In Vitro Diagnostics Market Worth $119.4 billion | MarketsandMarketstm

CHICAGO, March 27, 2024 /PRNewswire/ -- In Vitro Diagnostics Market in terms of revenue was estimated to be worth $85.2 billion in 2024 and is poised to reach $119.4 billion by 2029, growing at a CAGR of 6.9% from 2024 to 2029 according to a new report by MarketsandMarketstm. Growth in the IVD market is mainly driven by the growing awareness of early diasease diagnosis, emergence of rapid PoC technologies, and rising adoption of automated analyzers. Introduction of disease-specific biomarkers and tests, and growth opportunities in emerging economies also contribute to the growth of the IVD market. However, an unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

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In Vitro Diagnostics Market Scope:

In 2023, the immunoassays segment held the largest share of the in vitro diagnostics market by technology segment.

Based on technology, the IVD market is broadly segmented into immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and chromatography & mass spectrometry. The immunoassays segment accounted for the largest share of the IVD market. The large share of this segment can be attributed to the high adoption and preference for immunodiagnostic techniques over other diagnostic methods and the ability of these tests to provide rapid results with minimal sample preparation needs.

In 2023, the laboratory tests segment held the largest share of the in vitro diagnostics market by test type segment.

By test type, the IVD market has been segmented into laboratory tests and PoC tests. In 2023, the laboratory tests segment accounted for the largest market share in the IVD market. The large share of this segment is attributed to the rising incidence of infectious diseases, the growing focus on early disease detection, and the increasing trend of automation. Advancements in diagnostic technologies play a crucial role in supporting the market growth of the lab tests segment.

In 2023, the infectious diseases segment held the largest share of the in vitro diagnostics market, by application segment.

Based on application, the in vitro diagnostics market is segmented into infectious diseases, oncology, endocrinology, cardiology, blood screening, genetic testing, autoimmune diseases, allergy diagnostics, drug monitoring & testing, bone & mineral disorders, coagulation testing, blood group typing, and other applications. The infectious diseases segment accounted for the largest share in the IVD market. The large share of this segment can be attributed to the rising prevalence of infectious & multi-drug-resistant infectious diseases and the growing need for effective diagnostic tools for these diseases.

North America dominates the global IVD market.

By region, the IVD market is segmented into six major regions?North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the GCC Countries. In 2023, North America accounted for the largest share in the IVD market. The market in North America is well established, with the US being a major market in this region. Growth in the North American market is mainly driven by the region's increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure. Initiatives taken by different government associations are also anticipated to boost the market growth in the coming years.

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In Vitro Diagnostics Market Dynamics:

Drivers:

1. Increasing geriatric population and subsequent rise in chronic & infectious diseases

Restraints:

1. Unfavourable reimbursement

Opportunities:

1. Growth opportunities in emerging markets

Challenge:

1. Operational Barriers

Key Market Players of In Vitro Diagnostics Industry:

The major players operating in this market are Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers (Germany), Sysmex Corporation (Japan), Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), Qiagen N.V. (Netherlands), QuidelOrtho Corporation (US), DiaSorin S.p.A. (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Revvity (US), Griffols (Spain), Werfen (Spain), Devyser (Sweden), Chembio Diagnostics, Inc. (US). Surmodics, Inc. (US), Menarini Silicon Biosystems (Italy), SpeeDx Pty. Ltd. (Australia), GENSPEED Biotech GmbH (Austria), Accelerate Diagnostics, Inc. (US), Merck KGaA (Germany), Caris Life Sciences, Inc (US), Cellabs (Australia), J. Mitra & Co. Pvt. Ltd. (India), Epitope Diagnostics (US), Boster Biological Technology (US), Enzo Biochem (US), Genetic Signatures (Australia), Savyon Diagnostics (Israel), Trivitron Healthcare (India), mdxhealth (Belgium), Creative Diagnostics (US), InBios International, Inc. (US), Maccura Biotechnology Co., Ltd. (China), Vela Diagnostics (Singapore), and ARKRAY, Inc. (Japan)

The break-up of the profile of primary participants in the IVD market:

• By Company Type: Tier 1 - 42%, Tier 2 - 30%, and Tier 3 ? 28%
• By Designation: C-level - 46%, D-level - 23%, and Others - 31%
• By Region: North America - 23%, Europe - 45%, Asia Pacific ? 28.3%, Latin America- 3%, Middle East & Africa ? 0.8%, GCC Countries ? 1.3%

Recent Developments of In Vitro Diagnostics Industry:

• In December 2023, Thermo Fisher launched the applied Biosystems MagMAX Dx Viral/Pathogen NA Isolation Kit and the Thermo Scientific KingFisher Apex Dx, an automated nucleic acid purification device, for the separation and purification of bacterial and viral pathogens from respiratory biological specimens.
• In November 2023, Roche launched a Elecsys Anti-HEV IgM and Elecsys Anti-HEV IgG immunoassays for the detection of hepatitis E virus (HEV) infections in countries accepting the CE mark .
• In July 2023, Siemens received FDA clearance and launched its Atellica CI Analyzer for immunoassay and clinical chemistry in the world's major markets.
• In August 2022, Roche launched a Digital LightCycler System, a digital polymerase chain reaction (PCR) system. This system is a powerful new diagnostics platform combatting cancer and other diseases.
• In November 2022, Danaher Corporation launched the Xpert Xpress MVP, a multiplexed PCR test.

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In Vitro Diagnostics Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall in vitro diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers: 

• Analysis of key drivers: (Increasing geriatric population and subsequent rise in chronic & infectious diseases, and Emergence of rapid PoC diagnostics), restraints (Unfavorable reimbursement scenario for IVD market), opportunities (Introduction of disease-specific biomarkers and tests, and Growth opportunities in emerging markets), and challenges (Operational barriers to the IVD market) influencing the growth of the in vitro diagnostics market.
• Product Development/Innovation: Detailed insights on research & development activities, and new product launches and approvals in the in vitro diagnostics market.
• Market Development: Comprehensive information about lucrative markets ? the report analyses the in vitro diagnostics market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the IVD market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers (Germany), Thermo Fisher Scientific, Inc. (US) among others in the IVD market strategies.

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