The objective of the study is to analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as product launches and approvals, expansions, and collaborations of the leading players, the competitive landscape of the in vitro diagnostics market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the in vitro market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the in vitro diagnostics market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as hospital directors, clinic personnel, and Research scientists) and supply side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC countries. Approximately 45% of the primary interviews were conducted with stakeholders from the demand side while those from the supply side accounted fosr the remaining 55%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Note 1: Others include sales, marketing, and product managers.
Note 2: Tiers of companies are defined based on their total revenue. As of 2023, Tier 1 = >USD 5 billion, Tier 2 = USD 500 million to USD 5 billion, and Tier 3 = <USD 500 million.
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COMPANY NAME
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DESIGNATION
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Abbott Laboratories
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Head of Marketing
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Danaher Corporation
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Director of Research and Development
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Thermo Fisher Scientific
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Sales Manager
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Siemens Healthineers
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VP Marketing
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Market Size Estimation
All major product manufacturers offering various in vitro diagnostics were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value of in vitro diagnostics market was also split into various segments and subsegments at the region and country level based on:
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Product and services mapping of various manufacturers for each type of in vitro diagnostics market at the regional and country-level
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Relative adoption pattern of each IVD market among key application segments at the regional and/or country-level
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Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country level.
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Detailed secondary research to gauge the prevailing market trends at the regional and/or country level
Global In Vitro Diagnostics Market Size: BottonmUp Approach
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Global In Vitro Diagnostics Market Size: Top Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the in vitro diagnostics industry.
Market Definition
IVD tests are non-invasive tests performed to diagnose, monitor, screen, and assess diseases and health conditions. IVD has a broad scope ranging from sophisticated technologies performed in clinical laboratories to simple and easy-to-use rapid testing kits.
Key Stakeholders
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IVD Instrument Manufacturers
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Hospitals and Clinics
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Research Institutes
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Distributors of IVD Products
Report Objectives
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To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
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To define, describe, segment, and forecast the in vitro diagnostics market by product & service, by specimen, by technology, by test type, application, end user, and region
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To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
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To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall IVD market
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To forecast the size of the in vitro diagnostics market in six main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Latin America, Middle East & Africa, and GCC Countries.
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To profile key players in the IVD market and comprehensively analyze their core competencies and market shares
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To track and analyze competitive developments, such as product launches and approvals; expansions; and collaborations, of the leading players in the in vitro diagnostics market
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To benchmark players within the IVD market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
MarketsandMarkets offers the following customizations for this market report
Country Information
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Additional country-level analysis of the in vitro diagnostics market
Company profiles
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Additional three company profiles of players operating in the in vitro diagnostics market.
Product Analysis
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Product matrix, which provides a detailed comparison of the product portfolio of each company in the in vitro diagnostics market
John
Jun, 2022
Who are the key companies/players in the in-vitro diagnostics market?.
James
Jun, 2022
What are some of the notable developments in the IVD market in recent years?.
Kahlill
Jun, 2022
What are the upcoming trends of In Vitro Diagnostics Market in the world?.