In-vitro Diagnostics Market to be Worth $130.1 Billion by 2030

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Meticulous Research®—a leading global market research company, published a research report titled, ‘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.’  

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According to this latest publication from Meticulous Research®, the global in vitro diagnostics market is expected to register a CAGR of 4.6% from 2023 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. Further, emerging economies, increasing inclination toward personalized medicine, and advancements in genomics & proteomics offer significant growth opportunities for the players operating in this market. However, stringent technical requirements and regulatory processes for high/moderate-complexity tests and variance in test results observed in rapid IVD tests are expected to hinder the growth of this market. The evolving regulatory landscape poses a challenge for the global IVD market.

Key Players

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), QuidelOrtho Corporation (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).

Global In Vitro Diagnostics Market: Future Outlook

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.

Based on offering, the reagents & kits 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 mainly attributed to the frequent use of assays & kits in the detection of various chronic diseases, the commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, the increase in the volume of testing for infectious disease, especially after the COVID-19 pandemic, and the growing awareness about self-testing kits among the general population.

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Based on technology, in 2023, the molecular diagnostics segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of the segment is mainly attributed to the growing prevalence of infectious diseases and diagnosing a disease by analyzing DNA or RNA or their proteins as well as the development of automated instrument systems which provide accurate results using PCR and other molecular technologies.

Based on application, in 2023, the infectious diseases segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of this segment is attributed to the rising prevalence of infectious diseases, government initiatives to promote awareness and testing, and emerging outbreaks of infectious diseases around the world.

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.

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.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Middle East (Saudi Arabia and Rest of Middle East), and Africa (South Africa and Rest of Africa).

Based on geography, North America is expected to account for the largest share of the in vitro diagnostics market in 2023. The large market share of North America is attributed to the rising prevalence of chronic and infectious diseases, increasing awareness regarding early disease diagnosis, growing adoption of advanced diagnostic products, and increasing funding activities coupled with novel developments in diagnostic technologies.

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Key questions answered in the report-

·  Which are the high-growth market segments in terms of offering, technology, application, diagnostic approach, end user, and geography?

·  What was the historical market for in vitro diagnosis across the globe?

·  What are the market forecasts and estimates for the period 2023–2030?

·  What are the major drivers, restraints, challenges, and opportunities in the global in vitro diagnostics market?

·  Who are the major players in the global in vitro diagnostics market?

 

 

 

 

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