USD 117.8 billion
Report ID:
SQSG35G2015 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
124
|Figures:
77
The global in-vitro diagnostics 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).
In-vitro diagnostics refers to the tests performed in test tubes or similar lab equipment to detect diseases using samples from a living organism such as humans. High incidence of chronic diseases and growing demand for early and better diagnostics around the world are also projected to bolster the sales of in-vitro diagnostics products in the future. Growing investments in medical R&D and advancements in in-vitro technologies are also slated to play in the hands of in-vitro diagnostics companies going forward. Rapidly expanding senescent population, increasing demand for disease testing, and rising use of personalized medicine are other factors that offer lucrative opportunities for in-vitro diagnostics providers. However, high costs of development, stringent regulatory mandates, and limited reimbursement are slated to be the top constraints for in-vitro diagnostics demand outlook in the long run.
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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The global 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 & Reagents, Software, and Services. Based on technology, the market is segmented into Immunoassays, Clinical chemistry, Molecular diagnostics, 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 blood banks, home care settings, pharmaceutical & biotechnology companies, academic institutes, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In-Vitro Diagnostics Market Analysis by Specimen
Blood specimen accounts for the highest share of the global in-vitro diagnostics market. This dominance can be attributed to the high number of blood tests available in the market and the high reliability of results obtained from blood specimens. Blood samples provide a wide array of information on several factors, and this is why they are preferred by most medical professionals and researchers around the world, thereby contributing to a dominant market share.
Meanwhile, the demand for in-vitro diagnostics utilizing urine specimens is projected to increase at a rapid pace going forward. Easy collection and growing incidence of urinary tract infections around the world are key factors that help this segment emerge as the fastest growing one. Urine samples are also being preferred for their early detection capabilities as compared to other specimens.
In-Vitro Diagnostics Market Analysis by Test Type
Lab tests are projected to account for a major chunk of the global in-vitro diagnostics market share. These tests are performed in massive numbers around the world and cater to almost all healthcare establishments ranging from clinics to research institutes. Growing investments in the development of healthcare infrastructure worldwide are also expected to contribute to this segment's dominance.
On the other hand, the demand for point-of-care tests is projected to rise at a rapid CAGR over the coming years. Increasing adoption of homecare and rapidly rising aging population are contributing to in-vitro diagnostics market growth via this segment. Rising demand for easy testing from home is also creating new opportunities for in-vitro diagnostics companies in this segment.
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The presence of developed healthcare infrastructure and key diagnostics providers allows North America to hold a dominant market share. Growing investments in R&D of novel diagnostics and the rising popularity of homecare in this region are also expected to boost sales of in-vitro diagnostics products in the future. Favorable regulatory environment and rising adoption of advanced diagnostics technologies are making the United States a key market for in-vitro diagnostics companies operating in North America.
Growing investments in healthcare infrastructure development and rising demand for advanced diagnostic solutions are helping Asia Pacific become the most opportune market in the world. China, Japan, and India are slated to be the most lucrative markets for in-vitro diagnostics companies in this region owing to growing senescent population and high prevalence of chronic diseases. Rising awareness regarding the benefits of in-vitro diagnostics in this region will also create new business opportunities going forward.
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In-Vitro Diagnostics Market Drivers
Expanding Geriatric Population
Aging people are more susceptible to different kinds of diseases and require regular testing to keep them healthy. This is why as aging population increases around the world, it is also expected to boost the demand for in-vitro diagnostics and other types of diagnostics products in the future.
Advancements in Diagnostics Technologies
Robust investments in medical R&D have led to the development of novel diagnostic technologies such as molecular diagnostics, genetic testing, etc. Growing adoption of these advanced diagnostics technologies is slated to promote in-vitro diagnostics market growth in the future.
In-Vitro Diagnostics Market Restraints
High Costs of Advanced Diagnostics
Developing and offering advanced in-vitro diagnostics is quite a capital-intensive task as it involves the use of advanced equipment and products. These high costs limit accessibility to in-vitro diagnostics thereby slowing down market development.
Strict Regulatory Mandates
In-vitro diagnostics products and services are subject to highly stringent regulatory norms and mandates. Not all companies can comply with these norms without having to significantly invest in R&D, this reduces profit margins and inhibits in-vitro diagnostics demand outlook as well.
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Investing in the research and development of advanced in-vitro diagnostics solutions will be a top priority for all market players. Increasing affordability of in-vitro diagnostics tests should also be a key focus for in-vitro diagnostics providers. Launching new in-vitro diagnostics products and tests will help companies stay competitive and stand out in the global market. Providing favorable reimbursement for in-vitro diagnostics will also be a crucial aspect for business expandion in the long run.
Top Player’s Company Profilesin In-Vitro Diagnostics Industry
Recent Developments in In-Vitro Diagnostics Industry
A new in vitro serological ELISA kit was launched recently in August 2024. InBios International was behind this new launch that was aimed at presumptive clinical laboratory diagnosis of Strongyloides infection.
In June 2024, Cupid Limited announced the launch of its extensive distribution network in India for rapid in-vitro diagnostics kits. This move helped Cupid secure and strengthen its presence in the Indian diagnostics market.
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As per SkyQuest analysis, rising prevalence of chronic diseases and advancements in diagnostics technologies are slated to primarily drive in-vitro diagnostics demand. However, high costs of development and stringent regulatory norms are estimated to slow down in-vitro diagnostics market development in the future. North America remains the market with the highest share owing to the presence of key in-vitro diagnostics providers and a robust healthcare infrastructure. Developing in-vitro diagnostics kits for homecare applications will be a major trend for all in-vitro diagnostics companies in the long run.
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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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 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.
Customization Options
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.
Regional Analysis: Further analysis of the In-Vitro Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQSG35G2015
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