Global In Vitro Diagnostics Market: By Products and Services (Reagents & Kits, Instruments and Software and Services), By Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics and others), By Application (Infectious Disease, Cancer, Cardiac Disease, Immune System Disorder, Nephrological Disorder and others) By End Users (Labs, Hospital, POC, Medical Schools and others) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The global in vitro diagnostics market platform market size was valued at USD 89 billion in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2028. The surging prevalence of chronic diseases, increasing aging population, and rising preventive healthcare, together with the regular advancements in technology, have propelled the growth of the market in the forthcoming years.

Market Size for Global IVD Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global In Vitro Diagnostics  Market?

• The regular integration of advanced technologies such as next-generation sequencing, and polymerase chain reaction are the significant drivers of the in vitro diagnostics market. Moreover, automated systems are also gaining huge popularity these days. This is because it reduces human error, enhances reproducibility, and increases throughput, thereby improving diagnostic accuracy and efficiency.
• The rapid growth of the elderly populace is increasing day by day. Older adults are more susceptible to chronic diseases and other health conditions, necessitating frequent diagnostic testing. This has led to the propel of the growth of the market.
• The adoption of point-of-care testing in remote areas is a major benefit to the market. The convenience, speed, and ease of use associated with point-of-care testing are driving the growth of the in vitro diagnostics market.

Which Industry Trends have been Fueling the Growth of the In Vitro Diagnostics Market?

Performance By Key Players: Key companies are focused on the development of advanced molecular diagnostics, companion diagnostics, and digital pathology systems. For instance, Roche Diagnostics, a leading player in the industry, focuses on innovation and its robust portfolio of products, including molecular diagnostics and tissue diagnostics, hence augmenting the growth of the market.

Rising prevalence of Chronic Diseases: The growing burden of diseases such as cancer, diabetes, cardiovascular diseases, and infectious diseases  has led to a higher demand for diagnostic tests to enable early detection, monitoring, and management, which in turn fuels the growth of the in vitro diagnostics market

What is the Current Structure of the Global In Vitro Diagnostics Market?

By Products and Services

Due to the ongoing need for diagnostic testing solutions, the creation of novel and specialized reagents, and the rise in the prevalence of diseases requiring precise diagnostic procedures, the reagents and kits segment led the in vitro diagnostics market in terms of size in 2023 and is predicted to hold this position throughout the forecast period. However, because of developments in automation and technology, the growing use of in vitro diagnostic testing, and the requirement for quicker and more effective diagnostic procedures in clinical laboratories and healthcare settings, the instruments segment is anticipated to grow at the fastest rate during the projection period.

By Technique

The IVD market size was led by the immunodiagnostics sector in 2023, and this trend is expected to persist during the forecast period. This is explained by its high throughput, low cost, high sensitivity analysis, and intrinsic specificity for biological sample analysis. However, due to its critical role in genomics, infectious disease diagnosis, cancer management, and its applicability in various healthcare settings, the molecular diagnostics category is anticipated to post the greatest CAGR throughout the forecast period.

By End User

Due to the rise in infectious disorders that require diagnostic testing, such as hepatitis and HIV, the infectious diseases segment held the biggest share of the in vitro diagnostics market in 2023 and is predicted to maintain this position during the forecast period. But because of rising cancer incidence, progress in finding biomarkers, and the growing array of diagnostic tools, the cancer segment is anticipated to grow at the fastest rate over the projection period.

By Region

North America, especially the United States region, is driven by the presence of well-established healthcare infrastructure, high healthcare expenditure, and a strong focus on research and development. Moreover, Europe is characterized by a high prevalence of chronic diseases, an increasing geriatric population, and favorable government initiatives promoting early diagnosis and preventive healthcare.

Competitive Analysis

The key players in the market are focusing on innovation, strategic partnerships, and expanding their product portfolios to maintain a competitive edge. Moreover, the market is characterized by diverse end users, including hospitals, clinics, and diagnostic laboratories, and various distribution channels, including direct sales and distributors. As the demand for accurate and efficient diagnostic solutions continues to rise, the market is expected to increase in the forthcoming years. Some of the major players includes Freenome Holdings, Inc., Invitae Corporation, Natera, Inc., Agilent Technologies, Inc., Exact Sciences Corporation, Guardant Health, Illumina, Inc., InterVenn Biosciences, NeoGenomics Laboratories, F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific, Inc

Market Segmentation

Global In Vitro Diagnostics Market, By End User Type

• Hospitals
• Diagnostic Laboratories
• Academic and Research Institutes
• Home Care Settings
• Point-of-Care Testing
• Ambulatory Surgical Centers

Global In Vitro Diagnostics Market, By Product and Services

• Reagents and Kits
• Instruments
• Software and Services

Global In Vitro Diagnostics Market, By Technqiue

• Molecular Diagnostics
• Tissue Diagnostics
• Clinical Chemistry
• Others
• Immunodiagnostics
• Hematology

Global In Vitro Diagnostics Market, By Application

• Infectious Diseases
• Cancer
• Cardiac Diseases
• Immune System Disorders
• Nephrological Diseases
• Gastrointestinal Diseases
• Others

Global In Vitro Diagnostics Market, By Region Type

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• UAE

Key Players

• Roche Diagnostics
• Abbott Laboratories
• Siemens Healthineers
• Danaher Corporation
• Thermo Fisher Scientific
• Becton, Dickinson and Company (BD)
• Bio-Rad Laboratories
• bioMérieux
• Sysmex Corporation
• Hologic Inc.
• QIAGEN N.V.
• Ortho Clinical Diagnostics