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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.
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