The global in-vitro diagnostic (IVD) 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.
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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.
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Furthermore, the increasing number of blood donors in several countries is bolstering the market growth. As per the WHO, 118.4 million units of blood were donated throughout the world in 2018. According to various reports, there were nearly 13,300 blood centers in 169 countries and approximately 106 million blood donations were recorded in the same year. In addition to this, over 90% of the blood supply in as many as 79 countries was from voluntary unpaid blood donations.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings