Austin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- “According to S&S Insider, The Global In Vitro Diagnostics (IVD) market size valued at USD 83.04 billion in 2023 and is expected to reach USD 126.6 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.8% over the forecast period from 2024 to 2032.”
The demand for in vitro diagnostics (IVD) is on the rise due to several factors influencing the healthcare landscape. With healthcare systems around the world grappling with increasing patient volumes and the complexities of various diseases, reliable diagnostic tools have become more crucial than ever. The growing aging population and the rising prevalence of chronic diseases are prompting healthcare providers to seek innovative solutions that improve diagnostic accuracy and patient outcomes. The integration of advanced technologies such as artificial intelligence, machine learning, and digital health platforms into IVD products is revolutionizing the diagnostics field. For instance, A report suggests that over 50% of laboratories are already using AI and machine learning tools in their diagnostic processes, significantly enhancing analytical capabilities. These technological advancements enable faster and more accurate analyses, essential for effective disease management. Additionally, the increasing popularity of home healthcare and point-of-care testing (POCT) solutions is driving market growth as patients demand more convenient testing options. The COVID-19 pandemic has further underscored the importance of IVD technologies in managing infectious diseases, accelerating their adoption across healthcare settings.
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Government initiatives focused on improving healthcare infrastructure and investing in research and development for diagnostics are also key drivers of the IVD market. Many governments are boosting investments in healthcare technology to enhance health outcomes, thereby increasing the demand for innovative IVD solutions. The IVD market is poised for significant growth opportunities, fueled by technological innovations and evolving healthcare needs. A major factor contributing to new growth avenues is the focus on personalized medicine. As precision medicine gains popularity, IVD solutions that provide specific genetic, molecular, and biochemical information are becoming vital for creating tailored treatment plans.
Moreover, the expansion of the global healthcare market offers numerous opportunities for IVD manufacturers. Emerging markets, especially in Asia-Pacific and Latin America, are witnessing a surge in demand for advanced diagnostic tools as their healthcare systems adapt to better serve their populations. As these regions enhance their healthcare infrastructure, the need for in vitro diagnostic solutions is expected to increase substantially.
Key In Vitro Diagnostics (IVD) Companies Profiled:
- Abbott
- bioMérieux SA
- QuidelOrtho Corporation
- Siemens Healthineers AG
- Bio-Rad Laboratories Inc.
- Qiagen
- Sysmex Corporation
- Charles River Laboratories
- Quest Diagnostics Incorporated
- Agilent Technologies Inc.
- Danaher Corporation
- BD
- F. Hoffmann-La Roche Ltd.
- Seegene Inc.
- DiaSorin S.p.A.
In Vitro Diagnostics (IVD) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 83.04 Billion |
| Market Size by 2032 | US$ 126.6 Billion |
| CAGR | CAGR of 4.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
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Segmentation Analysis
By Technology
In 2023, the immunoassay segment led the market. The rising incidence of chronic and communicable diseases, along with a growing demand for early diagnosis, has significantly increased the need for immunological methods, especially various types of Enzyme-Linked Immunosorbent Assays (ELISAs). Additionally, top industry players are ramping up their research and development (R&D) efforts to create innovative immunological diagnostic tools and tests for in vitro diagnostics (IVD) applications. For instance, in October 2023, Sysmex Corporation partnered with Fujirebio Holdings, Inc. to strengthen their R&D, production, clinical development, and marketing initiatives in the immunoassay sector.
The coagulation segment is expected to experience the highest compound annual growth rate (CAGR) from 2024 to 2032, fueled by the rising prevalence of cardiovascular diseases, blood disorders, and autoimmune conditions. Moreover, advancements in devices, including handheld coagulation analyzers like the Xprecia Stride Coagulation Analyzer, are anticipated to enhance workflow efficiency for detection. Key players in the coagulation instruments and tests market comprise Abbott, Siemens Healthcare GmbH, and Beckman Coulter, Inc.
In Vitro Diagnostics (IVD) Market Key Segmentation:
By Product Type
- Instruments
- Reagents
- Consumables
By Technology
- Immunoassay
- Hematology
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation
- Microbiology
- Others
By Test Location
- Point of Care
- Home-care
- Others
By Application
- Infectious Diseases
- Diabetes
- Oncology
- Cardiology
- Nephrology
- Autoimmune Diseases
- Drug Testing
- Other applications
By End-user
- Hospitals
- Laboratory
- Home Care
- Others
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Regional Landscape
In 2023, North America dominated the market and represented 42.2% of the total market share. This region is expected to maintain its stronghold throughout the forecast period. Several factors contribute to North America's growth, including the rising incidence of chronic diseases, the presence of major industry players, the introduction of new diagnostic tests, and strong government support for healthcare initiatives. For instance, in January 2023, BD and CerTest Biotec received Emergency Use Authorization (EUA) from the U.S. FDA for a PCR-based test aimed at detecting the Mpox virus. Additionally, the increasing demand for genetic testing, particularly in diabetes and cancer for personalized healthcare, is projected to further drive market growth in North America in the coming years.
The Asia Pacific region is expected to witness significant growth from 2024 to 2032. This expansion is likely to be fueled by improving economic conditions, a rapidly expanding middle-class population, supportive government policies, and fast-paced urbanization. For example, in October 2023, Fapon and Halodoc collaborated to enhance the sales and services of in vitro diagnostic products in Indonesia. Furthermore, leaders in the Asia Pacific are increasingly interested in forming partnerships with local companies in developing nations to broaden their market presence throughout the region.
Recent Developments
In January 2024, F. Hoffmann-La Roche Ltd. finalized its acquisition of LumiraDx's point-of-care diagnostics platform for USD 295 million. This move enables Roche to utilize LumiraDx’s cutting-edge technology, thereby reinforcing its position in the point-of-care diagnostic market.
In December 2023, ARUP Laboratories partnered with Medicover to enhance diagnostic and healthcare services across Europe. Through this collaboration, ARUP Laboratories introduced the AAV5 DetectCDx, developed in partnership with BioMarin Pharmaceutical Inc., to help identify suitable therapies for patients with severe hemophilia A.
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