In vitro diagnostics is a well-established market wherein the solution providers are currently focused on enhancing diagnostic accuracy, speed, and accessibility.
Using our proprietary approach, we identified the parameters pertaining to Porter’s five forces; these were further evaluated to determine their impact on the in vitro diagnostics market.
Porter’s Five Forces Analysis is a qualitative framework that determines the strengths and weaknesses of industries by analyzing five competitive forces that contour every industry. It can be applied to any segment of the industry to comprehend the competitive landscape in a sector and deploy relevant strategies in order to increase the overall profitability of the stakeholders.
The key parameters that are likely to impact the in vitro diagnostics market, to help determine industrial strengths and weaknesses have been mentioned below:
Threat of New Entrants - It refers to the threats posed by new competitors to existing players in the market.
Bargaining Power of Buyers - This force analyzes how much pressure a consumer / customer can exert on providers so as to get better services and high-quality products at a lower cost.
Bargaining Power of Suppliers - The force analyzes the extent to which the in vitro diagnostics solution providers can put pressure on the buyers by raising the prices, lowering the quality, and reducing the availability of the supplies.
Threat of Substitute Products - This force analyzes the extent to which a product / service can be replaced by similar class of alternative products / services.
Rivalry among Existing Competitors - This force examines the current competition in the market and is determined by the number of existing competitors in the domain.
Driven by the increasing prevalence of chronic disorders across the globe, we anticipate the global in vitro diagnostics market is expected to reach nearly USD 190 billion by 2035.
As per our research, the market for in vitro diagnostic solutions is likely to be worth USD 108 billion in 2024. Further, this market is likely to grow at an annualized rate of 5.2%, till 2035. In future, the market for in vitro diagnostic solutions is expected to reach USD 190 billion by 2035.
Based on geographical regions, the in vitro diagnostics market can be segmented into following regions, such as North America, Europe, Asia, Middle East and North Africa and Rest of the World. Led by the US, North America is anticipated to capture the majority share of the in vitro diagnostics market in 2024 and this trend is likely to remain unchanged during the forecast period. Further, the demand for in vitro diagnostic solutions is growing at a faster rate in Asia, owing to the increasing government initiatives in developing countries. The government is encouraging solution providers to develop in vitro diagnostic solutions in order to cater to the growing burden of patients suffering from illnesses.
In terms of type of offerings, the global in vitro diagnostics market is segmented into reagents, instruments and services. Among these types of offerings, the reagents segment occupies the highest IVD market share (75%) in 2024 and is expected to witness substantial growth during the forecast period. This can be attributed to the fact that the reagents are required to be replenished frequently, thus generating a recurring stream of revenue for the companies. On the other hand, the immunoassay segment led the in vitro diagnostics market, capturing the largest revenue share of 34% in 2024. The molecular diagnostics segment is anticipated to show an annual growth rate of 6.2% during the forecast period.
Thank you for reading our report. Kindly get in touch with us to know more about the report or to receive a customized copy of it. Our team will ensure the report is tailored according to your needs.
To view more details on this report, click on the link
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
We specialise in analysing areas which have lacked quality research so far or require more focused understanding within the broader industry. All our reports are structured in a way to enable the reader develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we also provide bespoke research / consulting services dedicated to serve our clients in the best possible way.
The research efforts are driven by a global team. The leadership team brings a wealth of experience within the sector. Their collective experience in pharmaceutical / affiliated domains allows us to tackle various areas of research in a structured way. We also regularly leverage our global network of experts who hold senior leadership positions in reputed firms and organisations worldwide.
Contact:
Roots Analysis
Gaurav Chaudhary
+1 (415) 800 3415
+44 (122) 391 1091
Website: https://www.rootsanalysis.com/
Write a comment ...