In-Vitro Diagnostics Market Size, Share, Growth Analysis, By Product & Service(Reagents & Kits, Instruments), By Technology(Clinical chemistry, Molecular diagnostics), By Application(Infectious diseases, Diabetes), By End-User(Standalone laboratories, Hospitals) - Industry Forecast 2024-2031

In-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.

In-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 (IVD) market presents a dynamic competitive landscape characterized by a diverse array of players ranging from established multinational corporations to innovative startups. The companies continuously engage in research and development activities to introduce innovative diagnostic solutions, expand their market reach, and strengthen their competitive position. 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. '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 growing pressure of chronic diseases, majorly discussed by organizations is a major issue that is being seen as a challenge to all the healthcare systems. Non-Communicable Diseases (NCDs) including cardiovascular diseases, cancer, chronic respiratory diseases and diabetes are responsible for a significant proportion of the morbidity and mortality. In-Vitro Diagnostics (IVD) contribute to the early diagnosis of such diseases while allowing healthcare professionals to immediately provide an adequate treatment. Through the prompt determination of disease, IVD technologies enables early treatment that in turn ensures positive patient outcomes as well as helps to lower the overall pressure on the healthcare system. However, in its September 2022 brochure the World Health Organization emphasizes the overwhelming burden of NCDs. These conditions are responsible for a very high number of deaths worldwide. Coronary heart disease and other cardiovascular diseases, however, become the first reason for death among all diseases, in front of cancer cases, chronic respiratory ones and diabetes. Data evidence the need for effective strategies that can collectively address these diseases.

Shift towards Sustainable and Resilient Infrastructure: The increase in the burden of diseases has urged medical device companies to speed up the design of highly advanced diagnostic devices. In addition, hospitals and laboratories are mainly relying on point-of-care devices due to their capability to provide immediate and real-time data. Point-of-Care (PoC) testing is a diagnostic method which is performed close to the patient, with minimal blood volume needed, and which offers rapid test results crucial for clinical decision making, making the physician to initiate timely treatment without waiting for the central laboratory results. Therefore, the demand for these instruments will increase, which will lead to an increase in the need for the in vitro diagnostics devices. Moreover, an increase in the launch of new and advanced products are set to drive the industry development. For example, In January 2023, FUJIFILM Sonosite, Inc. came up with the new Sonosite PX ultrasound system in India to replace the traditional system. The aim is to enhance clinician ergonomics and streamline efficiency.

In 2022, 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. Therefore, the main reason for their dominance is that many of the leading players are involved. 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.