Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global in vitro diagnostics market is expected to register a CAGR of 4.6% from 2023 to 2030 to reach $130.1 billion by 2030.
The growth of the global in vitro diagnostics market is mainly attributed to the rising prevalence of chronic diseases coupled with the increasing geriatric population, rising prevalence of acute and chronic infectious diseases, increasing funding for research activities, growing awareness regarding early disease diagnosis, growing demand for point-of-care (POC) diagnostics and rapid diagnosis, rising healthcare expenditure, and increasing funding for research activities.
Moreover, the inclination of emerging economies toward personalized medicine and advancements in genomics & proteomics offer significant growth opportunities for the players operating in this market.
Based on offering, the reagents & kits segment is expected to grow with the fastest growth during the forecast period owing to its advantages as it can detect several markers simultaneously, which is useful for detecting complex diseases. Its technological superiority and the ability to facilitate chemical reactions further support the growth of this segment.
Based on the technology, in 2023, the molecular diagnostics segment is expected to account for the largest share of the market. The largest share of the segment attributed to its improved specificity, cost-savings and enhanced throughput when automated, minimizing the false positive test results by targeting specific molecules, as well as improved diagnosis of infections such as orthopedic infections.
Based on diagnostic approach, the laboratory testing segment is expected to account for the largest share of the market. Lab testing is a traditional approach in which the clinician takes a sample from the patient and sends it to the laboratory for processing and testing. Factors such as low costs of tests, highly sensitive analyzers, more accuracy and reliability, and accessibility & availability of multiple IVD tests support the largest share of the segment.
Based on application, in 2023, the infectious diseases segment is expected to account for the largest share of the global in vitro diagnostics (IVD) market owing to the high prevalence of infectious diseases, government initiatives to promote awareness and testing, and emerging outbreaks of infectious diseases around the world.
Based on end user, the hospitals & clinics segment is expected to grow with the highest CAGR during the forecast period. Patient inflows at hospitals & clinics and subsequent increase in the volume of testing carried out in hospitals and clinics due to the outbreak of COVID-19 support the growth of this segment.
In 2023, North America is estimated to account for the largest share of the IVD market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The high prevalence of chronic and infectious diseases, high awareness regarding early disease diagnosis, high adoption of advanced diagnostic products, and presence of funding coupled with novel developments in diagnostic technologies support the large share of this market.
Market Dynamics
Drivers
- Rising Prevalence of Chronic Diseases Coupled With the Increasing Geriatric Population
- Rising Prevalence of Infectious Diseases
- Growing Demand for Point-of-Care (PoC) and Rapid Diagnostics
- Rising Awareness Regarding Early Disease Diagnosis
- Rising Healthcare Expenditures
- Increasing Funding for Research Activities
Restraints
- Stringent Technical Requirements and Regulatory Processes for High/Moderate-Complexity Tests
- Variance in Test Results Observed in Rapid IVD Tests
Opportunities
- Emerging Economies
- Increasing Inclination Toward Personalized Medicine
- Advancements in Genomics and Proteomics
Challenges
- Evolving Regulatory Landscape
Technology Trends
- Integration of Artificial Intelligence & Machine Learning in Molecular Diagnostics
- Development of Smartphone-based Detection Platforms for Rapid Diagnostic Tests
- Increasing Applications of Next-generation Sequencing Technology
Company Profiles
- Abbott Laboratories (U.S.)
- Becton Dickinson and Company (U.S.)
- bioMerieux 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)
- QuidelOrtho Corporation (U.S.)
- Agilent Technologies Inc. (U.S.)
- DiaSorin S.p.A. (Italy).
Scope of the Report:
Global In Vitro Diagnostics Market Assessment - by Offering
- Reagents & Kits
- Instruments
- Software & Services
Global 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
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
Global 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
Global In Vitro Diagnostics Market Assessment - by Diagnostic Approach
- Laboratory Testing
- OTC/Self-testing
- Point-of-Care Testing
Global In Vitro Diagnostics Market Assessment - by End User
- Diagnostic Laboratories
- Hospitals & Clinics
- Home Healthcare
- Other End Users
Global 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
For more information about this report visit https://www.researchandmarkets.com/r/3pbal3
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