In Vitro Diagnostics Market Size to Hit US$ 123.7 Bn by 2030

Ottawa, Jan. 03, 2022 (GLOBE NEWSWIRE) -- North America in vitro diagnostics (IVD) market size was valued US$ 29.22 billion in 2020 and expected to reach over US$ 40.43 billion by 2027. The tests that can detect disease, disorders, and infections are known as in vitro diagnostics (IVDs). In vitro testing can be performed in laboratories, hospitals, or even at home. They enable clinicians to accurately diagnose patients and work to give successful therapies.

The increase in the number of in vitro diagnostics tests, which is attributable to the rise in infectious and chronic illness events, is a major factor contributing to the in vitro diagnostics market’s growth. Moreover, the rise in geriatric population, which is more susceptible to immunological problems, is a crucial driver driving the market growth. Furthermore, the in vitro diagnostics market is expected to develop due to technological developments in in vitro diagnostics products and services. However, the market for in vitro diagnostics is expected to be constrained by severe government regulations and adverse reimbursement policies.

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Furthermore, the in vitro diagnostics market is rising as a result of the in vitro diagnostics market’s utilization of modern technology. The incorporation of modern technologies in the in vitro diagnostics platform, such as next generation sequencing (NGS) and molecular diagnostics is the driving factor for the market growth. In addition, the market is projected to be driven by launch of new products by key market players.

North America In Vitro Diagnostics Market Share, By Application, 2020 (%)

Regional Snapshot

North America is the largest segment for in vitro diagnostics market in terms of region. Due to the well-established healthcare industry and increased frequency of chronic disorders in the region, the North America is likely to enhance its market share in the future. Because of increased healthcare expenditures and the quick implementation of point of care testing, the U.S. controls the majority of the in vitro diagnostics market in the North American region.

Asia-Pacific region is the fastest growing region in the in vitro diagnostics market due to an increase in healthcare expenditure and the incidence of diabetes in the region. The other factors such as the large patient population of other chronic disorders that necessitate in vitro diagnostics testing, also contribute to the Asia-Pacific market’s growth.

In Asia Pacific region is expected to witness the fastest growth over the forecast period, with a CAGR of 6.2%, driven by increasing healthcare awareness and rising patients going for early diagnosis in the region along with high chronic disease prevalence.

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Market Dynamics

Drivers

Rising prevalence of chronic and infectious disorders

Infectious infections are becoming more common every year. As the number of cases of infectious disorders rises, the demand for in vitro diagnostics devices, tests, and consumables rises as well. The mini diagnostic systems have also grown in popularity, as this nano diagnostic devices offer more speedy and accurate medical diagnosis. Furthermore, these are disposable, portable, low cost, and simple to use technologies that will help the in vitro diagnostics market to grow during the forecast period.

Restraints

High cost of in vitro diagnostics devices

In vitro diagnostics products have advanced significantly in the last decade, with new products being adopted and new design modifications, among other things. However, the high cost of in vitro diagnostics devices, as well as the high cost of equipment maintenance, limits the market expansion. Furthermore, the functioning of in vitro diagnostics devices necessitates the use of trained personnel. As a result, the device’s maintenance costs rise, restricting the market’s overall expansion.

Opportunities

Rising geriatric population

According to the United Nations, the global population of people aged 60 and more is predicted to grow to 2.1 billion to 2050. The growing geriatric population in both developed and developing regions would have a positive outlook on the in vitro diagnostics market. The chronic disorders and infections are mostly observed in the elderly population.As a result, the rising geriatric population is creating lucrative opportunities for the growth of the in vitro diagnostics market during the forecast period.

Challenges

Unfavorable reimbursement scenario

The inadequate reimbursement is a key barrier to the in vitro diagnostics market’s expansion. Recently, Medicare in the U.S. changed the way it paid for various in vitro diagnostics testing, including molecular diagnostics. Thus, the unfavorable reimbursement is a huge challenge for the growth of in vitro diagnostics market.

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Report Highlights

• Based on the product type, the reagents and consumables segment is expected to have a significant revenue share due to the increased use of self-testing kits and other advanced products in in vitro diagnostics. One of the primary factors driving the demand for reagents and consumables is the rising number of research and development efforts for detecting many chronic diseases.
  
  
• Based on the technique, the molecular diagnostics segment is expected to have a significant revenue share due to rising demand for molecular diagnosis in infectious disorders. In addition, the availability of sophisticated techniques such as multiplex real time PCR has boosted demand for molecular diagnostics.
  
  
• By End-use, the hospital segment surpassed revenue share of 44% in 2020, owing to an increase in hospitalization as doctors require diagnostic interpretation for further treatment. The home care segment is anticipated to reach at a CAGR of 6.5%, due to the rising geriatric population and increasing demand for home care in vitro diagnostic devices.
  
  

By Product

• Reagents
• Instruments
• Services
  
  

By Technology

• Immunoassay
• Hematology
• Clinical Chemistry
• Molecular Diagnostics
• Coagulation
• Microbiology
• Others
  
  

By Application

• Diabetes
• Cardiology
• Nephrology
• Infectious Disease
• Oncology
• Drug Testing
• Autoimmune Diseases
• Others

By End User

• Standalone Laboratories
• Hospitals
• Academic & Medical Schools
• Point-of-Care
• Others
  
  

 By Regional

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
• Latin America

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