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Market Overview:
In vitro diagnostics (IVD) refers to testing performed on human samples such as blood, urine, stool outside the body in a laboratory or point-of-care setting. IVD products are used for various applications including infectious disease testing, cardiology testing, oncology testing, gastroenterology testing, and diabetes testing. Key IVD technologies include immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, and point-of-care testing.
The In Vitro Diagnostics Ivd Market is estimated to be valued at US$ 76,621.8 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of chronic and infectious diseases is driving the growth of the in vitro diagnostics market. According to the World Health Organization (WHO), chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Cardiovascular diseases, cancer, respiratory diseases and diabetes account for over 80% of all premature non-communicable disease deaths globally. IVD tests are critical for diagnosis, treatment and management of these chronic conditions. Further, high adoption of point-of-care testing is providing opportunities for market growth. Point-of-care testing allows rapid testing and decentralized healthcare delivery as tests are performed outside a laboratory setting. This improves treatment accessibility especially in underdeveloped areas. Further, technological advancements in molecular diagnostics, growing demand for personalized medicine and companion diagnostics will also fuel market expansion over the forecast period.
Segment Analysis
The in vitro diagnostics (IVD) market is segmented on the basis of product and service, technology, application, end user, and region. The reagents and kits subsegment dominated the market in 2022 owing to the wide use of reagents and kits in various diagnostic tests like clinical chemistry, molecular diagnostics, immunoassay, hematology, and others. Reagents and kits are essential components of all diagnostic instruments and tests that need to be replenished regularly, driving high demand for these products.
PEST Analysis
Political: Regulations such as CLIA in the US, EU’s IVD Directive, and regulatory mandates in various countries support the demand for IVD products.
Economic: Rising healthcare expenditure across major economies has boosted investments in advanced diagnostic technologies for faster and accurate diagnosis.
Social: Increasing disease prevalence has raised public awareness about early diagnosis, creating demand for IVD devices for home healthcare and POC testing.
Technological: Rapid automation, miniaturization of devices, multiplexing, and AI integration are key technological trends boosting the market growth.
Key Takeaways
The global in vitro diagnostics (IVD) market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing disease prevalence of chronic and infectious diseases.
Regional analysis
The North American region dominated the market in 2023 owing to presence of leading market players, supportive regulatory framework, and rising healthcare expenditure in the US and Canada.
The Asia Pacific region is anticipated to witness the fastest growth during the forecast period owing to rising healthcare expenditures, increasing penetration of advanced diagnostic technologies, and growing geriatric population across countries like China and India.
Key players analysis
Key players operating in the in vitro diagnostics (IVD) market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
