Ian Bell

The global in vitro diagnostics market size was valued at USD 83.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2027. The growth can be attributed to the increasing adoption of in vitro diagnostics (IVD) owing to a rise in testing due to the pandemic. The development of automated in vitro diagnostic systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis is expected to fuel market growth. The rising number of in vitro diagnostic products being launched by key players is also fueling the lucrative growth rate of the market.
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