According to Markets and Data Research report, “Global In-vitro Diagnostics Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Global In-vitro Diagnostics market was valued at USD 107.71 billion in 2022 and is expected to register a CAGR of 5.52% during the forecast period.
The market for in-vitro diagnostics is growing rapidly due to the increasing demand and adoption of diagnostic devices. This growth is further fueled by the significant investments made by key players in research and development, aimed at innovating products and exploring new applications for IVD techniques. According to the British In-vitro Diagnostic Association, these tests have a significant impact on around 70% of clinical decisions. Additionally, technological advancements in diagnostics are sustaining a trend for continuous market expansion. The prevalence of chronic diseases like cancer and genetic anomalies worldwide is on the rise, leading to a higher demand for in-vitro diagnostic procedures. The growing awareness about the benefits of early diagnosis is also driving the demand for in-vitro diagnostic products. Additionally, the effectiveness of these products in diagnosing and predicting the future occurrence of diseases is acting as another growth-inducing factor. However, there are some major challenges to the growth of the global in-vitro diagnostics market, including technical barriers, lack of skilled professionals, and cost-associated factors related to in-vitro diagnostic methods.
Spread through 394 pages, the "Global In-vitro Diagnostics Market " report includes an in-depth TOC, over 197 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
· Growing prevalence of chronic diseases across the globe due to genetic, social, nutritional, and other reasons that require regular diagnostics for disease progression monitoring is anticipated to contribute to the market growth.
· Increasing adoption of point-of-care testing devices for enhancing patient compliance is anticipated to drive the demand for in-vitro diagnostic products and services.
· Immunodiagnostics segment is expected to dominate the market due to its widespread usage in diagnostics, while the molecular diagnostic segment is anticipated to grow at a faster pace due to accelerated adoption of rapid diagnostics.
· Technological advancements in in-vitro diagnostics devices and government support for strengthening healthcare through precise diagnostics are expected to boost the market growth in the forecast years.
The Global In-vitro Diagnostics Market is Segmented in the Following Categories:
By Product Type: Instruments, Reagents and Consumables, Data Management Software
By Techniques: Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation and Hemostasis, Urinalysis, Others
By Settings: Laboratories, Point-of-Care
By Application: Ophthalmology, Infectious Diseases, Diabetes, Drug Testing/Pharmacogenomics, Autoimmune Diseases, Cardiology, Oncology, HIV/AIDS, Nephrology, Gastroenterology, Others
By End-user: Clinical Laboratories, Hospitals, Point-of-care Testing Centers, Others
By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa
North America is currently leading the in-vitro diagnostics market due to its high investment in research and development activities, technological advancements by key players, and advanced healthcare infrastructure in countries like the United States and Canada. The region is expected to dominate the market with the highest value share. The supportive government initiatives and favorable reimbursement scenarios are also contributing to the growth of the market in the region. Moreover, manufacturers are gaining benefits from regulatory approvals, further expanding the market.
The immunodiagnostics segment is predicted to be the top segment in the market during the assessment period, holding a value share of 35.22% in 2022. Meanwhile, the molecular diagnostics segment is expected to exhibit a higher growth rate with a CAGR of 7.1% during the forecast period. The increased occurrence of infectious diseases has led to a higher value share of the immunodiagnostics segment. Advancements in the field of genetic and molecular research, as well as its numerous applications in diagnostics, are driving the rapid growth rate of the molecular diagnostics segment.
Major Companies Operating in the Global In-vitro Diagnostics Market Include:
· F. Hoffmann-La Roche AG
· Abbott Laboratories
· Danaher Corporation
· Siemens Healthineers AG
· Thermo Fisher Scientific Inc
· BD (Becton, Dickinson, and Company)
· Sysmex Corporation
· Illumina, Inc.
· Quidel Corp
· BioMérieux SA
· Charles River Laboratories
· Bio-Rad Laboratories, Inc
· DiaSorin S
· Agilent Technologies, Inc
· Qiagen
· Seegene Inc
Market players in the global in-vitro diagnostics market are well-established companies like F. Hoffmann-La Roche AG, Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Thermo Fisher Scientific Inc., BD, and others with promising product pipeline, backed up with concrete research and development. The demand for in-vitro diagnostics procedures is increasing, leading to a positive market outlook. Manufacturers are actively designing innovative solutions, further increasing competition through collaborations and developing technologies.
In January 2024, Roche announced that they had reached a definitive agreement to acquire LumiraDx's point-of-care technology. The acquisition will cost Roche USD 295 million, and they will also provide up to USD 55 million to fund the venture until it is completed in mid-2024. This acquisition will provide Roche with a wide range of immunoassay and clinical chemistry tests, which have the potential for high medical value in the future. The focus will be on LumiraDx's CE-marked HbA1c test.
“Global In-vitro Diagnostics Market Assessment, 2016-2030F”, evaluates the future growth potential of global in-vitro diagnostics market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global in-vitro diagnostics market.
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