In Vitro Diagnostics Market: Competitive Strategy, Benchmarking And Demand Trend Analysis
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Summary
- In March 2020, Abbott expanded their manufacturing capacity to offer 5 million ID now test kits per month from April onwards.
- In April 2020, Hologic has strengthened its production line for CDx units to provide 600K test kits per month.
This report aims to provide detailed insights into the global IVD Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The In Vitro Diagnostics Market size is expected to be valued at USD 61.7 billion in 2020 and projected to reach USD 77.9 billion by 2025, growing at a CAGR of 4.8% during 2020-2025.
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Key Factors Driving Market Growth:
The demand for In-Vitro Diagnostic products due to COVID-19 pandemic is expected to grow mainly due to factors such as a sharp rise in market demand for PCR, NGS, serology based rapid-test products, the supportive regulatory landscape for product development & commercialization, and a sharp rise in target patient population. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities as well as to focus on product commercialization & upgrade.
IVD (In Vitro Diagnostics) Market (MarketsandMarkets)
Competitive Landscape:
The competitive landscape includes the analysis of the key growth strategies adopted by major players to expand their global presence and increase their shares in the market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
Key Players:
- Bio-Rad Laboratories, Inc. (US),
- F. Hoffman-La Roche Ltd. (Switzerland),
- QIAGEN NV (Netherlands),
- Thermo Fisher Scientific Inc. (US),
- bioMérieux S.A.,
- Immucor, Inc. (US),
- Illumina, Inc. (US),
- Luminex Corporation (US),
- CareDx (US)
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