BCC Research Study Projects 7.8% CAGR, with Market Growth from $1.5 Billion in 2024 to $2.1 Billion by 2029

BOSTON, Aug. 2, 2024 /PRNewswire/ -- According to the latest BCC Research study, the demand for "In Vitro Diagnostics (IVD) Quality Controls: Global Market" is expected to grow from $1.5 billion in 2024 and is projected to reach $2.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.8% during the forecast period of 2024 to 2029."

The market for in vitro diagnostics quality controls plays a crucial role in ensuring the accuracy and reliability of diagnostic testing across laboratories, clinics, and hospitals globally. This comprehensive report examines the current landscape and future potential of these controls, highlighting competitive dynamics among industry players. Key segments include immunodiagnostics, clinical chemistry, hematology, hemostasis, molecular diagnostics, microbiology, and others. Products encompass quality control products, data management solutions, and quality assurance services, with manufacturers categorized into third-party and OEM controls. End users primarily include hospitals, diagnostic laboratories, and academic institutions. The market geographically spans North America, Europe, Asia-Pacific, and the Rest of the World, with detailed analyses of major countries within each region. The report projects market growth from 2023 as the base year, with forecasts extending to 2029, providing insights into market shares and regulatory influences shaping industry evolution.

The report is indispensable due to the variety of devices and products utilized in the in vitro diagnostics quality controls market. Daily quality control of these products is essential, driving continuous investment and innovation by numerous companies. As a result, many firms are committed to developing and updating their offerings to meet the stringent demands of accuracy and reliability in diagnostic testing. This constant need for quality control ensures a dynamic market landscape, with companies striving to enhance their product portfolios and maintain competitiveness.

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The following factors drive the global market for in vitro diagnostics quality controls:

Rise in the Aging Population and Dependency on Frequent Diagnosis Procedures: As the global population ages, the demand for diagnostic services is rising significantly. Elderly individuals often require regular health monitoring, resulting in a higher need for in vitro diagnostics (IVD) tests. These tests are crucial for managing and diagnosing age-related health conditions, thereby driving market growth. Dependable IVD-based diagnostic services enhance patient confidence, further expanding the market.

Rising Demand for Third-Party Quality Control Products: There is a growing global demand for third-party quality control (QC) services in the IVD market. These third-party providers offer highly accurate testing solutions, essential for maintaining the integrity of IVD procedures. The QC materials provided by these companies closely replicate the performance of IVD tests, ensuring unbiased assessments across various test systems. This ensures safety and accuracy in clinical laboratories, making third-party QC services increasingly popular.

Rising Incidence of Chronic Disease Cases: The prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and infectious diseases, is on the rise worldwide. This increase in chronic disease cases necessitates a higher number of diagnostic tests and services, thereby driving the usage of IVD QC products. The growing number of healthcare service providers further propels the demand for these essential diagnostic tools.

Strengthening Clinical Laboratories: Accredited clinical laboratories are pivotal to the healthcare system, as they adhere to stringent industry standards. These laboratories undergo rigorous accreditation procedures to ensure high-quality diagnostic services, attracting more patients. Laboratories accredited by the Clinical Laboratory Improvement Amendments (CLIA) are particularly significant as they qualify for reimbursement through Medicare and Medicaid services, underscoring their importance in the healthcare landscape.

Improving the Quality of Point-of-Care Testing (POCT): Point-of-care testing (POCT) is crucial for rapid diagnosis and treatment decisions, especially in emergency and critical care settings. High-quality IVD QC products play a vital role in enhancing the accuracy and reliability of POCT. This improvement benefits both patients and healthcare providers by ensuring timely and precise diagnostic results, thereby facilitating better clinical outcomes.

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Report Synopsis 

Key Interesting Facts About the global market for in vitro diagnostics quality controls:

Artificial Intelligence (AI) in IVD Quality Control:

• AI plays a crucial role in enhancing quality control processes for in-vitro diagnostics.
• It is an emerging field with significant potential to revolutionize quality assessment.

Coexistence of Traditional Methods:

• Despite AI advancements, demand persists for traditional in vitro diagnostic methods.
• Quality checks remain essential for both modern and conventional approaches.

Hematology Testing Prevalence:

• Hematology tests are widely practiced compared to diagnostic or microbiology tests.
• Regular blood tests are common globally due to heightened health awareness.

The global market for in vitro diagnostics quality controls report includes in-depth data and analysis addressing the following important queries:

1. What is the projected market size and growth rate of the in vitro diagnostic quality control market?
   •  The market is projected to grow from $1.4 billion in 2023 to $2.1 billion in 2029, at a compound annual growth rate (CAGR) of 7.8% during the forecast period.
   
   
2. What segments are covered in the market?
   •  The In Vitro Diagnostics (IVD) Quality Controls Global Market is segmented based on:
   o  Test Type
   o  Product and Service
   o  Types of Manufacturers
   o  End-users.
   
   
3. By test type, which segment will dominate the market by the end of 2029?
   •  By test type, the hematology segment is anticipated to dominate the market by the end of 2029.
   
   
4. Which test type market is growing fastest among all?
   •  Hematology and microbiology is the fastest growing market

Some of the Key Market Players Are:

• BIOMERIEUX
• DANAHER CORP.
• ABBOTT
• BD
• BIO-RAD LABORATORIES INC.
• MICROBIOLOGICS
• BIO-TECHNE
• F. HOFFMANN-LA ROCHE LTD.
• QUIDELORTHO CORP.
• SIEMENS HEATHNIEERS AG
• SYSMEX CORP.
• THERMO FISHER SCIENTIFIC INC.

Browse More Related Reports

In Vitro Diagnostics (IVD) Analyzers: Global Market: This report offers a comprehensive analysis of the in vitro diagnostics (IVD) analyzers market, detailing current and future potential, key drivers, restraints, challenges, and emerging trends. The market is segmented by analyzer type, automation level, design, therapeutic area, and end-user, with profiles of leading companies included. Geographical coverage spans North America, Europe, Asia-Pacific, and the rest of the world.

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