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

Global 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 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, in June 2022, 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. For instance, in February 2022 Thermo Fisher Scientific Inc. introduced the Renvo Rapid PCR Test, which is aimed at airborne viruses, including SARS-CoV-2 pathogens. The test is performed on samples collected using the Aerosol Sense Sampler. Therefore, their immediate coming onto the market can be expected not only to encourage the rise of the IVD market but also to become its major drivers.

US In-Vitro Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.