product sub-segment is predicted to hold the highest market share owing to an increase in the use of advanced software and technology for purposes of testing in the clinics and hospitals. Also, the need to provide quicker test results has added to the growth of the market.
Clinical Chemistry Technology Sub-segment to Dominate the Market
By technology, the clinical chemistry technology sub-segment is majorly used to recognize any hormonal and blood glucose level imbalance that could in the long run be harmful for individuals. But early detection of these imbalances using medicals tests in hospitals could help in finding solutions to balancing the same.
Cardiology Sub-segment to Garner Significant Revenue in the Forecast Period
By application, the cardiology sub-segment has immensely contributed to the market due to its application in the treatment of severe heart related diseases such as stroke, coronary artery disease and more. This extensive use of treatment methodologies is predicted to aid in the growth of the market.
Hospital Sub-Segment Set to Gain Significant Share in the Market
By end user, the hospital sub-segment has gained the highest position in the market. This is due to highly sophisticated testing methodologies implemented in hospitals which led to the growth of the market.
Regional Analysis
The North America region is the largest contributor to the global in-vitro diagnostics market due to the increasing awareness related to health among the population. The use of advanced technology in the region is also an added advantage that has boosted the growth of the market.
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Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are listed below:
- Siemens Healthineers
- Abbott Laboratories
- Johnson & Johnson
- Dickinson and Company
- Sysmex Corporation
- Ortho-Clinical Diagnostics
- Roche Diagnostics Limited
- Danaher Corporation
- Thermo-Fisher Scientific
- Bio-Rad Technologies
- Biomerieux
- Qiagen
- Diasorin
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in March 2021, Roche Diagnostics Limited, a renowned expert in the field of molecular diagnostics, has signed a merger to acquire Genmark Diagnostics, pioneers in the field of molecular diagnostics. This initiative is predicted to assist in the expansion of Roche’s testing inventory by implementing Genmark’s techniques which is expected to help people find quicker healing options.
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