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The In-vitro Diagnostics (IVD) Market size is estimated to grow by USD 22.17 billion at a CAGR of 4.21% between 2023 and 2028. One of the key factors driving the market growth and trends is the increasing geriatric population and chronic and infectious diseases. The growing population and prevalence of infectious and chronic diseases like cancer and diabetes in all cohorts require regular diagnostic testing. For instance, as per the WHO, as of 2020, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths.
A key factor shaping the market growth is the global adoption of advanced treatment solutions. There is an increasing use and adoption to manage and test for cancer, CVD, and infectious kidney diseases with immunoassay and molecular diagnostic devices. In addition, the availability of advanced treatment care also enables increased adoption rates among healthcare providers.
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The reagents and kits segment is estimated to witness significant growth during the forecast period. The reagents are chemical substances that react with specific biological markers and enable the detection or measurement of target analytes in patient samples. In addition, the diagnostic kits, on the other hand, are comprehensive packages that typically include reagents, calibrators, controls, and sometimes instruments, offering a complete solution for specific diagnostic tests.
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The reagents and kits segment was the largest segment and was valued at USD 58.86 billion in 2018. Moreover, in the IVD landscape, reagents and kits cater to a wide array of applications, from routine clinical chemistry to specialized molecular diagnostics. For example, in clinical chemistry, reagents are employed to measure substances such as glucose, cholesterol, and enzymes in blood samples, aiding in the assessment of various medical conditions, including diabetes and cardiovascular diseases. In addition, immunoassay kits utilize antibodies and antigens to detect proteins or hormones, supporting the diagnosis of infectious diseases, hormonal disorders, and autoimmune conditions. Hence, such factors are fuelling the growth of this segment which in turn will drive the (IVD) market growth during the forecast period.
The immunochemistry segment is a branch of chemistry, which comprises the study of molecular mechanisms and functions of the immune system through interactions between antigens and corresponding antibodies. In addition, this technique is primarily focused on the identification and documentation of high-resolution cellular components within cells and tissue constituents, such as proteins and lipopolysaccharides in clinical diagnostics and medical research laboratories. Furthermore, it is used to diagnose diseases, for biological research, and for drug development applications. Hence, such factors are fuelling the growth of this segment which in turn drives the IVD market growth during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the main factors that are contributing to the market growth include increased insurance coverage, rise in R&D expenditure, growth of geriatric population with chronic diseases, high healthcare spending, and increase in promotions about the use of POC tests for the early detection of diseases.
In addition, according to the Centers for Disease Control and Prevention (CDC), six in 10 adults in the US have chronic diseases as the leading cause of death and disability. Immunodiagnostics dominates the instruments market in the US due to the demand for reagents and instruments for effective diagnosis. Moreover, the Indiana, Ohio, and Illinois states of the Midwest region in the US are expected to grow at a faster pace due to their increasing number of accredited laboratories and reimbursements by Medicare. Hence, such factors are driving the market growth in North America during the forecast period.
The in-vitro diagnostics market is witnessing robust growth, driven by factors such as the increasing geriatric population and the prevalence of chronic and infectious diseases. This surge in demand is further fueled by the global adoption of advanced treatment solutions, leading to greater emphasis on diagnostic accuracy and efficiency. However, the industry faces challenges, notably the lack of skilled professionals capable of operating semi-automated instruments and conducting rapid tests effectively.
Additionally, healthcare infrastructure and technology advancements play pivotal roles in shaping the market landscape. Amidst these dynamics, product approval for innovations like Real-time reverse transcription (qRT) PCR-based diagnostic kits and Early cancer detection (ECD) market solutions are crucial for meeting evolving healthcare needs. Overcoming challenges related to recession and ensuring alignment with breakthrough device designations (BDDs) are essential for sustained growth in this vital segment of the healthcare industry..
One of the key factors driving the market growth is the increasing geriatric population and chronic, and infectious diseases. The growing population and prevalence of infectious and chronic diseases like cancer and diabetes in all cohorts require regular diagnostic testing. For instance, as per the WHO, as of 2020, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths.
Moreover, the trend of chronic diseases is likely to continue with unhealthy dietary habits, a sedentary lifestyle, high tobacco and alcohol consumption, and obesity being some of the prime factors contributing to the prevalence of these diseases. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the market growth is the global adoption of advanced treatment solutions. There is an increasing use and adoption to manage and test for cancer, CVD, and infectious kidney diseases with immunoassay and molecular diagnostic devices. In addition, the availability of advanced treatment care also enables increased adoption rates among healthcare providers.
For example, Xprecia Stride Coagulation Analyzer by Siemens is a handheld device that performs ProTime INR (PT/INR) tests with high accuracy. In addition, even though routine diagnostic testing currently has a higher volume of activity, the growth of specialty testing in esoteric, pathology, and genetic testing areas is said to outpace in the forecasted year. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market trends and analysis during the forecast period.
The lack of skilled professionals is one of the key challenges hindering the market growth. A majority of critical diagnostic tests such as clinical chemistry, immunoassay, and molecular diagnosis need trained professionals with increased dexterity skills to handle tools and accurately perform the technique. However, the market has a shortage of skilled personnel to handle these devices.
Moreover, several factors that are responsible for this shortfall are the immigration of well-established trained specialists from developing countries to developed countries, lack of standardization and prescribed curriculum knowledge on techniques, and lack of proper training in handling devices. Furthermore, the need for expensive and multiyear theoretical studies to become qualified professionals or technicians also contributes to the shortage of skilled professionals. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers in vitro diagnostics such as the Alinity h series and CELL DYN Ruby.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business laboratory environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
The in vitro diagnostics market is a crucial component of the healthcare industry, as reflected in comprehensive market analysis and reports. This market encompasses various segments, including products & services, techniques, applications, end-users, and regions, catering to diverse healthcare needs worldwide.
Technological advancements have led to the emergence of innovative techniques such as liquid biopsy and rapid diagnostic testing, revolutionizing disease diagnosis and preventive care testing. These advancements are particularly vital in the field of oncology, where early detection can significantly impact patient outcomes.
In emerging markets and emerging economies, there is a growing demand for personalized medicines, driving the adoption of advanced point-of-care devices and next-generation sequencing technologies. However, challenges such as budget constraints and economic downturns can hinder market growth.
Regulatory guidelines and the reimbursement scenario play a crucial role in determining the adoption of semi-automated and fully automated instruments across reference laboratories and clinical laboratories. These facilities rely on specialized equipment to conduct medical tests on various bodily fluids and tissues.
Key players in the market offer a range of solutions, including reagents & kits, software & services, and tissue diagnostics, catering to different healthcare providers such as supermarkets, hypermarkets, pharmacies, drug stores, online providers, and standalone laboratories.
Breakthrough innovations like CE-IVD Cancer Testing Kits and Companion diagnostic (CDx) are driving advancements in early cancer detection and personalized treatment pathways. With real-time reverse transcription PCR-based diagnostic kits and a Next-generation sequencing (NGS) portfolio, the in vitro diagnostics market continues to evolve to meet the dynamic needs of modern healthcare.
The market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
In vitro Diagnostic Industry Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.21% |
Market Growth 2024-2028 |
USD 22.17 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.73 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., ARKRAY Inc., Becton Dickinson and Co., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., bioMerieux SA, Charles River Laboratories International Inc., Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Grifols SA, Illumina Inc., Merck KGaA, QIAGEN NV, Quest Diagnostics Inc., QuidelOrtho Corp., Siemens Healthineers AG, Sysmex Corp., and Thermo Fisher Scientific Inc. |
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. |
Customization purview |
If our market growth analysis 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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