In Vitro Diagnostics Market to Grow Rapidly at a CAGR of 4.2% by 2030 | DataM Intelligence

DataM Intelligence’s Global In Vitro Diagnostics Market report provides insights on the current and forecast market analysis, individual leading In Vitro Diagnostics companies’ market shares, challenges, In Vitro Diagnostics market drivers, barriers, trends, opportunities and key market In Vitro Diagnostics companies in the market.


USA, New York, July 14, 2023 (GLOBE NEWSWIRE) -- The Global In Vitro Diagnostics Market reached USD 101.1 billion in 2022 and is expected to reach USD 139.7 billion by 2030 and is expected to grow with a CAGR of 4.2% during the forecast period 2023-2030. The market is being driven by several key factors, including the growing demand for personalized medicine, advancements in point-of-care devices, increasing technological innovations and the rise in the prevalence of chronic and acute diseases worldwide.

Globally, the major players in the In Vitro Diagnostics Market include BioMérieux, Danaher Corporation, Roche Diagnostics, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Abbott Laboratories, Bayer AG, Arkray, Inc., Sysmex Corporation, Johnson & Johnson, and Siemens AG.

Global In Vitro Diagnostics Market Trends

As per DataM estimates, North America is anticipated to hold the largest share of the global In Vitro Diagnostics market during the forecast period.

The market is propelled by the escalating incidence of different diseases and growing consumer awareness regarding diagnosis. The market's growth is additionally bolstered by advancements such as portable and point-of-care testing equipment.

Key market drivers include the rising demand for personalized medicine, the increasing development of point-of-care devices, technological advancements, and the prevalence of chronic and acute diseases worldwide.

Personalized medicine enhances access to and clinical development of various diagnostic procedures. While personalized medicine is still in its early stages compared to conventional medical treatments, an increasing number of companies are now providing personalized medicine. The field of cancer diagnosis stands out prominently for personalized medicines.

The in-vitro diagnostics market in North America is projected to reach a significant value by 2029, starting from an initial value of US$ 21.54 billion in 2018. The market is experiencing a steady growth rate with a CAGR of 4.2% during the forecast period from 2023 to 2030. North America stands as a major region for the IVD Diagnostics market.

To read more about the latest highlights related to the In Vitro Diagnostics market, get a snapshot of the key highlights entailed in the Global In Vitro Diagnostics Market Report

In Vitro Diagnostics Market Segmentation

SegmentSub-segment
By Technique
  • Immunoassays
  • POC Diagnostics
  • Molecular Diagnostics
  • Others
By Application
  • Infectious Diseases
  • Cancer/Oncology
  • Nephrology
  • Others
By End-user
  • Laboratories
  • Hospitals
  • Academies
  • Others

North America Dominates the In Vitro Diagnostics Market

North America In Vitro Diagnostics Market has the Largest Share of the Global Market

The in-vitro diagnostics market in North America is projected to reach a significant value by 2029, starting from an initial value of US$ 21.54 billion in 2018. The market is experiencing a steady growth rate with a CAGR of 4.2% during the forecast period from 2023 to 2030. North America stands as a major region for the IVD Diagnostics market.

Within North America, the United States holds the majority share, accounting for 91% of the total regional market. Canada and Mexico follow with the highest shares. The IVD instruments market in North America is witnessing significant growth, driven by factors such as the increasing aging population and the high prevalence of chronic and infectious diseases.

Additionally, heightened awareness among the population has led to more individuals in the United States undergoing regular tests and check-ups, thereby driving the sales of IVD products in the country.

To know more about why North America is leading the market growth in the In Vitro Diagnostics market, get a snapshot of the market here.

In Vitro Diagnostics Market Challenges

Market restraints include the impact of increasing price pressures, limited budgets, and reduced reimbursements. The growth of the IVD market is hampered globally due to inadequate reimbursement policies for diagnostic testing. Reimbursement policies for diagnostic testing vary across different regions and are generally declining.

Get a sneak peek at the In Vitro Diagnostics Market dynamics for a better understanding.

MetricsDetails
CAGR4.2%
Size Available for Years2021-2030
Forecast Period2023-2030
Data AvailabilityValue (US$)
Segments CoveredType, Application, End-User and Region
Regions CoveredNorth America, Europe, Asia-Pacific, South America and Middle East & Africa
Fastest Growing RegionAsia-Pacific
Largest RegionNorth America
Report Insights CoveredCompetitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.

Know the competitive analysis among the key players of the In Vitro Diagnostics Market as they are set to emerge as trendsetters in the industry.

Table of Contents

1Report Methodology and Scope
2Report Definition and Overview
3Executive Summary
4Market Dynamics
5Industry Factors
6COVID-19 Analysis
7In Vitro Diagnostics Market Segments and Region
8Global Company Share Analysis – 10 Key Companies
9In Vitro Diagnostics Market Company and Product Profiles
10About DataM

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