The market size of U.S. In Vitro Diagnostics Marketwas USD 45 billion in 2022, projected to reach USD 64.05 billion by 2032, with a forecasted revenue Compound Annual Growth Rate (CAGR) of 4%. The expansion of market revenue is fueled by various factors, including the increasing prevalence of chronic and infectious diseases, advancements in diagnostic technologies, and a growing demand for personalized medicine and early disease detection.
In vitro diagnostics encompasses tests and devices employed to identify diseases, infections, or conditions within a controlled laboratory environment. These tests analyze biological samples like blood, urine, or tissue to furnish crucial information regarding a patient’s health status. The U.S. in vitro diagnostics market stands as one of the largest globally, experiencing substantial growth in response to the escalating need for accurate and efficient diagnostic tools.
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One of the major factors driving the market revenue growth is increasing prevalence of chronic and infectious diseases. Chronic diseases, such as Diabetes, cardiovascular diseases, and cancer, pose significant health challenges and contribute to the burden on healthcare systems. Infectious diseases, including viral and bacterial infections, continue to be a major public health concern. In vitro diagnostic tests play a crucial role in the early detection, monitoring, and management of these diseases. Growing prevalence of chronic and infectious diseases drives the demand for in vitro diagnostics in the U.S. market.
Moreover, advancements in diagnostic technologies is driving revenue growth of the market. The field of in vitro diagnostics has witnessed significant technological advancements in recent years. From molecular diagnostics and immunoassays to point-of-care testing and next-generation sequencing, these technologies have revolutionized disease diagnosis and monitoring. The development of innovative and automated diagnostic platforms, coupled with high sensitivity and specificity of tests, has improved diagnostic accuracy, efficiency, and turnaround times. The availability of advanced diagnostic technologies enhances patient care and contributes to market revenue growth.
Strategic Development:
- In 2021, Thermo Fisher Scientific Inc. announced its acquisition of Mesa Biotech, Inc., a point-of-care molecular diagnostic company, for $550 million. The acquisition was aimed at expanding Thermo Fisher Scientific’s capabilities in the fast-growing point-of-care molecular diagnostics market.
- In 2021, Danaher Corporation announced its acquisition of Aldevron, a provider of high-quality plasmid DNA, mRNA, and proteins for biotech and pharmaceutical companies. The acquisition was valued at $9.6 billion and aimed to expand Danaher’s Life Sciences portfolio.
- In 2020, F. Hoffmann-La Roche Ltd acquired Stratos Genomics, a developer of unique chemistry for DNA sequencing. The acquisition was aimed at enhancing Roche’s nanopore sequencing technology and expanding its presence in the next-generation sequencing market.
- In 2020, Abbott Laboratories acquired Walk Vascular, a medical device company specializing in the development of minimally invasive solutions for vascular disease. The acquisition was aimed at expanding Abbott’s portfolio of vascular care products.
- In 2020, Qiagen announced that it had entered into a strategic collaboration with BioNTech, a biotechnology company specializing in immunotherapy. The collaboration was aimed at developing and commercializing a next-generation sequencing-based companion diagnostic for BioNTech’s mRNA cancer therapies.
Key Players covered in this report are
- Abbott Laboratories
- Becton, Dickinson and Company
- Bio-Rad Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche Ltd
- Qiagen
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
- BioMerieux SA
- Hologic, Inc.
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