The In Vitro Diagnostics Market is indeed competitive, with numerous significant competitors. The industry is currently dominated by a few big companies in terms of market share.
Mid-size to smaller businesses, on the other hand, are expanding their market presence by releasing new items at reduced prices, thanks to technical improvements and product innovations.
In vitro diagnostic companies include Thermo Fischer Scientific Inc., Abbott Laboratories, Siemens Healthcare GmbH, and F. Hoffmann-La Roche AG.
In addition, important players are active in strategic alliances with firms that complement their product lines, such as acquisitions, collaborations, and partnerships.
- Hoffmann-La Roche Ltd. and GenMark Diagnostics, Inc. announced their formal merger agreement in March 2021. Roche is likely to benefit from this purchase by gaining access to GenMark’s innovative technology for testing a wide spectrum of infections with a single patient sample.
Becton Dickinson and Company completed the acquisition of NAT Diagnostics in May 2020 to broaden its infectious disease point-of-care testing portfolio.
- Hoffmann-La Roche Ltd stated in March 2021 that Cobas pure integrated solutions would be available in countries that accept the CE certification. This innovative compact analyzer integrates three technologies on a single platform to assist small to medium-sized laboratories in streamlining operations.
Siemens Healthineers AG, BD (Becton, Dickinson, and Company), Seegene Inc., DiaSorin S.p.A., and Quest Diagnostics Incorporated are among the other industry participants having a substantial presence in the worldwide market. To grow their market share, these businesses are anticipated to focus on launching new items.
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- Owing to the rising incidences of HIV/AIDS, hepatitis, and other infectious disorders, the infectious diseases segment has a high potential.
- In 2020, the reagents & kits sector held the greatest share of the IVD market, accounting for 68.1 percent. The demand for reliable, specific, and speedier detection of chronic diseases and genetic disorders in the early stages, as well as access to a broader range of reagents, are projected to fuel the expansion of in-vitro diagnostics market.
- Hospital laboratories will account for 47 percent of the IVD market in 2020, followed by clinical laboratories (23.8 percent) and point-of-care testing centers (13 percent).
- The increasing adoption of diagnostic devices is boosting the market for in vitro diagnostics. Due to the growing use of in-vitro diagnostics medical devices, the instruments market is expected to rise at a 4.5 percent annual pace through 2027. IVD instruments’ high precision and usefulness will drive up demand in the future years.
- North America is likely to account for 39.8 percent of the all in-vitro diagnostics products in 2020, followed by Europe (28 percent), Asia Pacific (22.9 percent), Latin America (6.5 percent), and the Middle East and Africa (6.5 percent) (2.9 percent).
“Automation of clinical laboratory procedures, microfluids-based point of care diagnostic devices for laboratory testing, and an increasing number of reagent rental agreements are among the leading trends in the in-vitro diagnostics industry.”
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The key players responsible for the major share of sales of in-vitro diagnostics include Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation, bioMérieux, DiaSorin, and Ortho Clinical Diagnostics among many others.
- Roche Diagnostics (Switzerland) introduced the cobas pulse system in January 2022, a blood glucose management system with mobile digital health features to improve patient care.
- Abbott Laboratories (US) gained US FDA approval for the Freestyle libre 2 iOS application for use with compatible iPhones in September 2021.
- Siemens Healthineers reaffirmed its long-standing hemostasis supply, distributorship, sales, and service agreement, including a multi-year extension with Sysmex Corporation, in March 2021. (Japan).
- Sysmex Corporation (Japan) and Roche Diagnostics (Switzerland) formed a cooperation in January 2021 to combine their capabilities, to improve the in-vitro diagnostics products and services as well as significant sales and service networks.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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