According to the report titled ‘Global IVD (In Vitro Diagnostics) Market Size study , by Technology (Polymerase chain reaction, Next-generation Sequencing, Enzyme-Linked Immunosorbent Assay (ELISA), Rapid/PoC Tests, Hematology, Urinalysis and Others), by End-Users (Hospital-based Laboratories, Researchers & Academia, Reference Laboratories and Others), by Applications (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global IVD (in vitro diagnostics) market is anticipated to record substantial growth during 2020-2026.
 

Growing elderly population is primarily driving the growth of global IVD (in vitro diagnostics) market. As per United Nations (UN), there were over 962 million people aged above 60 years across the globe in 2017.
 

Demand for IVD products, in the view of COVID-19 outbreak, is likely to increase on account of surging usage of rapid-test drugs based on serology, NGS, PCR, along with growing target patient population, and supportive regulatory setting for drug creation & marketing.
 

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These trends are encouraging industry contenders to build and expand their current production and distribution capabilities, as well as to emphasize on enhancement of commodities. Incorporation of advanced & automated IVD systems in hospitals and laboratories to offer effective, error-free, and accurate diagnosis is stimulating global IVD (in vitro diagnostics) outlook.
 

For instance, in March 2019, Becton, Dickinson & Company received CE-IVD certification from BD FACSDuet for an integrated flow cytometry program that aids clinical laboratories to enhance their performance and efficiency as compared to manual processes.
 

With growing demand for rapid diagnosis and treatment plans, the IVD industry dynamics are expected to be driven by the participation of research organizations providing advisory services, clinical studies, as well as laboratory testing. In July 2018, NAMSA launched the IVD manufacturing company to offer services like regulatory in vitro diagnostics and clinical testing to manufacturers across the globe.
 

Citing the regional landscape, worldwide IVD (in vitro diagnostics) market sphere is segmented into Europe, North America, Latin America, Asia Pacific, and Rest of the World. The report cites that North America is reckoned to contribute substantially to the overall remuneration over 2020-2026, on account of supportive government legislation, technical advancements, involvement of leading organizations, and well-established healthcare infrastructure in the region.
 

Major contenders influencing global IVD (in vitro diagnostics) market trends are Cepheid Inc., Sysmex Corporation, Danaher Corporation, Abbott Laboratories, bioMerieux SA, F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, QIAGEN, and Siemens Healthineers AG.