In-Vitro Diagnostics (IVD) Quality Control Market Size – USD 881.8 Million in 2018, Growth - CAGR of 4.3%. Trends
New York, NY -- (SBWIRE) -- 11/26/2020 -- The global In-Vitro Diagnostics (IVD) Quality Control Market is forecast to reach USD 1229.3 Million from USD 881.8 Million in 2018, delivering a CAGR of 4.3% through 2026, according to a new report by Reports and Data. Factors such as the growing prevalence of chronic diseases, stringent mandates for IVDs, launch of new clinical laboratories, and growing need for early disease diagnosis is driving the market growth.
In-Vitro diagnostics quality controls are tests employed to authenticate the consistency of the IVD testing system. They confirm the precision and accuracy of test findings by assessing the influence of factors like operator's performance and environmental conditions. The FDA is encouraging the merging of regulatory systems in the medical devices to protect public health through regulatory means.
The IVD industry will be worth USD 98.3 Billion by 2027, which will further foster In-Vitro Diagnostics tests market share over the forecast period. Moreover, a rise in the number of public-private laboratories undergoing laboratory accreditation procedures will bolster IVD quality control market growth over the forecast period.
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Further key findings from the report suggest:
-According to the ACLA (American Clinical Laboratory Association), over 7.5 billion lab tests are performed in the United States annually, and nearly 80% of the clinical decisions are taken after lab testing only.
-Based on product type, the data management solutions segment was the second-leading segment in the IVD market in 2018 and is forecast to generate USD 155.6 million in terms of revenue by 2026. The robust growth can be attributed to dependable laboratory outcomes and ease in management of test results.
-On the basis of application, the immunochemistry segment held 30% of the In-Vitro diagnostics quality control market share and is anticipated to garner major gains through 2026. The growth of the segment can be attributed to the surging demand for high sensitivity tests with the rise in incidence of chronic diseases and infections.
-Based on end-user, the home care segment is estimated to witness the fastest growth rate of 5.3% over the analysis period due to the provision of PoC instruments in home settings and significant cost-savings with reduced hospital visits.
-In the regional landscape, the APAC In-Vitro Diagnostics (IVD) Quality Control Market is estimated to exhibit a CAGR of 3% over the analysis period due to a rise in the number of clinical laboratories and increasing IVD testing in the region.
-North America is forecast to hold 44% of the In-Vitro Diagnostics (IVD) quality control Market share due to the large-scale production of technologically advanced multianalyte controls and the presence of several diagnostic laboratories in the region.
-Europe is anticipated to witness a growth rate of 4% through 2026 due to the extensive usage of PoC diagnostics across Denmark, Poland, Slovenia, and the UK.
-Prominent players contributing towards the In-Vitro diagnostics (IVD) quality control product market share are Dickson and Company, Agilent Diagnostics, Bio-Rad Laboratories, Inc., Becton, ThermoFisher Scientific, and Abbott Diagnostics, among others. These industry players are adopting various strategies to gain a competitive edge over other players. For instance, Abbott Laboratories introduced in 2018 its state-of-the-art systems for clinical diagnostics, called Alinity. The system was introduced to the US market for its advanced capabilities and potential to provide enhanced efficiencies for hospitals, labs & clinicians along with high cost-savings.
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This report offers an in-depth analysis of the global in-vitro diagnostics market. For the purpose of this study, Reports and Data has segmented the Global In-Vitro Diagnostics (IVD) Quality Control Market on the basis of product type, manufacturer type, design, application, end-user, and the regional outlook:
Product Type (Revenue, USD Million; 2017–2026)
Whole Blood-based Controls
Other IVD Quality Controls
Data Management Solutions
Quality Assurance Services
Manufacturer Type (Revenue, USD Million; 2017–2026)
Instrument Manufacturer Controls
Independent Manufacturer Controls
Instrument Specific Manufacturer Controls
Application (Revenue, USD Million; 2017–2026)
End User (Revenue, USD Million; 2017–2026)
Regional Outlook: (Revenue, USD Million; 2017–2026)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa (MEA)
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