Meticulous Research®– a leading global market research company, published a research report titled “In Vitro Diagnostics Market by Product (Kits & Reagents, Software), Technology (Immunoassay [ELISA, Rapid test], Molecular Diagnostics [PCR, NGS], Biochemistry), Application (Infectious Diseases, Oncology, Cardiology), Diagnostic Approach (Lab, OTC, POC), End User - Global Forecast to 2030”.
According to this latest publication from Meticulous Research®, the global in-vitro diagnostics market is expected to grow at a CAGR of 5.7% from 2023 to reach $141.65 billion by 2030.
The growth of the global in-vitro diagnostics market is mainly attributed to the rising prevalence of acute & chronic infectious diseases, increasing funding for research activities, growing awareness for early disease diagnosis, and a shift in the focus from centralized to point-of-care testing. Further, emerging economies, the development of condition-specific markers & tests, and advancements in genomics & proteomics offer significant growth opportunities for the players operating in this market. However, technical requirements and stringent regulatory processes for high or moderate-complexity tests are expected to hinder the growth of this market. The unfavorable reimbursement scenario and lack of awareness of specific symptoms and diagnosis of emerging infections are the challenging factors for the global IVD market.
Global In-vitro diagnostics Market: Future Outlook:
The global in-vitro diagnostics market study presents historical market data in terms of values (2021 and 2022), estimated current data (2023), and forecasts it for 2030 - In-Vitro Diagnostics Market by Products and Solutions (Kits & Reagents, Systems, and Software & Services), Technology (Immunoassay/Immunochemistry, Biochemistry/Clinical Chemistry, Molecular Diagnostics, Point of Care (POC) Diagnostics, Whole Blood Glucose Monitoring, Microbiology, Hematology, Coagulation/Hemostasis, Urinalysis, and Other Technologies), Application (Infectious Diseases, Oncology, Diabetes, Cardiology, Nephrology, Autoimmune Disorders, and Other Applications), Diagnostic Approach (Lab Testing, OTC/Self-testing, and Point of Care Testing), and End User (Diagnostic Laboratories, Hospitals & Clinics, Home Healthcare, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on products & solutions, the kits & reagents segment is expected to account for the largest share of the in-vitro diagnostics market in 2023. The large share of this segment is mainly attributed to the frequent use of assays & kits in the detection of various chronic diseases, the commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, and the increase in the volume of testing for infectious disease, especially after the COVID-19 pandemic.
Based on technology, the immunoassay/immunochemistry segment is expected to account for the largest share of the in-vitro diagnostics market in 2023. The segment’s large share is mainly attributed to the high prevalence of chronic & infectious diseases, the emergence of advanced diagnostic immunoassay formats, and the advantages of rapid immunoassay tests, such as cost-effectiveness, rapid results, and high sensitivity & specificity over laboratory tests.
Based on application, the infectious diseases segment is expected to account for the largest share of the in-vitro diagnostics market in 2023. The large share of this segment is primarily attributed to recent regulatory approvals, product launches, and an increase in the availability of COVID-19 test kits across the globe, supporting the largest share of the segment.
Based on diagnostic approach, the lab testing segment is expected to account for the largest share of the in-vitro diagnostics market in 2023. The large share of this segment is primarily attributed to the higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program.
Based on end user, the diagnostics laboratories segment is estimated to account for the largest share of the in-vitro diagnostics market in 2023. The large share of this segment is primarily attributed to the rising laboratory automation, availability of well-equipped systems, lack of skilled labor, growing prevalence of infectious diseases, and rising government initiatives.
Based on geography, North America is estimated to account for the largest share of the in-vitro diagnostics market in 2023. The large share of the North American region can be attributed to the rising prevalence of various chronic and infectious diseases, growing adoption of advanced innovative diagnostic products, increasing awareness regarding early disease diagnosis, and increasing funding activities coupled with novel advanced development diagnostic technologies.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Middle East (Saudi Arabia and Rest of Middle East), and Africa (South Africa and Rest of Africa).
The key players operating in the global in-vitro diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnostica (Brazil), Wiener Laboratorios SAIC (Argentina), Ortho-Clinical Diagnostics, Inc. (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).
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