In-Vitro Diagnostic Market Insights, Leading Players, Growth and Demand Forecast by 2030

NEW YORK - Nov. 20, 2020 - PRLog -- The global in-vitro diagnostic market reached a valuation of $63.5 billion in 2019 and is predicted to progress at a CAGR of 6.6% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research firm based in India, the market would generate a revenue of $127.4 billion by 2030. The key factor driving the progress of the market is the rising enactment of strict regulations and policies in several countries regarding blood sample contamination.

Besides the aforementioned factor, the growing incidence of chronic diseases, the surging number of blood donors, rapid advancements and innovations in the IVD technology, the increasing number of academic institutions and hospitals, and soaring healthcare expenditure in various countries are also fueling the expansion of the in-vitro diagnostic market across the world. As per the International Diabetes Federation (IDF) Atlas 9th edition, 352 million people in the age group 20—64 were diagnosed with diabetes in 2019.

Geographically, the in vitro diagnostic market (https://www.psmarketresearch.com/market-analysis/in-vitro...) is predicted to exhibit the fastest growth in the Asia-Pacific region in the upcoming years. This would be because of the existence of leading market players in the region and their focus on various strategic development activities in order to improve their market position. For example, according to Abbott Laboratories, in October 2019, the Australian Red Cross Blood Service signed a multi-year agreement for Alinity system, the organization's plasma and blood screening technology.

Hence, it can be said without any hesitation that the market would boom in the future years, primarily because of the increasing requirement for blood donations and the growing enactment of several strict policies regarding blood contamination in several countries around the world.