Redding, California, May 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘In Vitro Diagnostics Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach (Lab, POC) - Global Forecast to 2030’, published by Meticulous Research®, the In Vitro diagnostics Market is expected to register a CAGR of 4.6% from 2023 to reach $130.1 billion by 2030.
The burden of infectious diseases across the globe has increased in the past few years. For example, as of July 2021, an estimated 58 million people had chronic hepatitis C virus infection globally, with about 1.5 million new infections recorded yearly (Source: WHO). The growing prevalence of hepatitis C is driving the global demand for IVD kits for hepatitis testing. For instance, in the U.S., the incidence of acute hepatitis C infections increased by 284% from 2011 to 2020, boosting the demand for hepatitis C testing in the country. Thus, the increasing prevalence of infectious diseases across the globe significantly increases the demand for the diagnosis of these specific diseases, which is expected to drive the IVD market during the forecast period.
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Rising Awareness Regarding Early Disease Diagnosis Drives the In Vitro Diagnostics Market
Early diagnosis of infectious diseases leads to better treatment and future care. It helps healthcare professionals and patients make important medical decisions regarding care and support. There is a growing awareness about early disease diagnosis due to its advantages. Diagnosing a disease in its early stages can help patients save on treatment costs. For instance, according to the WHO, studies conducted in some high-income countries revealed that treating cancer patients who were diagnosed early is 2 to 4 times less expensive. Additionally, early diagnosis can be lifesaving for patients with critical diseases such as cancer.
Laboratory examination is one of the most effective and popularly practiced testing techniques for disease diagnosis. Immunoassays, biochemical characterization, polymerase chain reaction, isothermal nucleic acid amplification, and next-generation sequencing are performed to identify a comprehensive range of chronic and infectious diseases. Organizations are undertaking initiatives to promote early diagnosis and prevent/eradicate mortalities associated with infectious diseases. For instance, in June 2022, Illumina, Inc. (U.S.) and Ochsner Health System (U.S.) launched new initiatives and offered multi-cancer early detection tests to patients at risk of cancer. These initiatives, coupled with the rising awareness of early disease diagnosis, are expected to drive the IVD market.
One of the key industry trends in the IVD market is partnerships, collaborations, and agreements. Developing faster, more sensitive, user-friendly testing kits is a current market requirement. Thus, the players in the IVD market are either partnering or collaborating with or acquiring other players for their respective complementing technologies. For instance, in January 2022, Becton, Dickinson and Company (U.S.) acquired Cytognos, S.L. (Spain), a company specializing in flow cytometry for blood cancer diagnosis, which accelerated accelerates BD's strategy to support chronic disease management by expanding its portfolio of blood cancer diagnostics, immune assessment tests and informatics.
The global in vitro diagnostics market is segmented by offering [{reagents & kits, systems, and software & services), technology {molecular diagnostics (polymerase chain reaction (PCR), hybridization, isothermal nucleic acid amplification technology, DNA sequencing & next-generation sequencing, microarray, mass spectrometry, other molecular diagnostic technologies) Point-of-Care (PoC) diagnostics (lateral flow assays/rapid tests, PoC molecular diagnostics, other PoC products), immunoassay/immunochemistry (enzyme-linked immunosorbent assays (ELISA), enzyme-linked immunospot assays, western blotting, radioimmunoassay), biochemistry/clinical chemistry (metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, thyroid function panels), whole blood glucose monitoring, microbiology, hematology, coagulation/hemostasis, urinalysis, and other IVD technologies}, application {infectious diseases (COVID-19 testing, sexually transmitted diseases (STD) testing, healthcare-associated infections (HAIs), hepatitis, HIV, tropical diseases, influenza, respiratory infections (excluding influenza), other infectious diseases), oncology, diabetes, cardiology, nephrology, autoimmune disorders, and other applications), diagnostic approach {laboratory testing, OTC/self-testing, and Point-of-Care testing}, end user {diagnostic laboratories, hospitals & clinics, home healthcare, and other end users}], and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
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Based on offering, the reagents & kits segment is expected to register the fastest growth during the forecast period. Factors such as rising awareness of rapid POC tests and increasing use of IVD kits and reagents to diagnose diseases in less time and cost support market growth. In addition, the frequent use of assays & kits in the detection of various chronic diseases, commercial availability of a diverse range of reagents, and increasing demand for COVID-19 testing products are driving the growth of this segment.
Based on technology, in 2023, the molecular diagnostics segment is expected to account for the largest share of the global in vitro diagnostics market. Molecular diagnostics is a highly sensitive method that allows the detection of infectious agents. Factors such as technological advancements in systems and the high prevalence of infectious diseases, application to treatment guidance, and monitoring for viral screening and detection are driving the growth of this market.
