In Vitro Diagnostics Market By Product And Services (Reagents, Instruments, Software And Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, Others), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, Others), by End User (Standalone Laboratories, Hospitals, Academic And Medical Schools, Point Of Care, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global In-Vitro Diagnostics market size was estimated at USD 120.7 billion in 2023 and is projected to reach USD 161.2 billion in 2030 at a CAGR of 4.2% during the forecast period 2023-2030.
In May 2021, the esteemed University of California accomplished a remarkable feat in the field of medical science by developing a highly sensitive molecular test. This particular test capitalizes on cutting-edge chip technology and is capable of detecting the presence of both influenza A and SARS-CoV-2 antigens. It is currently undergoing further scrutiny and investigation for potential conversion into a Point-of-Care (POC) test. The industry dynamics have witnessed a significant shift, with an ever-growing number of players directing their focus towards the development and launch of tests for at-home use. Furthermore, in the year 2021, the Food and Drug Administration (FDA) has demonstrated an increased proclivity towards prioritizing home-based molecular diagnostic tests. Specifically in the month of March, the renowned BATM Advanced Communications Ltd. announced the launch of its revolutionary molecular diagnostics self-test kit, designed for the sole purpose of detecting COVID-19.
The ascension of the elderly demographic and the expansion of acumen concerning initial screening has brought about a notable escalation in the quantity of routine medical examinations, given that a majority of fatalities as a result of infections and persistent pathologies come to pass in the populace exceeding 75 years of age. Based on the Office for Budget Responsibility in the United Kingdom, healthcare expenses have undergone a sharp upturn, which could generate economic strain on nations that are aging rapidly. Nonetheless, it is anticipated that this disbursement will yield a favorable outcome for the in vitro diagnostics industry, propelling the advancement of the market.
The unprecedented and devastating COVID-19 pandemic has brought about a significant and much-needed emphasis on in vitro diagnostics (IVD) in light of the rapidly growing and exigent necessity for IVD kits and reagents geared towards the prompt and precise diagnosis of SARS-CoV2 virus infection among the world's populace. The outbreak of this highly contagious virus has had a salutary effect on the market, as in vitro diagnostics encompass a diverse range of tests on a multitude of biological samples, thereby facilitating the diagnosis of an array of infectious diseases.
The expansion of the in-vitro diagnostics (IVD) market is predominantly propelled by the escalation in the number of occurrences of enduring and communicable infirmities. In the current commercial milieu, there has been a surge in the incidence of persistent ailments such as tuberculosis (TB), cancer, cardiovascular disorders, and diabetes. Moreover, there has been a momentous upsurge in the number of patients afflicted with communicable maladies, such as gastrointestinal, respiratory, and sexually transmitted diseases (STDs). The upswing in the prevalence of these diseases is expected to augment the requirement for diagnostic devices, thereby boosting the IVD market. Furthermore, the technological progressions such as rapid test kits for the IVD sector have proliferated at an astounding pace in recent years and are foreseen to persist in the forthcoming times. The application of in-vitro diagnostics is extensive in various aspects of healthcare. Additionally, there has been a growth in the utilization of in vitro diagnostic testing across the globe.
North America to Dominate the Market
Report Feature |
Descriptions |
---|---|
Growth Rate |
CAGR of 4.2% during the forecasting period, 2023-2030 |
Historical Data |
2019-2021 |
Forecast Years |
2023-2030 |
Base Year |
2022 |
Units Considered |
Revenue in USD billion and CAGR from 2023 to 2030 |
Report Segmentation |
Product And Services, Technique, Application, End-User, and region. |
Report Attribute |
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
Regional Level Scope |
North America, Europe, Asia-Pacific, South America, and Middle East, and Africa |
Country Level Scope |
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, and South Africa (50+ Countries Across the Globe) |
Companies Profiled |
Abbott; bioMérieux SA; Quidel Corp.; Siemens Healthineers; Bio-Rad Laboratories, Inc.; Qiagen; Sysmex Corp.; Charles River Laboratories; Quest Diagnostics; Agilent Technologies, Inc.; Danaher Corporation; Becton Dickinson and Company; F. Hoffmann-La Roche Ltd.; Thermo Fisher Scientific; Illumina; Hologic; Devyser; PerkinElmer; Chembio Diagnostics; Surmodics. Inc; Menarini Silicon |
Available Customization |
In addition to the market data for the In-Vitro Diagnostics Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements. |
The In-Vitro Diagnostics Market is segmented into various segments such as Product And Services, Technique, Application, End-User, and region:
Based on Product And Services
Based on the Technique
Based on the Application
Based on End-User
Based on Region
The prominent players in the In-Vitro Diagnostics market are