USD 117.8 billion
Report ID:
SQSG35G2015 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
124
|Figures:
77
In-vitro Diagnostics (IVD) Market size was valued at USD 83.50 billion in 2022 and is poised to grow from USD 87.93 billion in 2023 to USD 132.90 billion by 2031, growing at a CAGR of 5.3% during the forecast period (2024-2031).
The growing opportunities in unexploited emerging markets with enhanced health infrastructure, rising unfulfilled medical needs, increasing prevalence of chronic diseases, and more demand for cutting-edge testing methodologies have been predicted to serve as the driving force behind the proliferation of the in vitro diagnostics market. The emergence of personalized medicine as an individualized treatment approach tailored to patient’s specific genetic, molecular, and clinical contexts is also a contributing factor that is shaping the IVD market. On the spectrum of IVDs, companion diagnostics, a unique subset, take an active part in assessing patients appropriate for therapies or those at risk of adverse drug reactions or toxicity. These individualized interventions not only increase the treatment efficacy but also contain the healthcare costs by avoiding wasteful treatments, thus emphasizing market expansion.
IVD industry operates in a regulated environment to confirm patient safety and accuracy of the test. Getting regulatory approvals for an innovative IVD test may be time-consuming and be resource intensive. The rigorous regulatory standards, imposed by the regulatory institutions like the FDA and similar bodies worldwide, might slow down the rapid entrance of new tests and technologies, which in turn may become an obstacle in the growth path of the IVD market. It is forecasted that the market will face growth due to the arrival of products that have improved versatility. For instance, Agilent Technologies introduced IVD-compliant instruments, kits, and reagents that follow the new European Union IVDR regulation and further and greater the demand for and usage of IVD devices. This growth is also supported by increased investment from leading industrial actors aimed at research and development projects to develop new products and explore new applications of IVD technologies.
US In-Vitro Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 117.8 billion
Largest Segment
Reagents & Kits, Services
Fastest Growth
Reagents & Kits, Services
Growth Rate
3.3% CAGR
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In Vitro Diagnostics Market is segmented by Product type, Specimen, testing type, Application, Technology, End User and region. Based on Product type, the market can be segmented into Instrument & Reagent (Instruments, Reagents [By Raw Material {Antigen-antibody, Enzyme & Substrate, Primers & Probe, Others}]), Software, Service. Based on technology, the market is segmented into Immunoassays (Enzyme-Linked Immunosorbent Assays (ELISA), Chemiluminescence immunoassays, Immunofluorescence assays, Rapid tests, Enzyme-Linked Immunospot Assays (ELISPOT), Western blotting, Other), Clinical chemistry (Basic Metabolic Panels, Liver Panels, Renal Profiles, Lipid Profiles, Thyroid Function Panels, Electrolyte Panels, Others), Molecular diagnostics (Polymerase chain reaction (PCR), Isothermal nucleic acid amplification technology (INAAT), DNA sequencing & next-generation sequencing (NGS), In situ hybridization (ISH), DNA microarrays, Other), Hematology, Microbiology, and Others. Based on specimen, the market is segmented into Blood, CSF, Urine, Blood Fluid, and Others. Based on test type, the market is segmented into Laboratory Tests and Point-Of-Care Tests. Based on application, the market is segmented into infectious diseases, Diabetics, Oncology, Nephrology, Cardiology, Autoimmune Diseases, Drug Monitoring & Testing, and Other. Based on the end user, the market is segmented into Hospitals & Clinics, Clinical Laboratories (Large Reference Laboratories, Small and Medium-Sized Laboratories), Blood Banks, Home Care Settings, Pharmaceutical & Biotechnology Companies, Academic Institutes, and other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product type
In the in vitro diagnostics market size in 2023, the instrument & reagents segment held the largest share, and it is expected to be the leader throughout the forecast period as well. This long-term dominance is due to a variety of reasons including persistent demand for diagnostic solutions testing, on-going development of innovative and specialized reagents, and the increase in the number of patients needing accurate diagnostic procedures. For instance, in April 2023, bioMérieux SA submitted a 510(k) application to the US FDA to get a rapid AST (Antimicrobial Susceptibility Testing) system, VITEK REVEAL, approved. Organizations are cleverly launching equipment for screening purposes to be able to cope with the increasing demand for the worldwide genetic testing.
In 2023, the service segment holds the position as the second leading category. Services within this market encompass various activities, including consulting, maintenance, training, and quality assurance. The growth in the service segment is primarily driven by the increasing complexity and technological advancements in diagnostic instruments, which require specialized support and maintenance to ensure optimal performance and regulatory compliance. Additionally, the integration of advanced diagnostic systems in healthcare facilities necessitates professional services for proper implementation and user training. This trend is further supported by the growing demand for personalized medicine and precision diagnostics, which rely heavily on sophisticated instruments and the expertise provided by service professionals to maintain and operate these devices efficiently
Analysis by End User
The hospitals & clinics segment was the leading revenue earner in 2023, due to the ever-increasing number of hospitalizations needing prompt diagnostic help. Furthermore, the continuous advancement in healthcare infrastructure and the implementation of government-friendly initiatives are expected to increase the existing hospital capabilities and hence enhance demand for hospital-based IVD testing. The majority of IVD devices are purchased by hospitals and used in considerable quantities. Based on Skyquest in-depth analysis, in the United States, as of 2023, there are over 6,129 hospitals that trust the accuracy and speed of IVD technology. Furthermore, hospitals often act as referral centres, receiving patients from clinics and smaller healthcare facilities, which further boosts their diagnostic testing volume
However, the homecare setting segment is anticipated to experience an impressive growth from 2024 to 2031 mainly due to the growing older population and the increasing demand for home care IVD devices. In December, the American Hospital Association opposed the FDA from enforcing their regulations on hospitals' Laboratory Developed Tests (LDTs). The demand for the development of molecular diagnostic and immunoassay platforms that can be performed by the patients themselves is growing. For instance, in February 2023, the FDA granted Emergency Use Authorization (EUA) to the first OTC home diagnostic test that can discriminate between influenza A and B, as well as SARS-CoV-2 which is the virus responsible for COVID-19.
