A new report by FMI predicts that the In-vitro Diagnostics Kit Market is booming thanks to the rising number of chronic diseases. The report goes beyond just listing trends. It dives deep into the reasons behind the market’s success, the challenges it might face, and the exciting opportunities it presents.
NEWARK, Del., March 25, 2024 /PRNewswire/ — The global in-vitro diagnostics kit market is experiencing a push of a CAGR of 4.40%, making the market valuation of US$ 18.8 billion by 2034. It is estimated that the market size of the subject market will be US$ 12.2 billion by 2024.
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The main market driver for the subject market is the increasing prevalence of chronic diseases. Especially after the pandemic outbreak, the necessity of test kits to check physical health has surged. Moreover, people became aware of the urgency of tests, which surged the demand for test kits. Therefore, this acted as a critical market force.
Governments of different countries have been investing heavily in developing the healthcare sector. Due to this, the opportunity for new entrants to enter the market increases. The cash flow within the industry solves the issues related to innovation, commercialization, and distribution of test kits. Hence, this is one of the significant market drivers.
The development of allied sectors has helped the market. The immunochemistry segment helps medical professionals analyse the relationship between antigens and corresponding antibodies. The development of such segments generates the demand for in-vitro diagnostics test kits. Hence, this is another market force driving the market.
In-Vitro Diagnostics Kits Market Research Report Coverage
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Attributes |
Details |
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Estimated Market Size in 2024 |
US$ 12.2 billion |
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Projected Market Valuation in 2034 |
US$ 18.8 billion |
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Value-based CAGR 2024 to 2034 |
4.40 % |
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Forecast Period |
2024 to 2034 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
Value in US$ billion |
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Key Market Segments Covered |
In-vitro Diagnostics Kit Market – Key Segments By Kits Format:
By Application:
By End Use:
By Region:
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Key Countries Profiled |
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Key Takeaways from the Market Study
- India is the largest market for the in-vitro diagnostics kit market in terms of its growth rate. The country forecasts a CAGR of 6.7%.
- Spain leads the European market by registering a CAGR of 3.3% through 2034.
- The forecasted market size of the subject market is US$ 18.8 billion, which a CAGR of 4.40% can achieve.
- The hospital laboratories market segment is the largest in the said market and holds about 43.2% of the market in 2024.
“Due to the excessive competitive nature of the global in-vitro diagnostics kits market, pricing pressure might be created, which affects the growth of the said market,” says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).
Competitive Landscape
The competitive landscape of the global in vitro diagnostics kit market is fierce due to numerous competitors who fiercely compete with each other to create a strong market presence. The cluttered market requires product differentiation as the key to penetrating. However, marketers use various market expansion modes, including strategic alliances, partnerships, mergers and acquisitions, and many other strategies. The following key developments have been observed in the market recently:-
- In August 2022, Bio-Rad acquired Curiosity Diagnostics. This helped the business to integrate technology into its production to bolster its market presence.
- In July 2023, Corning Incorporated launched Viridian Vials. The product helped the organization to meet sustainability needs by reducing waste and carbon emissions in the pharmaceutical industry.
More Valuable Insights Available
Future Market Insights offers an unbiased global in vitro diagnostics kit market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The market under consideration is segmented based on kit format (Bottles, Bags, Test Strips, Vials & Ampoules, Prefilled Syringes, and Cartridge), Application (Infectious Diseases, Diabetes, Drug Testing/ Pharmacogenomics, Autoimmune Diseases, Oncology, Cardiology, HIV/AIDS, Nephrology, and Other Applications), and End Use (Hospital Laboratories, Point-of-care Testing Centers, Academic Institutes, Clinical Laboratories, and Other End Use).
Purchase now and gain full access to the In-vitro Diagnostics Kit Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
About the Packaging Domain at Future Market Insights
Future Market Insights’ packaging team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has lucidly analyzed the industry in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Explore FMI’s Extensive Coverage in the Packaging Domain:
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights
