Pune, India, June 06, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global In vitro Diagnostics Market size was valued at USD 94.67 billion in 2022 and is projected to grow from USD 97.12 billion in 2023 to USD 157.02 billion by 2030, exhibiting a CAGR of 7.1% during the forecast period. In-Vitro Diagnostics (IVD) play a vital role in the early detection of a wide range of infectious and chronic diseases, which can significantly improve a patient’s survival rate. As per the British In-Vitro Diagnostic Association, these tests can influence nearly 70% of all clinical decisions. Such factors will boost the in-vitro diagnostics market growth.
Fortune Business Insights™ displays this information in a report titled, "Global In-Vitro Diagnostics Market, 2023-2030."
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Key Industry Development:
September 2022 - Takara Bio Europe announced its partnership with BioeXsen GmbH to distribute in-vitro diagnostics solutions to detect common pathogens found in respiratory tract infections with the help of a qPCR test.
Key Takeaways:
- Increasing research and government funding are supporting the development of innovative products that further propel the market growth.
- The increasing adoption of point-of-care testing devices and rising prevalence of chronic diseases are major factors driving the market growth.
- The market in North America was valued at USD 36.77 billion in 2022.
- The market is estimated to record the highest CAGR over the forecast period.
Discover the Leading Players Featured in the Report:
“Companies leading the global In vitro diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Siemens Healthineers AG (Germany), BD (Becton, Dickinson, and Company) (U.S.), Seegene Inc. (Republic of Korea), DiaSorin S.p.A. (Italy), Quest Diagnostics Incorporated (U.S.), Bio-Rad Laboratories, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.1% |
| 2030 Value Projection | USD 157.02 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 97.12 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 290 |
| Segments covered | By Product Type, Technique, Setting, Application, End-user, and Region |
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Drivers and Restraints:
High Burden of Chronic Ailments to Boost Market Growth
The incidence of several chronic diseases, such as cardiovascular, genetic, and neurological ailments are burdening the global healthcare systems. The usage of IVDs to diagnose these diseases at an early stage can enable doctors to work on a wide range of treatments effectively. According to a September 2022 factsheet presented by the WHO, Non-Communicable Diseases (NCDs) accounted for nearly 41 million deaths globally. These factors will increase the product usage.
However, high instrument cost can hinder the market growth in developing countries.
Segments:
Growing Production of Innovative Products to Boost the Demand for Reagents & Consumables
Based on product type, the market is segmented into instruments and reagents & consumables. The reagents & consumables segment held the dominant market share in 2022 due to notable surge in the adoption of POC tests, self-testing kits, and many other advanced solutions in in-vitro diagnosis.
Rising Incidence of Infectious Diseases to Accelerate Adoption of Molecular Diagnostic Devices
Based on technique, the market is segmented into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, and others. The molecular diagnostics segment is expected to capture the largest share of the market during the forecast period as the incidence of infectious diseases is rising across the globe.
Growing Demand for Specialized Tests to Boost Product Usage in Laboratories
In terms of setting, the market is segmented into point-of-care and laboratories. The laboratories segment captured a dominating market share in 2022 as the demand for specialized and sensitive diagnostic tests is rising. These tests can only be carried out in laboratories with the help of highly trained medical staff.
Rising Cases of Infectious Diseases to Expand IVD Application Areas
In terms of application, the market is divided into cardiology, infectious diseases, gastroenterology, oncology, and others. The infectious disease segment accounted for the largest share in the market in 2022 due to the rising prevalence of these ailments across the world.
Clinical Laboratories to Increase Use of IVDs to Keep Up with Rising Testing Volume
Based on end-user, the market is divided into clinical laboratories, physician's offices, hospitals, and others. The clinical laboratories segment held a dominant share of the market in 2022 as the total volume of diagnostics procedures being carried out at these medical centers is growing at a notable rate each year.
The market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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Market Segmentation:
By Product Type
- Instruments
- Reagents & Consumables
By Technique
- Immunodiagnostics
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Others
By Setting
- Laboratories
- Point-of-Care
By Application
- Infectious Diseases
- Cardiology
- Oncology
- Gastroenterology
- Others
By End-user
- Clinical Laboratories
- Hospitals
- Physician’s Offices
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
Presence of Major Companies and Favorable Policies to Boost the North America Market
The North America market is expected to hold a dominant position in the global in-vitro diagnostics market share during the forecast period. Some of the leading factors contributing to the region’s strong growth in this industry include presence of major players, rollout of favorable reimbursement policies, adoption of innovative diagnostic methods, and a robust diagnostic infrastructure.
Europe is predicted to account for the second-largest market share due to a well-established medical infrastructure, growing healthcare expenditure, and growing incidence of chronic diseases.
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FAQ’s
How big is the in-vitro diagnostics market?
The in-vitro diagnostics market size was USD 94.67 billion in 2022. It is expected to reach USD 157.02 billion by 2030.
How fast is the in-vitro diagnostics market growing?
The in-vitro diagnostics market will exhibit a CAGR of 7.1% during the forecast period, 2023-2030.
Related Reports:
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Immunodiagnostics Market Size, Industry Share, Revenue and Forecast
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Hematology Diagnostics Market Size, Share, Opportunities & Analysis
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