Based on diagnostic approach, the lab testing segment is expected to account for the largest share of the in vitro diagnostics market in 2023. The large market share of this segment is primarily attributed to its higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program. However, the OTC/self-testing segment is expected to register the highest CAGR during the forecast period. The over-the-counter (OTC)/self-testing kits are diagnostic tests that can be purchased from any pharmacy store and used by the patient. These tests can give quick results and can be taken from anywhere. Self-testing can help reduce the burden on health workers and the healthcare system.
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Based on application, the infectious diseases segment is expected to account for the largest share of the global in vitro diagnostics (IVD) market in 2023. Infectious diseases are transmissible or communicable illnesses that can spread quickly across the masses. It is crucial to accurately diagnose infections to prevent further spread. Due to the rising prevalence of infectious diseases, government initiatives to promote awareness and testing and emerging outbreaks of infectious diseases worldwide drive the largest share of this segment.
Based on end user, in 2023, the diagnostics laboratories segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of this segment is primarily attributed to the rising laboratory automation, availability of well-equipped systems, lack of skilled labor, growing prevalence of infectious diseases, and rising government initiatives. However, the hospitals & clinics segment is expected to register the highest CAGR during the forecast period. A hospital lab consists of various sections for testing, focusing on methods or techniques for investigating the sample specimens. Diagnostic testing services are an essential part of clinical pathways. Further, hospitals being the primary point of contact for healthcare services coupled with high patient inflows at hospitals & clinics and subsequent increase in the volume of testing carried out in hospitals and clinics are the factors supporting the largest share.
Based on geography, in 2023, North America is expected to account for the largest share of the global in vitro diagnostics (IVD) market. The rising prevalence of various chronic and infectious diseases, increasing awareness regarding early disease diagnosis, growing adoption of advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced development diagnostic technologies are the factors driving the largest market share of the global in vitro diagnostics (IVD) market in North America. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific IVD market are increasing investments by healthcare providers towards diagnostics infrastructure improvement, the growing burden of chronic and infectious diseases, the rising geriatric population, the growing accessibility to healthcare services, and the increasing number of hospitals & clinics.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past years (2020–2023). Some of the key players operating in the global In Vitro diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnostica (Brazil), Wiener Laboratorios SAIC (Argentina), Ortho-Clinical Diagnostics, Inc. (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).
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Scope of the Report:
In Vitro Diagnostics Market Assessment, by Offering
- Reagents & Kits
- Instruments
- Software & Services
In Vitro Diagnostics Market Assessment, by Technology
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR)
- Hybridization
- Isothermal Nucleic Acid Amplification Technology
- DNA Sequencing & Next-Generation Sequencing
- Microarrays
- Mass Spectrometry
- Other Molecular Diagnostic Technologies
(Other Molecular Diagnostic Technologies majorly include electrophoresis, Ligase Chain Reaction (LCR), Northern Blot, and Southern Blot)
- Point of Care (POC) Diagnostics
- Lateral Flow Assays/Rapid Tests
- POC Molecular Diagnostics
- Other PoC Products
- Immunoassay/Immunochemistry
- Enzyme-linked Immunosorbent Assays (ELISA)
- Enzyme-linked Immunospot Assays (ELISPOT)
- Western Blotting
- Radioimmunoassay
- Biochemistry/Clinical Chemistry
- Metabolic Panel
- Electrolyte Panel
- Liver Panel
- Lipid Profile
- Renal Profile
- Thyroid Function Panel
- Whole Blood Glucose Monitoring
- Microbiology
- Hematology
- Coagulation/Hemostasis
- Urinalysis
- Other IVD Technologies
(Other IVD technologies comprise anatomical pathology, histochemistry, and loop-mediated amplification).
In Vitro Diagnostics Market Assessment, by Application
- Infectious Diseases
- COVID-19 Testing
- Sexually Transmitted Diseases (STD) Testing
- Healthcare-associated Infections (HAIs)
- Hepatitis
- HIV
- Tropical Diseases
- Respiratory Infections (Excluding Influenza)
- Influenza
- Other Infectious Diseases
- Oncology
- Diabetes
- Cardiology
- Nephrology
- Autoimmune Disorders
- Other Applications
(Other applications comprise drugs of abuse tests, coagulation tests, neonatal testing, genetic testing, and neurological disorders testing).
(Other infectious diseases include congenital infections, meningitis, norovirus (stomach flu), hand, foot, and mouth disease (HFMD), and pertussis).
In Vitro Diagnostics Market Assessment, by Diagnostic Approach
- Laboratory Testing
- OTC/Self-testing
- Point-of-Care Testing
In Vitro Diagnostics Market Assessment, by End User
- Diagnostic Laboratories
- Hospitals & Clinics
- Home Healthcare
- Other End Users
(Other end users comprise nursing homes, academic & research institutes, ambulatory care centers, and transfusion laboratories.)
In Vitro Diagnostics Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East
- Saudi Arabia
- Rest of Middle East
- Africa
- South Africa
- Rest of Africa
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