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The in-vitro diagnostics market is projected to grow by USD 33.16 billion with a CAGR of 6.89% during the forecast period 2021 to 2026.
This in-vitro diagnostics (IVD) market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the in-vitro diagnostics market segmentation by technology (immunoassay, molecular diagnostics, clinical chemistry, hematology, and others) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The IVD market report also offers information on several market vendors, including Abbott Laboratories, Agilent Technologies Inc., ARKRAY Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Grifols SA, Illumina Inc., Ortho Clinical Diagnostics plc, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp, and Thermo Fisher Scientific Inc. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the in-vitro diagnostics market. During the COVID-19 pandemic, the in-vitro diagnostics (IVD) market demand has been impacted greatly. A holistic analysis of drivers will help in exact demands and refining marketing strategies to gain a competitive advantage.
The increasing geriatric population with chronic and infectious diseases is one of the key drivers supporting the in-vitro diagnostics (IVD) market growth. Viruses such as the hepatitis B virus (HBV), the hepatitis C virus (HCV), and others cause infectious diseases that require in-vitro diagnostic tests. The rising incidence of diseases such as diabetes and cancer is increasing the need to diagnose diseases at an early stage to ensure regular monitoring of patients to identify, treat, control, and limit their prevalence. Rapid on-site diagnostic tests are vital to diagnosing diseases within limited timelines. Molecular diagnostic techniques like ELISA help in the early detection of infections through antigen and antibody interactions to mitigate diseases. Thus, changing demographics across the world primarily in the aging population and the rising incidence of diseases, contribute to the growth of the in-vitro diagnostics market growth.
Technological advances in in-vitro diagnostics are one of the key in-vitro diagnostics (IVD) market trends contributing to market growth. Advances in technology have transformed in-vitro diagnostics by incorporating next-generation tabletop and hand-held diagnostics that work on genes. Advanced cutting-edge technologies like point-of-care testing, next-generation sequencing, near-patient testing, and others have revolutionized the in-vitro diagnostics market by providing accurate and precise diagnoses at rapid rates. Furthermore, vendors are also focused on providing customized solutions through advancements in genomic technologies, which have contributed to the growth of personalized medicine. Diagnostic companies are collaborating with pharmaceutical companies to develop and provide targeted therapy solutions. Such collaborations will contribute to market growth in the forecast period.
Stringent regulatory guidelines for in-vitro diagnostics manufacturers are one of the factors hindering the in-vitro diagnostics (IVD) market growth. Different regulatory bodies are appointed to issue guidelines for in-vitro diagnostic manufacturers and marketers. Regulatory bodies like the US FDA and EU authorities play a major role in approving these devices and their components. Their approval is required to market these devices, and the approval procedure includes several stringent regulations and requirements that must be fulfilled. The approval of immunoassay, POC, SMBG, and molecular diagnostics, which fall under Class I, Class II, and Class III devices, is a time-consuming process. The devices may be rejected during the approval process, thereby resulting in losses for manufacturers as significant investments are made in the R&D of these products. Such factors are hindering the market growth.
This in-vitro diagnostics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global in-vitro diagnostics (IVD) market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the in-vitro diagnostics market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the IVD market encompasses successful business strategies deployed by the key vendors. The in-vitro diagnostics market is fragmented, and the vendors are deploying growth strategies, such as providing advanced technology to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the in-vitro diagnostics (IVD) market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the IVD market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The increased insurance coverage will facilitate the in-vitro diagnostics (IVD) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 positively impacted regional market growth. Furthermore, during the forecast period, the number of clinical tests for COVID-19 antibody testing is expected to grow, which will drive the regional market in focus.
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The IVD market share growth by the immunoassay segment will be significant during the forecast period. A trend in the market includes the incorporation of nanotechnology in immunochemistry, the adoption of multiplex arrays, and the automation of tissue processing systems and staining reagents to identify biomarkers for malignant tumors. Several conglomerate companies are entering into M&A to expand their immunochemistry portfolios and enhance their distribution channels in emerging markets. These factors will boost segment growth in the forecasted period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the in-vitro diagnostics market size and actionable market insights on the post-COVID-19 impact on each segment.
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In-vitro Diagnostics Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
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Market growth 2022-2026 |
$33.16 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.03 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key consumer countries |
US, Canada, Germany, China, and Japan |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., ARKRAY Inc., Becton Dickinson and Co., BGI Group, Bio Rad Laboratories Inc., bioMerieux SA, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Grifols SA, Illumina Inc., Ortho Clinical Diagnostics plc, QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sysmex Corp, and Thermo Fisher Scientific Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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