IVD Market is expected to offer significant growth at a CAGR of 4.08% during the forecast period 2023-2030 | F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc.
The global in vitro diagnostics market size was valued at $71,496.16 Million in 2022, and is projected to reach $106,914.16 Million by 2030, growing at a CAGR of 4.08% from 2023 to 2030.
Market Overview
This expansion can be ascribed to an increase in IVD use as a result of greater testing brought on by the epidemic. The expansion of the market is anticipated to be fueled by the creation of automated IVD systems for labs and hospitals to provide quick, accurate, and error-free diagnosis. The market is expanding as more in vitro diagnostic (IVD) products are being introduced by key manufacturers. Molecular diagnostic IVD products offer reliable and efficient results.
The University of California created an incredibly sensitive molecular test in May 2021. The test uses chip technology to identify the presence of SARS-CoV-2 and influenza A antigens. Further research is being done on this test in order to convert it to a Point-of-Care (POC) test. The dynamics of the market have changed as more players concentrate on beginning testing for home-based testing. The FDA has given at-home molecular diagnostic testing priority for 2021 as well. The release of a molecular diagnostic self-test kit for the identification of COVID-19 was announced by BATM Advanced Communications Ltd. in March 2021. The risk of substitution is minimal because these tests provide early disease detection. The hefty cost of these tests, however, is anticipated to prompt patients to seek out other alternatives. Additionally, because to the high rate of internal replacement, competition is severe in the identification of emerging viruses like SARS-CoV-2. In areas like APAC, established players have a poor IVD product penetration rate. Local musicians who charge less for their instruments predominate in the area. One of the key factors driving this market is anticipated to be technological progress in terms of mobility, precision, and cost-effectiveness.
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Segment Analysis
Due to its high sensitivity analysis, high throughput, cheap cost, and inherent specificity in the analysis of biological samples, the immunodiagnostics segment commanded the biggest market share in terms of technique in 2020 and is anticipated to maintain its dominance over the projected period.Due to the rise in infectious diseases like tuberculosis, human immunodeficiency viruses (HIV), and sexually transmitted diseases, the infectious diseases category held the biggest IVD market size in 2020 and is anticipated to maintain its dominance during the projected period. (STDs).On the basis of end user, the standalone laboratories segment held the largest market share in 2020 and is expected to remain dominant during the forecast period, due to availability of professionally skilled technicians and surge in number of facilities offered by them for conducting various complex tests resulting in better test results.
Based on types, the IVD Market is segmented into:
- Instruments
- Reagents & Consumables
By Technique
- Immunodiagnostics
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Others
By Setting
- Laboratories
- Point-of-care
Based on application, the IVD Market is segmented into:
- Infectious Diseases
- Cardiology
- Oncology
- Gastroenterology
- Others
By End-user
- Clinical Laboratories
- Hospitals
- Physicians’ Offices
- Others
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Recent Development
A binding merger agreement between GenMark Diagnostics Inc. and F. Hoffmann-La Roche Ltd. was signed in March 2021. Through the acquisition, Roche will have access to GenMark’s cutting-edge technology that allows for the testing of several infections using just one patient sample.
In nations that recognize the CE mark, F. Hoffmann-La Roche Ltd. introduced Cobas pure integrated solutions in March 2021. By fusing three technologies into one platform, this innovative compact analyzer contributes to the simplification of processes in small to medium sized laboratories.
Regional Analysis
In vitro diagnostics market size in North America was the largest in 2020, and this trend is likely to continue over the coming years. This is ascribed to the region’s well-integrated healthcare system, increased patient healthcare knowledge, acceptance of technologically advanced therapies, and rise in healthcare spending. But due to a rise in healthcare spending, a sizable patient population with chronic diseases that call for IVD testing, and rising disposable incomes, Asia-Pacific is expected to experience significant growth. Furthermore, the Asia-Pacific in vitro diagnostics market is predicted to rise at a high CAGR in India and China.
Regional IVD Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
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- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in IVD Market include:
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- IVD Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
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Key Market Participants in the IVD Market :
F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Siemens Healthineers AG
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