by 
The in vitro diagnostics (IVD) market encompasses reagents, instruments, and software used to perform various medical tests outside the body. IVD tests help detect diseases, monitor drug therapies, and identify chronic illnesses. Some common IVD products include immunoassay kits, clinical chemistry analyzers, molecular diagnostic instruments, and point-of-care testing kits. IVDs are widely used in hospitals, clinics, laboratories, homecare settings, and other sites of care delivery. Point-of-care testing has gained immense popularity in recent years as it provides same-day diagnostic results in near-patient settings.
The global 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:
The increasing adoption of point-of-care diagnostics is expected to flourished by the growing demand for near-patient testing in the in vitro diagnostics (IVD) market. Point-of-care diagnostics allow for faster diagnosis and treatment decision making which has been a key driver of their adoption. They have found widespread applications in areas such as cardiology, infectious diseases testing, and diabetes monitoring. Furthermore, technological advancements are bringing about compact and easy-to-use point-of-care testing devices with high accuracy. This is also contributing to greater uptake of point-of-care diagnostic devices. The emergence of infectious diseases as major public health threats worldwide has further augmented the need for rapid diagnostic testing at the point-of-care.
Segment Analysis
The global in vitro diagnostics (IVD) market is dominated by the immunochemistry segment which holds around 40% market share. Immunochemistry-based IVD tests have wide applications in testing conditions like infectious diseases, cardiac disorders, endocrine diseases among others. The technology helps in detecting the presence of antibodies and antigens in human blood, urine or tissues by identifying protein-protein, antigen-antibody and cell-cell interactions. Its high sensitivity and accuracy in detecting biomarkers makes immunochemistry best suited for clinical diagnostics and disease management.
PEST Analysis
Political: Healthcare reforms in many countries are focused on preventive healthcare through early detection of diseases. This creates conducive environment for IVD industry growth.
Economic: Aging population and rising lifestyle diseases are driving healthcare spending worldwide, benefiting diagnostics market.
Social: Growing health awareness and easy access to diagnostics via lab chains, POCT kits are boosting market adoption.
Technological: Adoption of AI, 3D-printing, microfluidics is assisting development of advanced diagnostics for faster and accurate disease management.
Key Takeaways
The global in vitro diagnostics (IVD) market is expected to witness high growthover the forecast period of 2023 to 2030 supported by factors such as rising geriatric population susceptible to chronic diseases, growing preference for point-of-care testing, and technological advancements aiding development of innovative products. The global 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.
Regionally, North America captured the major share of the IVD market in 2024 attributed to continuous product innovation led by presence of key players and availability of faster regulatory approvals in the US. However, Asia Pacific is projected to witness fastest growth through 2030 with growing healthcare expenditures in China and India creating solid demand for IVD products.
Key players operating in the in vitro diagnostics (IVD) market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., 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. The leading companies are focusing on new product launches to expand their diagnostic test offerings and geographic footprint in high potential emerging markets.
*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.
