The global in vitro diagnostics market was valued at $71,496.16 million in 2020, and is projected to reach $106,914.16 million by 2030, growing at a CAGR of 4.08% from 2021 to 2030. In vitro diagnostics (IVD) include reagents, instruments, software used to evaluate specimens such as blood, urine, stool, tissues, and other bodily fluids obtained from the human body to diagnose diseases, conditions, and infections. Furthermore, there are several types of IVD devices that use diverse approaches such as immunodiagnostics, tissue diagnostics, hematological, and molecular diagnostics. The application and management of IVD market needs expertise technical skill, therefore devices are employed in specialist medical facilities to perform diagnosis.
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COVID-19 Impact on Global In Vitro Diagnostics Market
The COVI-19 outbreak in China has spread to every part of world. This has led to nationwide lockdowns in order to prevent the spread of infection. Thus, this in turn has led to suspension of various operations in every business. Similarly, the in vitro diagnostics industry is also hit by the outbreak. For instance, the key players of in vitro diagnostics market responded to outbreak through quick launch of new testing kits for COVID-19. Furthermore, some in vitro diagnostics services were affected in a negative manner due to the lockdowns. Thus, the overall impact on in vitro diagnostics market was low as the new demand for testing kits compensated for the losses due to fall in demand of other services and product.
Key Findings Of The Study
The reagents segment accounted for more than half of the share of the global in vitro diagnostics market in 2019.
The instruments segment is expected to grow at the highest CAGR from 2020 to 2027.
The infectious diseases segment accounted for around one-thirds share of the global in vitro diagnostics market in 2019.
Europe accounted for around one-fifth share of the global market in 2019.
Asia-Pacific is expected to provide lucrative growth opportunities from 2019 to 2027.
North America is expected to be the leading regional market for IVD during the forecast period, owing to its well-penetrated healthcare system and higher healthcare awareness among patients, including Obama’s Affordable Care Act (ACA) act, change in technology, and rebounding American Economy. Furthermore, other factors such as easy availability of devices, rise in the awareness related to use of these products and presence of large number of geriatric populations suffering from various chronic diseases also contribute to the growth of the market. Moreover, presence of large number of key players in North America is another major factor that drives the growth of the market. In addition, Asia- Pacific is expected to register fastest growth rate during the forecast period, owing to surge in healthcare expenditure and rise in prevalence of diabetes in the region. Other factors such as huge patient base of other chronic diseases that require IVD testing also boost the growth of market in Asia-Pacific.
Key Market Segments
By Product & Service
Software and Services
Immune System Disorders
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