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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 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 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.  '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 growing pressure of chronic diseases, majorly discussed by organizations is a major issue that is being seen as a challenge to all the global healthcare systems. Non-Communicable Diseases (NCDs) including cardiovascular diseases, cancer, chronic respiratory diseases and diabetes are responsible for a significant proportion of the global 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.  

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. 

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Global In-Vitro Diagnostics Market

Product ID: SQSG35G2015