USD 110.89 Billion
Report ID: SQSG35G2015 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 133 | Figures: 70
In-Vitro Diagnostics Market was valued at USD 110.89 Billion in 2021, and it is expected to reach a value of USD 151.21 Billion by 2028, at a CAGR of 6.2% over the forecast period (2022 - 2028).
IVD products are used in hospitals, standalone labs, and point-of-care testing centers. To enable smooth operations, the in vitro testing approach requires the use of a number of reagents as well as software. Additionally, a variety of medical conditions, such as infectious illnesses, diabetes, cancer, oncology, cardiac disorders, autoimmune disorders, nephrology, and HIV/AIDS, are diagnosed using in vitro diagnostics.
US In-Vitro Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 110.89 Billion
Largest Segment
Reagents & Kits
Fastest Growth
Reagents & Kits
Growth Rate
6.2% CAGR
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The Global In-Vitro Diagnostics Market is segmented based on Product & Services, Technology, Application, End-User, and Region. Based on the Product & Services, the Global in In-Vitro Diagnostics Market is segmented as Reagents & Kits, Instruments, Services, and Data Management Software. Based on the Technology, the Global In-Vitro Diagnostics Market is segmented as Immunoassay/ Immunochemistry, Clinical chemistry, Molecular diagnostics, Hematology, Microbiology, Coagulation and Hemostasis, Urinalysis, and Other Technologies. Based on the Application, the Global In-Vitro Diagnostics Market is segmented as Infectious diseases, Diabetes, Oncology, Cardiology, Drug Testing/ Pharmacogenomics, Autoimmune diseases, HIV/AIDS, Nephrology, and Other Applications. Based on the End-User, the Global In-Vitro Diagnostics Market is segmented as Hospital laboratories, Clinical laboratories, Point-of-care testing centers, Academic institutes, Patients, and Other end users. Based on Region In-Vitro Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
In-Vitro Diagnostics Market Analysis by Application
In 2020, 34.1% of the IVD market was accounted for by infectious illnesses. Due to the increasing incidence of infectious diseases, particularly those that are multi-drug resistant, as well as the growing demand for efficient diagnostic instruments for these illnesses, this market sector has a sizable share. Oncology, however, is anticipated to experience the highest CAGR of 6.6% over the projection period. The primary drivers of market expansion are the rising incidence of cancer cases throughout the world, the rising need for customized therapy, and the availability of financing for cancer research.
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The in-vitro diagnostics market size in North America was the largest in 2020, and it's expected to hold this position during the forecast period. This is ascribed to the region's well-integrated healthcare system, patients' increased knowledge of healthcare issues, patients' adoption of cutting-edge therapies, and an increase in healthcare spending overall. However, the Asia-Pacific region is expected to see significant growth due to rising healthcare costs, a sizable patient population with chronic illnesses that necessitate IVD testing, and rising disposable incomes. In addition, the Asia-Pacific in-vitro diagnostics market is anticipated to rise rapidly in India and China.
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In-Vitro Diagnostics Market Driver
A shift from centralized to point-of-care testing
In-Vitro Diagnostics Market Restraint
Unfavorable reimbursement scenario
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The Global In-Vitro Diagnostics market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
In-Vitro Diagnostics Market Top Player's Company Profiles
In-Vitro Diagnostics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global In Vitro Diagnostics Market Analysis, the rise in the prevalence of infectious and chronic illnesses is a primary factor driving the IVD market's expansion. Chronic illnesses including diabetes, cancer, cardiovascular disease, and tuberculosis are becoming more common in the contemporary corporate environment. Additionally, there has been a marked increase in the number of individuals with infectious disorders such as STDs, respiratory illnesses, and gastrointestinal conditions (sexually transmitted diseases). The market for IVDs is driven by the need for diagnostic tools, which is anticipated to rise as these illnesses become more prevalent.
Report Metric | Details |
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Market size value in 2021 | USD 110.89 Billion |
Market size value in 2028 | USD 151.21 Billion |
Growth Rate | 6.2% |
Base year | 2021 |
Forecast period | 2022 - 2028 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global In-Vitro Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global In-Vitro Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global In-Vitro Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global In-Vitro Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQSG35G2015