Artificial Intelligence
In Vitro Diagnostics Market Size to Hit US$ 123.7 Bn by 2030
Ottawa, Jan. 03, 2022 (GLOBE NEWSWIRE) — North America in vitro diagnostics (IVD) market size was valued US$ 29.22 billion in 2020 and expected to reach over US$ 40.43 billion by 2027. The tests that can detect disease, disorders, and infections are known as in vitro diagnostics (IVDs). In vitro testing can be performed in laboratories, hospitals, or even at home. They enable clinicians to accurately diagnose patients and work to give successful therapies.
The increase in the number of in vitro diagnostics tests, which is attributable to the rise in infectious and chronic illness events, is a major factor contributing to the in vitro diagnostics market’s growth. Moreover, the rise in geriatric population, which is more susceptible to immunological problems, is a crucial driver driving the market growth. Furthermore, the in vitro diagnostics market is expected to develop due to technological developments in in vitro diagnostics products and services. However, the market for in vitro diagnostics is expected to be constrained by severe government regulations and adverse reimbursement policies.
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Furthermore, the in vitro diagnostics market is rising as a result of the in vitro diagnostics market’s utilization of modern technology. The incorporation of modern technologies in the in vitro diagnostics platform, such as next generation sequencing (NGS) and molecular diagnostics is the driving factor for the market growth. In addition, the market is projected to be driven by launch of new products by key market players.
North America In Vitro Diagnostics Market Share, By Application, 2020 (%)
| Application Segments | 2020 (%) | |
| Diabetes | 13.97 | % |
| Cardiology | 7.13 | % |
| Nephrology | 4.52 | % |
| Infectious Disease | 36.11 | % |
| Oncology | 12.85 | % |
| Drug Testing | 8.86 | % |
| Autoimmune Diseases | 6.65 | % |
| Others | 9.91 | %% |
Regional Snapshot
North America is the largest segment for in vitro diagnostics market in terms of region. Due to the well-established healthcare industry and increased frequency of chronic disorders in the region, the North America is likely to enhance its market share in the future. Because of increased healthcare expenditures and the quick implementation of point of care testing, the U.S. controls the majority of the in vitro diagnostics market in the North American region.
Asia-Pacific region is the fastest growing region in the in vitro diagnostics market due to an increase in healthcare expenditure and the incidence of diabetes in the region. The other factors such as the large patient population of other chronic disorders that necessitate in vitro diagnostics testing, also contribute to the Asia-Pacific market’s growth.
In Asia Pacific region is expected to witness the fastest growth over the forecast period, with a CAGR of 6.2%, driven by increasing healthcare awareness and rising patients going for early diagnosis in the region along with high chronic disease prevalence.
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Market Dynamics
Drivers
Rising prevalence of chronic and infectious disorders
Infectious infections are becoming more common every year. As the number of cases of infectious disorders rises, the demand for in vitro diagnostics devices, tests, and consumables rises as well. The mini diagnostic systems have also grown in popularity, as this nano diagnostic devices offer more speedy and accurate medical diagnosis. Furthermore, these are disposable, portable, low cost, and simple to use technologies that will help the in vitro diagnostics market to grow during the forecast period.
Restraints
High cost of in vitro diagnostics devices
In vitro diagnostics products have advanced significantly in the last decade, with new products being adopted and new design modifications, among other things. However, the high cost of in vitro diagnostics devices, as well as the high cost of equipment maintenance, limits the market expansion. Furthermore, the functioning of in vitro diagnostics devices necessitates the use of trained personnel. As a result, the device’s maintenance costs rise, restricting the market’s overall expansion.
Opportunities
Rising geriatric population
According to the United Nations, the global population of people aged 60 and more is predicted to grow to 2.1 billion to 2050. The growing geriatric population in both developed and developing regions would have a positive outlook on the in vitro diagnostics market. The chronic disorders and infections are mostly observed in the elderly population.As a result, the rising geriatric population is creating lucrative opportunities for the growth of the in vitro diagnostics market during the forecast period.
Challenges
Unfavorable reimbursement scenario
The inadequate reimbursement is a key barrier to the in vitro diagnostics market’s expansion. Recently, Medicare in the U.S. changed the way it paid for various in vitro diagnostics testing, including molecular diagnostics. Thus, the unfavorable reimbursement is a huge challenge for the growth of in vitro diagnostics market.
Related Reports
Report Highlights
- Based on the product type, the reagents and consumables segment is expected to have a significant revenue share due to the increased use of self-testing kits and other advanced products in in vitro diagnostics. One of the primary factors driving the demand for reagents and consumables is the rising number of research and development efforts for detecting many chronic diseases.
- Based on the technique, the molecular diagnostics segment is expected to have a significant revenue share due to rising demand for molecular diagnosis in infectious disorders. In addition, the availability of sophisticated techniques such as multiplex real time PCR has boosted demand for molecular diagnostics.
- By End-use, the hospital segment surpassed revenue share of 44% in 2020, owing to an increase in hospitalization as doctors require diagnostic interpretation for further treatment. The home care segment is anticipated to reach at a CAGR of 6.5%, due to the rising geriatric population and increasing demand for home care in vitro diagnostic devices.
By Product
- Reagents
- Instruments
- Services
By Technology
- Immunoassay
- Hematology
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation
- Microbiology
- Others
By Application
- Diabetes
- Cardiology
- Nephrology
- Infectious Disease
- Oncology
- Drug Testing
- Autoimmune Diseases
- Others
By End User
- Standalone Laboratories
- Hospitals
- Academic & Medical Schools
- Point-of-Care
- Others
By Regional
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
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Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
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Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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