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Global In-Vitro Diagnostics Packaging Market to Reach US$ 8.1 Billion in 2026, Spurred by Considerable Growth in Healthcare Sector

Published on Jan 24, 2018

According to the latest report by IMARC Group, titled " In-Vitro Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global in-vitro diagnostics packaging market size reached US$ 6.7 Billion in 2020. In-vitro diagnostics (IVDs) refer to the various kinds of medical devices and accessories that are widely used for performing tests on samples. These equipment assist in analyzing several bodily fluids, such as urine, stool and blood, to detect diseases and infections. These tests are utilized to assist in monitoring drug therapies while facilitating the early diagnosis of chronic diseases at the initial stage. Efficient packaging of IVD devices is pertinent in delivering accurate medical results as IVD are highly sensitive to moisture and other environmental changes. As a result, IVD kits, calibrators, reagents, software, control materials, and other instruments are enclosed in specialized packaging, including bags, bottles, plates and boxes, to protect the chemicals and samples in a proper manner.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global In-Vitro Diagnostics Packaging Market Trends:

The global market is primarily driven by the increasing incidences of chronic lifestyle diseases among the masses. This, along with the increasing healthcare spending and the growing health consciousness among individuals, has contributed to a considerable rise in the demand for IVD packaging across the globe. The market is further driven by the increasing geriatric population on the global level that is more susceptible to developing major medical conditions. Moreover, the rising preference for self-testing kits at home by patients is also contributing to the increased uptake of IVD packaging solutions. Also, numerous key players are now investing in research and development (R&D) activities to introduce high-quality IVD packaging with improved functionality and affordable costs, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include the widespread preference for eco-friendly packaging solutions and continual improvements in the healthcare infrastructure. On account of the aforementioned factors, the market is expected to reach a value of US$ 8.1 Billion in 2026, registering a CAGR of 3.3% during 2021-2026.

Market Summary:

  • Based on product, the market has been divided into bottles and vials, closures, tubes and petri dishes. At present, bottles and vials account for the majority of the total market share.
  • On the basis of application, diabetes exhibits a clear dominance in the market. Other major segments include infectious diseases, cardiology, autoimmune diseases, oncology and drug testing segments.
  • On the geographical front, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.

 

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