WASHINGTON, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Global In Vitro Diagnostics (IVD) Market is valued at USD 108.4 Billion in 2021 and is projected to reach a value of USD 141.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.5% over the forecast period 2022-2028.
One of the most significant economic areas is the in vitro diagnostics (IVD) business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for in vitro diagnostics (IVD), including rising investment requirements, developing technology, and new laws.
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In Vitro Diagnostics (IVD) Market Market Overview
According to Vantage Market Research, some of the key factors anticipated accelerating the in vitro diagnostics (IVD) market growth over the forecast period. Since leading market players are investing heavily in R&D to create innovative chemicals, the market is anticipated to grow throughout the projected period. In vitro diagnostics market growth will be boosted throughout the forecast period by rising state funding as well as investments from other healthcare organizations. Other significant market drivers are rising awareness of pharmacogenomics and rising acceptability of point-of-care testing.
We forecast that the molecular diagnosticscategory in in vitro diagnostics (IVD) market sales will account for more than 40% of total sales by 2028 due to the introduction of new items and ongoing technological advancement. Although complex equipment is often required for PCR, research efforts in this field have led to advancements such as postage stamp-sized plasmofluidic chips.
In Vitro Diagnostics (IVD) Market Market Dynamics
The impact of COVID-19 to Boost Market Growth
After COVID-19, the sector is anticipated to expand rapidly, partly due to increased usage of pandemic-required advances like remote collecting and digital histology. Officials of several nations are looking into the idea of allowing private laboratories to increase testing as the frequency of COVID-19 cases increases around the globe.
Shift in Focus from Centralized Laboratory Testing to Point-of-care (POC) Testing to Drive the Market Growth
Testing was nearly entirely done in centralized labs. For the diagnostic processes to operate as effectively and consistently as possible, centralized laboratory testing is crucial. There has been a steady shift from individual laboratories to point-of-care testing services or geographically dispersed clinical laboratory testing. This shift is primarily attributable to point-of-care testing's (POC) lower costs, convenience for patients and clinicians, shorter wait times for results, higher quality, and widespread use. POC tests can enhance patient care in situations involving infectious illnesses. Due to the decentralized system, physicians can better manage clinical operations and keep an eye on patients receiving treatment for infectious diseases.
Top Players in the Global In Vitro Diagnostics (IVD)Market
- Roche Diagnostics (Switzerland)
- Siemens Healthineers (Germany)
- Danaher Corporation (US)
- Abbott (US)
- Thermo Fisher Scientific (US)
- Johnson & Johnson (US)
- Becton
- Dickinson and Company (US)
- Bio-Rad Laboratories (US)
- Sysmex Corporation (Japan)
- bioMérieux (France)
- DiaSorin (Italy)
- Ortho Clinical Diagnostics (US)
- QIAGEN N.V. (Netherlands)
For Additional Information on In Vitro Diagnostics (IVD) Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global In Vitro Diagnostics (IVD) Market
- One trend that Vantage Market Research (VMR) expects to see in the in vitro diagnostics (IVD) industry is the rise in the prevalence of infectious and chronic diseases. In the modern corporate environment, chronic illnesses, including diabetes, cancer, cardiovascular disease, and tuberculosis, are growing more prevalent. The number of people with infectious diseases like STDs, respiratory infections, and gastrointestinal issues has also significantly increased (sexually transmitted diseases). The demand for diagnostic tools, which will increase as these diseases become more common, drives the market for IVDs.
- Another trend that VMR predicts will continue in the in vitro diagnostics (IVD) industry is the population's growing knowledge of healthcare issues. The market is growing due to factors such as the accessibility of devices and rising consumer knowledge of their use.
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Top Report Findings
- Based on products & services, most of the in vitro diagnostics (IVD) market's revenue is controlled by the regents &kits category. Increasing government subsidies and expenditures from other healthcare providers will fuel the expansion of the in vitro diagnostics market throughout the projected period. Rising acceptance of point-of-care testing and increasing pharmacogenomics awareness are two key market drivers.
- Based on technology, most of the in vitro diagnostics (IVD) market's revenue is controlled by the molecular diagnostic category. The development of molecular diagnostic methods has been accelerated by the coronavirus pandemic, since numerous vendors have introduced IVD solutions for the diagnosis of coronavirus based on molecular diagnostic methods.
- Based on application, most of the in vitro diagnostics (IVD) market's revenue is controlled by the infectious diseases category due to the rising rates of diseases like hepatitis, pneumonia, HIV/AIDS, influenza, and others. Innovative diagnostics systems are being developed by major businesses to fend against rising infectious disease occurrences.
Top 10 Players Generates More Than 45% of the Global In Vitro Diagnostics (IVD) Market Revenue
The report also found that the largest players in the in vitro diagnostics (IVD) market are technology providers such as Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), and Thermo Fisher Scientific (US). These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), and QIAGEN N.V. (Netherlands). As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Molecular diagnostic Category inIn Vitro Diagnostics (IVD) Market to Generate Over 50% Revenue
In vitro diagnostics (IVD) are an expensive investment. Vantage Market Research has analyzed the market for in vitro diagnostics (IVD) to understand its current state and potential future growth factors. For better understanding, based on the trchnology, the in vitro diagnostics (IVD) market is divided into immunoassay/ immune chemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation and hemostasis, urinalysis and other technologies.
During the forecast period, the market for in vitro diagnostics (IVD) is anticipated to experience the highest CAGR for the molecular diagnostic. Factors influencing the growth of this market include new product launches, recent regulatory approvals, simple availability to a broad variety of reagents, and the emergence of cutting-edge technologies like qRT-PCR.
On the other hand, the immunoassay/immune chemistry category is anticipated to grow significantly over the forecast perioddue to the increasing use of POC and immunoassay-based fast diagnostics.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on In Vitro Diagnostics (IVD) Market Forecast Report (2022-2028).
Global In Vitro Diagnostics (IVD) Market Segmentation
By Product and Service
- Reagents & Kits
- Instruments
- Services
- Data Management Software
By Technology
- Immunoassay/ Immunochemistry
- Clinical chemistry
- Molecular diagnostics
- Hematology
- Microbiology
- Coagulation and Hemostasis
- Urinalysis
- Other Technologies
By Application
- Infectious diseases
- Diabetes
- Oncology
- Cardiology
- Drug Testing/ Pharmacogenomics
- Autoimmune diseases
- HIV/AIDS
- Nephrology
- Other applications
By End User
- Hospital laboratories
- Clinical laboratories
- Point-of-care testing centers
- Academic institutes
- Patients
- Other end users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- North America region dominates the market, and this trend of dominance will continue over the upcoming years. Several reasons, including the increased prevalence of chronic diseases, the fast-expanding senior population, high healthcare costs, and supportive government financing, drive the industry in this region. Additionally, the existence of several major market participants in America is anticipated to boost the expansion of the local industry.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 108.4 Billion |
| Revenue Forecast by 2028 | USD 141.1 Billion |
| CAGR | 4.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific, Johnson & Johnson, Becton Dickinson & Company, Bio-Rad Laboratories, Sysmex Corporation, bioMérieux, DiaSorin, Ortho Clinical Diagnostics, QIAGEN N.V. |
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