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Personalized Diagnostics and Increased Healthcare Investment to Drive Market Growth Post COVID-19 Pandemic
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The change in reimbursement for diagnostic testing, pressure from PAMA, regulatory trends in Europe, demand for large-scale testing, shift to precision diagnostics, emerging companies, and evolving business models demand assessing portfolio, evaluating competitor strategies, and exploring opportunities for business growth. The competitive nature of the In Vitro Diagnostics (IVD) industry has unfolded through the COVID-19 pandemic, as it continued to serve the healthcare domain and successfully reach a revenue of $85.91 billion in 2020. Clinical chemistry and immunoassays dominate the revenue share; molecular diagnostics and point-of-care-testing continue to grow at the highest rates; and tissue diagnostics and hemostasis will experience moderate growth followed by rest of the technology segments. The top-10 companies serving the IVD industry together accounted for 65.2% of the global revenue in 2020, while the top-20 companies together made up 78.8% of the global proceeds. The NA region, primarily with contributions from the US, leads the market, maintaining its stronghold on the IVD industry. APAC, primarily driven by Japan, China, and India, along with the other growing economies will experience the highest growth rate, while Europe will continue to grow at a slower pace. Overall, this research service offers insightful analysis in the form of overall forecast, region, and technology segment wise analysis, benchmarking of top participants, and key growth opportunities that will shape the industry.Author: Amol Dilip Jadhav
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