Chicago, April 16, 2024 (GLOBE NEWSWIRE) -- In Vitro Diagnostics market in terms of revenue was estimated to be worth $85.2 billion in 2024 and is poised to reach $119.4 billion by 2029, growing at a CAGR of 6.9% from 2024 to 2029 according to a latest report published by MarketsandMarkets™. Factors such as increasing geriatric population and subsequent rise in chronic & infectious diseases, gradual shift from centralized testing to point-of-care testing, and rising adoption of automated analyzers are driving the growth of the in vitro diagnostics market globally.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=703
In Vitro Diagnostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2024 | $85.2 billion |
| Estimated Value by 2029 | $119.4 billion |
| Growth Rate | Poised to grow at a CAGR of 6.9% |
| Market Size Available for | 2021–2029 |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Specimen, Technology, Test Type, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC Countries |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities in emerging markets |
| Key Market Driver | Increasing geriatric population and subsequent rise in chronic & infectious diseases |
IVD tests are non-invasive diagnostic procedures used to evaluate various stages and diagnose, screen, and detect for diseases. These tests are carried out on biological samples in a controlled setting. IVD is a vast area that includes anything from complex technologies used in clinical laboratories to simple, patient-friendly quick testing kits.
With the growing awareness regarding the advantage of personalized medicine, the need for in vitro diagnostic testing is anticipated to increase during the forecast period. The move towards prevention, coupled with the advancements in IVD technologies, allows healthcare providers to proactively identify potential health risks in individuals before the onset of symptoms. Early detection & intervention strategies, facilitated by sophisticated diagnostic tools, can contribute to effective disease management and improved patient outcomes.
The in vitro diagnostics market is segmented based on product & service into reagents & kits, instruments, and data management software and services. The reagents & kits segment account for the largest share in the IVD market. The large share of the reagents & kits segment can be attributed to their wide-spread use across all forms of tests (both lab based as well as rapid test kits).
Based on technology, the IVD market is segmented into immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and chromatography & mass spectrometry. The immunoassays segment account for the largest share of the IVD market. Since immunoassays are very specific and economical when it comes to identifying molecules that other methods are unable to detect, they are often used in in vitro diagnostics.
Based on specimen, the IVD market is segmented into blood, serum, and plasma, urine, saliva, and other specimens. The blood, serum, and plasma segment accounted for the largest share in the IVD market in 2023. The significant share of the segment can be attributed to the growing number of blood donations.
Based on test type, the IVD market has been segmented into laboratory tests and PoC tests. In 2023, the laboratory tests segment accounted for a larger share of the IVD market. This can be attributed to factors such as the increasing need for automation. Also, laboratory tests generally have higher sensitivity and specificity compared to PoC tests which is inducing growth of this segment.
Based on application, the in vitro diagnostics market is segmented into infectious diseases, oncology, endocrinology, cardiology, blood screening, genetic testing, autoimmune diseases, allergy diagnostics, drug monitoring & testing , bone & mineral disorders, coagulation testing, blood group typing, and other applications. The infectious diaseases segment is accounted for the larger share in the IVD market in 2023. The growing need for efficient diagnostic tools for infectious diseases and their increasing prevalence are the main reasons for this segment's expansion.
Based on end user, the IVD market is segmented into hospital & clinics, clinical laboratories, blood banks, home care settings, pharmaceutical & biotechnology companies, academic institutes, and other end users. Hospital & clinics segment account for the largest share of the IVD market. Hospital laboratories are adopting and using in vitro diagnostic tests more frequently as a result of an increase in hospitalizations for infectious diseases which is propelling the market expansion.
The global in vitro diagnostics market is segmented into six major regions—North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the GCC Countries. The Asia Pacific market is estimated to experience the highest CAGR during the forecast period. Growth in this region can be attributed to the rising demand for better healthcare services, increasing incidence of chronic & infectious diseases, rapid development in the healthcare infrastructure of emerging markets, and the growing investments toward R&D focusing on early disease detection and cure.
Buy an In Vitro Diagnostics Industry Report (661 Pages PDF with Insightful Charts, Tables, and Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=703
In Vitro Diagnostics market major players covered in the report, such as:
- Roche Diagnostics (Switzerland)
- Danaher Corporation (US)
- Abbott Laboratories (US)
- Siemens Healthineers (Germany)
- Sysmex Corporation (Japan)
- Thermo Fisher Scientific, Inc. (US)
- Becton, Dickinson and Company (US)
- bioMérieux SA (France)
- Bio-Rad Laboratories, Inc. (US)
- Agilent Technologies, Inc. (US)
- Qiagen N.V. (Netherlands)
- QuidelOrtho Corporation (US)
- DiaSorin S.p.A. (Italy)
- Illumina, Inc. (US)
- Hologic, Inc. (US)
- Revvity (US)
- Griffols (Spain)
- Werfen (Spain)
- Devyser (Sweden)
- Chembio Diagnostics, Inc. (US)
- Surmodics, Inc. (US)
- Menarini Silicon Biosystems (Italy)
- SpeeDx Pty. Ltd. (Australia)
- GENSPEED Biotech GmbH (Austria)
- Accelerate Diagnostics, Inc. (US)
- Merck KGaA (Germany)
- Caris Life Sciences, Inc (US)
- Cellabs (Australia)
- J. Mitra & Co. Pvt. Ltd. (India)
- Epitope Diagnostics (US)
- Boster Biological Technology (US)
- Enzo Biochem (US)
- Genetic Signatures (Australia)
- Savyon Diagnostics (Israel)
- Trivitron Healthcare (India)
- mdxhealth (Belgium)
- Creative Diagnostics (US)
- InBios International, Inc. (US)
- Maccura Biotechnology Co., Ltd. (China)
- Vela Diagnostics (Singapore)
- ARKRAY, Inc. (Japan)
- and Among Others
Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=703
This research report categorizes the In Vitro Diagnostics Market into the following segments and subsegments:
Regional Split
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- GCC Countries
Product & Service Split
- Reagents & Kits
- Instruments
- Data Management Software and Services
Technology Split
- Immunoassays
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Microbiology
- Coagulation & Hemostasis
- Urinalysis
- Chromatography & Mass Spectrometry
Specimen Split
- Blood, Serum, and Plasma
- Saliva
- Urine
- Other Specimens
Application Split
- Infectious Diseases
- Oncology
- Endocrinology
- Cardiology
- Blood Screening
- Genetic Testing
- Autoimmune Diseases
- Allergy Diagnostics
- Drug Monitoring & Testing
- Bone & Mineral Disorders
- Coagulation Testing
- Blood Group Typing
- Other Applications
End User Split
- Hospital & Clinics
- Clinical Laboratories
- Blood Banks
- Home Care Settings
- Pharmaceutical & Biotechnology Companies
- Academic InstitutesOther End Users
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=703
Key Market Stakeholders:
- IVD Instrument Manufacturers
- Hospitals and Clinics
- Research Institutes
- Distributors of IVD Products
Report Objectives:
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the in vitro diagnostics market by product & service, by specimen, by technology, by test type, application, end user, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall IVD market
- To forecast the size of the in vitro diagnostics market in six main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, Latin America, Middle East & Africa, and GCC Countries.
- To profile key players in the IVD market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as product launches and approvals; expansions; and collaborations, of the leading players in the in vitro diagnostics market
- To benchmark players within the IVD market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Related Reports:
Contract Research Organization Services Market
In Vitro Diagnostics (IVD) Quality Control Market
Preimplantation Genetic Testing Market
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/ivd-in-vitro-diagnostics-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/ivd-in-vitro-diagnostics.asp
