Global In-Vitro Diagnostics Market

In-Vitro Diagnostics (IVD) Market Size, Share, Growth Analysis, By Product type(Instrument & Reagent, Software, Services), Technology(Immunoassays, Molecular diagnostics, Hematology, Microbiology, Others), Specimen, Test Type, Application, End User, and Region - Industry Forecast 2024-2031


Report ID: SQSG35G2015 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 124 | Figures: 77

In-Vitro Diagnostics Market Insights

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.  

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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). 

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.   'Roche Diagnostics (Switzerland)  ', 'Danaher Corporation (U.S.)  ', 'Abbott Laboratories (U.S.)  ', 'Becton, Dickinson and Company (U.S.)  ', 'Bio-Rad Laboratories, Inc. (U.S.)  ', 'QIAGEN N.V. (Netherlands)  ', 'Quidel Corporation (U.S.)  ', 'Siemens Healthineers (Germany)  ', 'Sysmex Corporation (Japan)  ', 'Thermo Fisher Scientific, Inc (U.S.)  ', 'bioMérieux SA (France)  ', 'Agilent Technologies, Inc. (U.S.)  ', 'DiaSorin S.p.A (Italy)  ', 'Illumina, Inc. (U.S.)  ', 'Hologic, Inc. (U.S.)  ', 'Devyser PerkinElmer Inc. (U.S.)  ', 'Chembio Diagnostics, Inc. (U.S.)  ', 'Surmodics, Inc. (U.S.)  ', 'Menarini Silicon Biosystems (Italy)  ', 'SpeeDx Pty. Ltd. (Australia) '

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.  

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Global In-Vitro Diagnostics Market

Report ID: SQSG35G2015

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