Meticulous Research®– leading global market research company published a research report titled “In Vitro Diagnostic (IVD) Reagents Market by Type (Antibodies, Oligonucleotide, Nucleic Acid Probe), Technology (Immunoassay, Hematology, Microbiology), Use (Research, Analyte Specific Reagent), End User (IVD Manufacturer, Clinical Laboratory) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the IVD reagents market is expected to grow at a CAGR of 7% from 2020 to reach $77.6 billion by 2027. The high growth of the IVD reagents market is mainly attributed to the factors such as increasing global prevalence of acute and chronic infectious diseases coupled with rising geriatric population, increasing adoption of flow cytometry techniques in research and academia, increase in funding for research activities, and rising proteomics and genomics research studies. Moreover, the growing demand for protein therapeutics and personalized medicines and emerging economies offer significant growth opportunities for the players operating in this market. However, the unfavourable restrictions on approval procedure is expected to hamper the growth of the IVD reagents market to some extent.
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The global IVD reagents market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027- by type (oligonucleotide, antibodies, nucleic acid probe), technology (immunoassay, hematology, microbiology), use (research, analyte specific reagent), end user (IVD manufacturer, clinical laboratory), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the antibodies segment is estimated to hold the largest share of the overall IVD reagents market in 2020. However, the oligonucleotides segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the factors such as advancements in the field of genomics research, growing adoption of custom oligonucleotides, and rising strategic developments such as agreements and collaborations to expand oligonucleotides market.
Based on use, the research use segment is estimated to hold the largest share of the overall IVD reagents market in 2020. However, the clinical use segment is expected to grow with the fastest CAGR during the forecast period, mainly due to the factors such as rising adoption of advanced diagnostic modalities, growing importance of early disease diagnosis, number of diagnostic product launches, and demand for innovative reagents and assays for clinical usage.
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Based on end user, the IVD manufacturers segment is estimated to command the largest share of the overall IVD reagents market in 2020. The factors such as rising number of research activities for the development of innovative IVDs, growing public and private funds, and rising demand for advanced disease diagnostics are expected to drive the growth of the IVD reagents market for IVD manufacturing during the forecast period. Moreover, the recent outbreak of COVID-19 is also expected to support the growth of the IVD reagents market for this segment. However, the clinical laboratories segment is expected to register the highest growth during the forecast period.
This research report analyses major geography and provides comprehensive analysis for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is estimated to dominate the global IVD reagents market in 2020, followed by Europe and Asia Pacific. The factors such as growing healthcare sector, increasing need to treat various infectious diseases in early stage, increasing healthcare expenditure, and growing investments in personalized medicine and development of novel advanced technologies for diagnosis are supporting the largest share of North America in the global IVD reagents market.
The key players operating in the overall IVD reagents market are Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Thermo Fisher Scientific (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Beckman Coulter, Inc. (U.S.), LGC Biosearch Technologies (U.K.), BioLegend, Inc. (U.S.), InBios International, Inc. (U.S.), LakePharma, Inc. (U.S.), Bioline (U.K.), Abcam plc (U.K.), The Binding Site Group Ltd.(U.K.), SDIX, LLC (U.S.), DIACLONE SAS (France), Bio-Techne Corporation (U.S.), Agilent Technologies, Inc. (U.S.), Hologic Inc. (U.S.), Bio-Synthesis Inc. (U.S.), RayBiotech, Inc. (U.S.), and Sino Biological Inc. (China), among others.
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