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In 2023, North America contributed to the major share of the in vitro diagnostics market, and it is considered to maintain its top position during the market forecast period. The region benefits from substantial healthcare infrastructure and the presence of leading market players who continuously innovate and introduce new diagnostic products. For instance, companies like Abbott, Roche, and Thermo Fisher Scientific are actively engaged in developing precise testing solutions, such as the QuantStudio digital PCR research tool and the Cobas 5800 system. Apart from this, the region also has witnessed technological upgrades in manufacturing sector for in vitro diagnostics which is another driving factor for this market.
The Asia-Pacific area is expected that to have the most rapidly growth rate in the in vitro diagnostics market over the forecast period. This growth can be explained by the increased demand arising from countries that have a large population and abundant purchasing power of the population. Also, the expanding tendency for the personalised medicine, and application of the innovative production methods to improve the manufacturing of the in vitro diagnostics products create a favourable environment for unstoppable development of this market in this region. For Instance, In October 2023 Fapon and Halodoc have united being a part of a strategic partnership to promote sales and services in vitro diagnostic products in Indonesia. Furthermore, the leading players have chosen partnerships with local partners to take their presence deeper into developing countries emerging in the Asia Pacific region.
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In-Vitro Diagnostics Market Driver
Rising Burden of Chronic Diseases to Augment Market Growth
Government Regulations and Investments
Restraints
Regulatory and legal Frameworks
Unfavourable Reimbursement Situation
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The global in vitro diagnostics (IVD) market presents a dynamic competitive landscape characterized by a diverse array of players ranging from established multinational corporations to innovative startups. Leading companies in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, Siemens Healthineers, Thermo Fisher Scientific Inc., and Danaher Corporation. These companies are at the forefront of developing advanced diagnostic technologies and expanding their product portfolios to address a broad range of medical conditions. However, the market also sees vigorous competition from niche players specializing in specific diagnostic segments or cutting-edge technologies, fostering innovation and driving market growth.
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 by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global in vitro diagnostics (IVD) market is experiencing robust growth driven by the escalating prevalence of chronic and infectious diseases, increasing demand for personalized medicine, and advancements in technology. The market encompasses a wide array of diagnostic tests and devices used for early disease detection, diagnosis, monitoring, and management, spanning various healthcare settings from hospitals and laboratories to point-of-care facilities. Factors such as the growing geriatric population, rising healthcare expenditure, and expanding access to healthcare services in emerging economies further contribute to market expansion. Additionally, ongoing developments in molecular diagnostics, immunoassays, and point-of-care testing are driving innovation and diversification within the IVD market, fostering competition among key players and fuelling continuous research and development efforts to address evolving healthcare needs globally.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 83.50 billion |
Market size value in 2031 | USD 132.90 billion |
Growth Rate | 5.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
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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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 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 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the In-Vitro Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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REQUEST FREE CUSTOMIZATIONIn-Vitro Diagnostics (IVD) Market size was valued at USD 117.8 billion in 2019 and is poised to grow from USD 121.69 billion in 2023 to USD 157.78 billion by 2031, growing at a CAGR of 3.3% during the forecast period (2024-2031).
The 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. 'Roche Diagnostics', 'Siemens Healthineers', 'Abbott Laboratories', 'Danaher Corporation', 'Thermo Fisher Scientific', 'Sysmex Corporation', 'bioMerieux SA', 'Becton, Dickinson and Company', 'Ortho-Clinical Diagnostics', 'QIAGEN N.V.', 'Beckman Coulter, Inc.', 'Hologic, Inc.', 'Bio-Rad Laboratories', 'Agilent Technologies', 'Illumina, Inc.', 'Cepheid', 'PerkinElmer, Inc.', 'Bruker Corporation', 'Luminex Corporation', 'DiaSorin S.p.A.'
The centralized laboratory using automated analytical testing techniques to identify target analytes continues to be the predominant laboratory testing paradigm in use today. This pattern is already well-established in the fields of clinical chemistry and hematology, and it is currently spreading to others like immunoassays and molecular diagnostics.
The market's reagent segment contains elements, solutions, or preparations that are chemical, biological, or immunological and that the maker intends to utilize throughout the in vitro diagnosis procedure. Manufacturers frequently lease equipment rather than selling it outright to customers since many diagnostic platforms are expensive. In these agreements, the leasing is linked to agreements for the long-term purchase of related reagents or tests for the equipment.
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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Report ID: SQSG35G2015