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
| Segment | Sub-segment |
| By Technique |
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| By Application |
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| By End-user |
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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.
| Metrics | Details |
| CAGR | 4.2% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive 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
| 1 | Report Methodology and Scope |
| 2 | Report Definition and Overview |
| 3 | Executive Summary |
| 4 | Market Dynamics |
| 5 | Industry Factors |
| 6 | COVID-19 Analysis |
| 7 | In Vitro Diagnostics Market Segments and Region |
| 8 | Global Company Share Analysis – 10 Key Companies |
| 9 | In Vitro Diagnostics Market Company and Product Profiles |
| 10 | About DataM |
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