New York, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- In-vitro diagnostics, or IVD, are medical devices and reagents used to examine body fluids and tissues to diagnose diseases, conditions, and infections. In-vitro diagnostics use PCR, microarrays, sequencing, and mass spectrometry. According to Straits Research, “The global in-vitro diagnostics market size was valued at USD 73,707.9 million in 2021. It is expected to reach USD 116,320.35 million by 2030, growing at a CAGR of 5.2% during the forecast period (2022–2030),”
In the current economy, chronic diseases like TB, cancer, CVD, and diabetes have increased. Increased disease prevalence is expected to drive demand for diagnostic devices, which drives the vitro diagnostics market. Heart disease and diabetes increase the demand for in vitro diagnostics: genetics, lifestyle, and diet cause diabetes and obesity. According to the American Diabetes Association, smoking, alcohol, refined carbohydrates (white rice), decreased physical activity, inadequate nutrition, and a westernized diet and lifestyle contribute to the diabetes epidemic. Urine samples can be placed on test sticks and used at home. A mouth swab with a diagnostic device can be used to perform an HIV test at home. Digital pathology is one recent advancement in conventional methods. Pathology lab diagnostics use cutting-edge digital instruments. Digital pathology requires glass slides. Digital pathology solutions turn glass slides into digital ones.
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Growth Opportunities
IVD tests are performed outside the patient's body, they are less complicated methods for testing a sample. IVD tests are currently performed in public hospitals; however, as hospitals increasingly contract out their pathology work to private laboratories, the role of private laboratories has grown. Outsourcing these tests to laboratories is a current trend in Germany, and it is expected to continue for some time. Private labs and international laboratory chains are introducing new regulations in emerging markets where they operate to expand their networks in various regions. Advancements in IVD's conventional technologies are driving market growth. These developments boost the global in-vitro diagnostics market.
Regional Analysis
North America is the highest revenue contributor, growing with a CAGR of 3.5% during the forecast period. This is partly because of a large patient population and the early adoption of advanced IVD techniques for disease diagnosis. A large aging population in North America has led to steady growth in the in-vitro diagnostics market. Growth in infectious and chronic diseases is a significant factor in the North America In-vitro diagnostics market. As a result, rising cancer rates are expected to fuel the expansion of this industry in the region. In addition, the market's expansion is aided by significant efforts to raise awareness about the importance of early cancer detection.
Asia-Pacific is the second-largest contributor to the market and is estimated to reach around USD 36,799.92 million at a CAGR of 8.1% during the forecast period. An increasing number of elderly residents in the area is an important growth factor for the market. Chronic diseases like cancer are becoming more common among the elderly, which explains the rise in the number of people in their golden years—the market for in vitro diagnostics. In addition, rising healthcare costs and advances in cancer screening technology are expected to boost the market over the next few years.
Key Highlights
- Based on the product, the global in-vitro diagnostics market has been categorized into reagents, instruments, and services & software. The reagents segment is the highest contributor to the market, growing at a CAGR of 4.3% during the forecast period.
- Based on the application, the global in-vitro diagnostics market has been categorized into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, and gastrointestinal diseases. The Infectious diseases segment is the highest contributor to the market, growing at a CAGR of 6.7% during the forecast period.
- Based on the End-user type, the global in-vitro diagnostics market has been categorized into standalone laboratories, hospitals, academics & medical schools, and point-of-care. The standalone laboratories segment is the highest contributor to the market, growing at a CAGR of 4.3% during the forecast period.
- North America is the highest revenue contributor, growing with a CAGR of 3.5% during the forecast period.
Competitive Analysis
Key players in the global in-vitro diagnostics market are Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
Market News
- May 2022- Abbott And Women As One Partner To Help More Underrepresented Physicians Lead Clinical Trials.
- May 2022- Abbott Obtains Fda Clearance For First Test That Simultaneously Detects Four Common Sexually Transmitted Infections (STIs) As Cases Are On The Rise.
Global In-Vitro Diagnostics Market: Segmentation
By Product & service
- Reagents
- Instruments
- Software and Services
By Technique
- Immunodiagnostics
- Hematology
- Molecular Diagnostics
- Tissue Diagnostics
- Clinical Chemistry
By Application
- Infectious Diseases
- Cancer
- Cardiac Diseases
- Immune System Disorders
- Nephrological Diseases
- Gastrointestinal Diseases46
By End User
- Standalone Laboratories
- Hospitals
- Academic & Medical Schools
- Point-of-Care
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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