In Vitro Diagnostics (IVD) Market Worth $87.21 Billion by 2024, Growing at a CAGR of 5.7% - Global Opportunity Analysis and Industry Forecasts by Meticulous Research®

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London, June 22, 2020 (GLOBE NEWSWIRE) -- In vitro diagnostics (IVD) testing has become an indispensable tool in clinical practice for diagnosing and monitoring of diseases, as well as providing prognosis and predicting treatment response. The IVD industry is growing steadily due to various factors such as increased demand for infectious disease testing as new pathogen strains develop each year, and high incidences of hospital-acquired infections. Other major factors include aging demographics and accompanying rise in incidence of chronic diseases across all age cohorts of the population; growing demand for companion diagnostics; and rising demand for IVD products from the emerging markets.

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The IVD market is expected to grow at a CAGR of 5.7% from 2018 to reach $87.21 billion by 2024. The market growth is primarily driven by rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments and automation in laboratories, and growing adoption of personalized medicine and point-of-care testing. Development of condition-specific markers and tests and growing demand for IVD products in emerging countries provides significant opportunities for the various stakeholders in this market.

The global IVD market is segmented by product (reagents, instruments, and software & services), technique (immunoassay, clinical chemistry, molecular diagnostics, microbiology, hematology, coagulation & hemostasis, urinalysis, and other IVD technologies), application (infectious diseases, diabetes, cancer/oncology, endocrinology, cardiology, nephrology, and others), end user (hospital laboratories, independent reference laboratories, point-of-care testing, patient self-testing, and academic & research institutes), and geography.

Reagents and kits commanded the largest share of the global IVD market in 2018 and are expected to witness a rapid growth during the forecast period mainly due to incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.

Based on the technique, immunoassay segment commanded the largest share of the overall IVD market in 2018. The large share of this segment is mainly attributed to their greater adoption due to advantages such as inherent specificity, high throughput, high sensitivity, and low cost of instruments and reagents. Further, the growth is also driven by technological advancements and rising demand for immunoassay-based tests attributed to aging population. The immunoassay market is further categorized into enzyme-linked immunosorbent assay (ELISA), radioimmunoassay (RIA), rapid tests, western blotting, and enzyme-linked immunospot assays. ELISA commanded the largest share of the overall immunoassay market in 2019 which is mainly attributed to continuous development of new biomarkers, cost benefits, and growing adoption of automated platforms.

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Based on application, infectious diseases commanded the largest share of the overall IVD market in 2018. The large share of this segment is attributed to high volume of IVD tests performed for infectious diseases, high incidence of various infectious diseases, and incessant technological advancements in the tests used for the detection of such diseases. Oncology is the fastest growing segment mainly due to rising aging population, growing number of cases & deaths associated with cancer, growing field of personalized medicine in oncology, and technological advancements in oncology IVD products.

Based on end user, hospital laboratories commanded the largest share of the overall IVD market in 2018. The large share of this end user segment is mainly attributed to the high volume of diagnostic tests being performed in the hospitals.

Geographically, the global IVD market is mainly segmented into North America (U.S. and Canada), Europe (Germany, France, the U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North American region commanded the largest share of the global IVD market in 2018, followed by Europe and Asia-Pacific. The large share of this region was mainly attributed to remarkably advanced healthcare industry with higher healthcare spending; technological advancements in diagnostic tests; growing investments in personalized medicine; increasing prevalence of chronic diseases; and presence of leading players in the region. Asia-Pacific market is projected to grow at the fastest CAGR during the forecast period due to accelerated growth of economies; improving healthcare infrastructure; growing accessibility to healthcare services & advanced products; increasing incidence of infectious and non-communicable diseases with aging population; growing income levels of middle-class population; and increasing number of hospitals and clinics.

The global IVD market is concentrated with top 5 players occupying more than half of the global market share. These five companies are Roche Diagnostics, Danaher Corporation, Abbott Laboratories, Siemens Healthcare, and Thermo Fisher Scientific Inc. These companies are leading the market owing to strategic acquisitions and launch of innovative products, strong distribution and sales networks, and strong growth strategies. Other key players operating in the global IVD market are Sysmex Corporation, bioMérieux S.A., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Qiagen N.V., and Agilent Technologies, Inc. among others.

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Scope of the In-vitro diagnostics market Report:

In Vitro Diagnostics Market by Product

  • Reagents & Kits
  • Instruments
  • Software & Services

In Vitro Diagnostics Market by Technique

  • Immunoassay
    • Enzyme-Linked Immunosorbent Assay (ELISA)
      • Chemiluminescence Immunoassays
      • Fluorescence Immunoassays
      • Colorimetric Immunoassays
    • Radioimmunoassay
    • Rapid Tests
    • Western Blotting
    • Enzyme-Linked Immunospot Assays
  • Clinical Chemistry
    • Metabolic Panel
    • Electrolyte Panel
    • Liver Panel
    • Lipid Profile
    • Renal Profile
    • Thyroid Function Panel
  • Molecular Diagnostics
    • Polymerase Chain Reaction
    • Isothermal Nucleic Acid Amplification Technology
    • Microarray
    • Hybridization
    • DNA Sequencing & Next-Generation Sequencing
  • Microbiology
  • Hematology
  • Coagulation and Hemostasis
  • Urinalysis
  • Other IVD Technologies

In Vitro Diagnostics Market by Application

  • Infectious Diseases
  • Diabetes
  • Cancer/Oncology
  • Endocrinology
  • Cardiology
  • Nephrology
  • Others

In Vitro Diagnostics Market by End User

  • Hospitals Laboratories
  • Independent Reference Laboratories
  • Point-Of-Care Testing
  • Patient Self-Testing
  • Academic and Research Institutes

In Vitro Diagnostics Market by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Italy
    • France
    • U.K.
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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