North America In Vitro Diagnostics Market size valued at USD 29.7 billion in 2020 and is predicted to expand at 5% CAGR from 2021 to 2027. The prevalence of infectious and chronic diseases is on the rise across the North America due to systemic illnesses, and continuous rise in the diagnosis rate of chronic disease, thus generating demand for diagnostic tools, devices, and treatment options.
Moreover, there has been significant rise in infectious disease such as SARS-CoV2 virus. As a result, the demand for in vitro diagnostic kits and reagents for the rapid diagnosis is on the rise. As in-vitro diagnostics involves testing of various biological samples, the outbreak of the COVID-19 pandemic is expected to boost the market growth. Additionally, people in North American countries have high disposable income and affordability to undergo expensive treatment regimens, thus accelerating the overall market revenue.
The reagent & kits segment accounted for USD 20.5 billion revenue in 2020, owing to the extensive availability of kits and reagents and novel product launches by key companies. Furthermore, rising demand for point-of-care diagnostic products coupled with the increasing acceptance of self-testing kits will propel the IVD market demand.
Additionally, growing usage of reagent and kits in in-vitro diagnostic testing and increasing number of R&D activities for diagnosing chronic diseases further increases the demand for reagent & kits. As the burden of chronic and infectious disease has increased globally, the demand for in vitro diagnostics has risen, that in turn, surges the demand for reagents and kits used in the various testing platforms.
The immunoassay/immunochemistry segment will observe around 5.5% growth rate during the forecast timeline. This growth is attributed to growing use of immunoassays in oncology and alcohol & drug testing coupled with technological advancements in immunoassays.
In addition, the introduction of microfluidics technology into immunoassays coupled with manufacturers focusing on development of various diagnostic assays and kits for early disease diagnosis is driving the North America in vitro diagnostics (IVD) market growth. For instance, in February 2021, Agilent Technologies Inc. (U.S.) introduced the Enzyme-Linked Immunosorbent Assay (ELISA) kit such as Agilent Dako SARS-CoV-2 IgG. This is used for the detection of immunoglobulin G (IgG) antibodies to SARS-CoV-2 in human plasma.
The infectious disease segment size in the North America in vitro diagnostics market was over USD 7.9 billion in 2020. Diabetes is another chronic disease that affects the geriatric population since this population is prone to endocrine disorders due to hormonal imbalance. For instance, according to National Diabetes Statistics, in 2018 there were 34.2 million people of all ages had diabetes and 34.1 million adults with age 18 years or older were having diabetes in the U.S. The increasing number of geriatric populations is anticipated to upsurge the incidence of various diseases across the globe.
The diagnostic laboratories segment dominated more than 44% IVD market share in 2020, driven by presence of skilled professionals in this region coupled with improvements in the diagnostic-platform technologies used in diagnostic laboratories.
Furthermore, the emergence of the COVID-19 pandemic has resulted in an exponential growth in patient volumes, that has led to increased testing in diagnostic laboratories, which is anticipated to propel the market size. Moreover, the presence of cutting-edge technology and instruments in diagnostic labs aid in achieving exact accuracy. To reduce the risk of error, the most sophisticated and sensitive diagnostic processes are carried out in laboratories by skilled professional.
The U.S. in vitro diagnostics market held around USD 28 billion revenue in 2020and will show a growth rate of 5% through 2027. This is owing to increasing number of patients diagnosed with chronic diseases and high disposable income in the countries like U.S. and Canada. For instance, according to the American Cancer Society, in 2020, around 1.8 million new cancer cases were diagnosed in the U.S., with 606,520 cancer deaths.
The key players include Thermo Fisher Scientific Inc., Abbott, Danaher Corporation and Becton, Dickinson, and company. Moreover, the companies are dominated by major companies striving to maintain their market position by focusing on acquisition and partnership.