In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
July 12, 2021: Quidel Corporation announced that it has received the CE Mark for two of its products, namely, Savanna multiplex molecular analyzer and Savanna RVP4 Assay (Respiratory Viral Panel-4). The Savanna system, which is an automated in-vitro diagnostic platform, can now be sold in the markets of Europe and other countries where the CE Mark is accepted.
The global in-vitro inflammatory bowel disease (IBD) market is estimated to garner a revenue of USD 2391.64 Million by the end of 2028, up from USD 1640 Million in 2019, by growing at a CAGR of 5.4% over the forecast period, i.e., 2021 – 2028. The growth of the market can be primarily attributed to the growing prevalence of inflammatory bowel disease worldwide, and therefore the need amongst individuals to diagnose the disease. According to the statistical report titled “The Global, Regional and National Burden of Inflammatory Bowel Disease in 195 Countries and Territories, 1990-2017: A Systematic Analysis for the Global Burden of Disease Study 2017”, the prevalence of IBD globally in the year 2017 recorded to 6.8 Million. Further, the statistics also stated that the age-standardized prevalence rate of the disease touched 84.3 per 100000 population in the year 2017, as compared to 79.5 per 100000 population in the year 1990. Moreover, the market is also anticipated to grow on account of the growing healthcare expenditure and the rising research activities in the field of gastro sciences.
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The global in-vitro inflammatory bowel disease (IBD) market is also expected to grow on account of the growing concern for the increasing incidences of digestive diseases worldwide and the increasing awareness amongst individuals to treat such diseases. According to the statistics by the Institute for Health Metrics and Evaluation (IHME), deaths caused due to digestive diseases around the globe increased from 726331.36 deaths in the year 2000 to 939281 deaths in the year 2019.
Regionally, the global in-vitro inflammatory bowel disease (IBD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the highest market share throughout the forecast period, backed by the increasing prevalence of IBD amongst the individuals in the region, followed by the presence of a strong healthcare network in countries such as the United States, as well as for the rising healthcare expenditure in the countries in the region. The market in the region garnered a revenue of USD 723.24 Million in the year 2019, and it is further expected to reach USD 1067.01 Million by the end of 2028. The market in the region is also anticipated to grow with the highest CAGR of 5.7% during the forecast period.
On the other hand, the market in Europe is expected to hold the second-leading market share and attain a revenue of USD 915.66 Million by the end of 2028. Amongst the countries in the region, the market in Germany is anticipated to garner the second-largest revenue of USD 165.08 Million by the end of 2028, up from a revenue of USD 110.09 Million in 2019.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global in-vitro inflammatory bowel disease (IBD) diagnostic market is segmented by product into assays/biomarkers and analyzers. Out of these, the assays/biomarkers segment is anticipated to hold the highest market share throughout the forecast period. The segment is also anticipated to grow with the highest CAGR of 5.6% during the forecast period. Further, on the basis of disease type, the market is segmented into ulcerative colitis and Crohn’s disease, out of which, the ulcerative colitis segment is anticipated to hold the highest market share and also grow with the highest CAGR of 5.7% during the forecast period. Based on disease stage, the market is segmented into mild, moderate, and severe, out of which, the severe segment is anticipated to hold the largest market revenue of USD 1225.89 Million by the end of 2028, up from a revenue of USD 823.27 Million in 2019. Further, on the basis of test type, the market is segmented into blood tests, stool tests, antibody tests, and biopsy. Out of these segments, the blood tests segment is anticipated to hold the highest market share and also attain a market revenue of USD 931.51 Million by the end of 2028. On the basis of patient demography, the market is segmented into pediatric, adults, and geriatric, out of which, the adults segment is anticipated to hold the largest revenue of USD 1592.15 Million by the end of 2028. The market is also segmented on the basis of end-user into hospitals, clinics, diagnostic laboratories, and others. Out of these segments, the hospitals segment is projected to hold the highest market share and also attain a revenue of USD 1297.52 Million by the end of 2028. Moreover, on the basis of test method, the market is segmented into PETIA, ELISA, rapid, and others, out of which, the ELISA segment is expected to garner the highest market revenue of USD 663.62 Million by the end of 2028, up from a revenue of USD 428.08 Million in 2019.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global in-vitro inflammatory bowel disease (IBD) market that are included in our report are DiaSorin S.p.A., American Laboratory Products Company, Ltd. (d/b/a ALPCO Diagnostics), Quidel Corporation, CerTest Biotec, S.L., BUHLMANN Laboratories AG, BioSystems S.A., Inova Diagnostics, Inc. (Werfen), and others.
Ans: The growing prevalence of IBD is one of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 5.4% over the forecast period, i.e., 2021-2028.
Ans: The stringent norms for product approval is one of the major factors estimated to hamper the market growth.
Ans: The market in Europe is projected to display significant growth opportunities during the forecast period.
Ans: The major players in the market are are DiaSorin S.p.A., American Laboratory Products Company, Ltd. (d/b/a ALPCO Diagnostics), Quidel Corporation, CerTest Biotec, S.L., BUHLMANN Laboratories AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, disease type, disease stage, test type, patient demography, end user, test method, and by region.
Ans: The ELISA segment is anticipated to hold largest market size of USD 663.62 Million by the end of 2028 and display significant growth opportunities in the years to come.