Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Global In Vitro Diagnostics (IVD) Market" report has been added to ResearchAndMarkets.com's offering.
Market Outlook
The global in vitro diagnostics (IVD) market is poised for significant expansion, with projections estimating a surge from USD 102.01 billion in 2023 to USD 217.82 billion by 2034. This remarkable growth trajectory, charting a Compound Annual Growth Rate (CAGR) of 7.14% during the forecast period from 2024 to 2034, is attributed to various key factors. These drivers include the increasing incidence of chronic diseases, the rise of personalized medicine, advancements in technology, escalated awareness and patient self-advocacy, growth in emerging markets owing to healthcare infrastructure development, and an emphasis on decentralized diagnostic testing.
Reagents and Kits Spearheading Market Revenue
In 2023, the reagents and kits segment emerged as the most lucrative in the global in vitro diagnostics market, thanks to continual innovation and the development of high-quality products tailored to a range of diagnostic procedures. Technological progress in molecular diagnostics and immunoassays has significantly contributed to this sector's dominance. Industry players like Abbott and bioMérieux, amongst others, have showcased advancements that signal robust market opportunities.
Surge in Technological Adoption
The immunoassay sector has maintained a substantial market share amidst various technological segments due to the heightened need for sensitive and specific diagnostic assays. Developments are particularly noted in the detection of infectious diseases and cancer biomarkers. Likewise, molecular diagnostics are expected to witness swift growth catalyzed by the expanding applications of nucleic acid testing and genomic technologies. This growth is anticipated to further permeate through areas emphasizing personalized medical treatments.
Application Across Disease Spectrums
Applications within infectious disease diagnostics have generated exceptional revenue within the IVD market, propelled by the rampant spread of communicable diseases and the continuing impact of the COVID-19 pandemic on testing demand. The oncology segment, however, is forecasted to undergo the quickest growth rate, as the global rise in cancer prevalence calls for advanced, individualized diagnostic solutions.
Hospitals Hold the Majority Share
When considering end-users, hospitals remain the most substantial revenue contributors within the global in vitro diagnostics market, with increased need correlating to a growing patient demographic and a surge in diagnostic test volumes. Not to be understated, the home care segment is also predicted to grow exponentially, influenced by the preference for decentralized and patient-focused care, paired with advancements in point-of-care (POC) testing.
Geographic Market Dynamics
The North American region holds a dominant position in the IVD market share, bolstered by a well-established healthcare framework, high rates of chronic diseases, and significant R&D investments. However, the Asia Pacific region is expected to outpace others in terms of growth rate, given its burgeoning healthcare infrastructure, increasing health awareness, and growing economic prosperity that is enhancing demand for diagnostic services.
The presented data provides an exhaustive analysis of the global and regional markets, offering benchmark insights for stakeholders and investors interested in the in vitro diagnostics industry. This expansive forecast through to 2034 encapsulates an era of transformative growth and innovation within the IVD sector, touching upon significant policy and technological shifts shaping healthcare diagnostics globally.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $102.01 Billion |
| Forecasted Market Value (USD) by 2034 | $217.82 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Companies Mentioned
- SciCan Ltd.
- Matachana Group
- The Clorox Company
- Cantel Medical Corp.
- Tuttnauer
- Systec GmbH
- Mocom Srl
- Runyes Medical.
For more information about this report visit https://www.researchandmarkets.com/r/rk3gvu
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
