In-vitro Diagnostics Standards and Controls Market Projected to Reach US$ 3.57 Billion by 2031, According to a Recent Study by Growth Plus Reports

Newark, New Castle, USA, April 04, 2023 (GLOBE NEWSWIRE) — A recent report by Growth Plus Reports estimated the global in-vitro diagnostics standards and controls market to be worth US$ 1.10 billion in 2022. From 2023 to 2031, market revenue is expected to grow at a CAGR of 4.9%, reaching US$ 3.57 billion. The most successful strategies, market trends, the competitive environment, significant drivers and opportunities, statistical data, market size, and revenue are all included in the report. 

Key Takeaways:

• The increasing patient awareness is accelerating the in-vitro diagnostics market revenue growth. 
• The complexity of diagnostic tests has substantially expanded for technological advancements.
• Growing demand for third-party controls is raising the market revenue share.

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                   In-vitro Diagnostics Standards and Controls Market Scope

Market Drivers: 
The increasing prevalence of infectious diseases such as HIV and cancer caused by microbes drives the market revenue growth to the global in-vitro diagnostics standards and controls. Furthermore, the increasing R&D activities and technological advances are also boosting the market revenue expansion. 

Market Segmentation: 
Growth plus reports have analyzed the global in-vitro diagnostics standards and controls market from perspectives such as products & services, applications, manufacturer type, end user, and region. 

Products & Services Segmentation: 
Based on products & services, the global in-vitro diagnostics standards and controls market is segmented into quality control products, data management solutions, and quality assurance services. 

The quality control product segment is expected to be the fastest-growing segment with significant revenue during the forecast period. Quality control monitors work processes, recognizes errors, and makes repairs before delivering products or services with medical equipment such as IVDs. 

Application Segmentation: 
Based on application, the global in-vitro diagnostics standards and controls market is segmented into clinical chemistry, immunochemistry, hematology, molecular diagnostics, coagulation, microbiology, and others.
The molecular diagnostics segment accounts for a significant revenue share in the global market. Modern technologies like Next-Generation Sequencing (NGS) and Polymerase Chain Reaction (PCR) have helped overcome traditional approaches’ limitations and accelerated the segment revenue share.

Manufacturer Type Segmentation: 
Based on manufacturer type, the global in-vitro diagnostics standards and controls market has been segmented into third-party and original equipment manufacturer control.
The third-party control segment is expected to dominate the market with the largest revenue share during the forecast period. This significant revenue share is attributed to certain measures encouraged by regulatory organizations. 

End-User Segmentation: 
Based on end-user, the global in-vitro diagnostics standards and controls market is segmented into home care, laboratory, hospitals, and others. 
The hospital segment will likely dominate the market with the largest revenue share during the forecast period due to increasing hospital admissions and the availability of advanced clinical diagnosis by skilled healthcare providers in choosing treatment options. 

Regional Growth Dynamics: 
Based on region, the global in-vitro diagnostics standards and controls market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

North America is expected to dominate the market with the largest revenue share during the forecast period due to the presence of the U.S. Food and Drugs Administration. Several diagnostic laboratories and robust regulatory systems in the Asia Pacific are expected to show lucrative growth during the forecast period. 

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Competitive Landscape:
The prominent market players in the global in-vitro diagnostics standards and controls market include: 

• Thermo Fisher Scientific, Inc.
• Siemens Healthcare GmbH
• Bio-Rad Laboratories, Inc.
• Roche Diagnostics
• bioMerieux, Inc.
• Alere, Inc.
• Abbott Laboratories, Inc.
• Qiagen N.V.

New product releases and higher R&D spending are two main techniques used by significant players to get a larger market revenue share. Both domestic and international companies for in-vitro diagnostics standards and controls are concentrating on launching unique products while expanding their R&D efforts and monitoring the entry of new competitors.

Recent Developments: 

• In July 2022, A digital Connected Diagnostics Platform was unveiled by BrightSight Inc. during the 2022 AACC Annual Scientific Conference and Clinical Lab Expo. To streamline operations, this diagnostic platform was developed for in vitro diagnostics manufacturers.

• In June 2022, The EKF Link digital connection system, developed by EKF Diagnostics, enables secure management of point-of-care (POC) analyzers and related data on a single, centralized platform.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Products
      1. Secondary Products 
      2. Primary Products 
   4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL IN-VITRO DIAGNOSTICS STANDARDS AND CONTROLS MARKET – ANALYSIS & FORECAST, BY PRODUCT & SERVICES
   1. Quality control products
   2. Data management solutions
   3. Quality assurance services
6. GLOBAL IN-VITRO DIAGNOSTICS STANDARDS AND CONTROLS MARKET – ANALYSIS & FORECAST, BY APPLICATION
   1. Clinical chemistry
   2. Immunochemistry
   3. Hematology
   4. Molecular diagnostics
   5. Coagulation
   6. Microbiology
   7. Others

IN-VITRO DIAGNOSTICS STANDARDS AND CONTROLS MARKET TOC

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