Redding, California - September 11, 2024
In Vitro Diagnostics Market to be Worth $116.28 Billion by 2031
In Vitro Diagnostics (IVD) Market Size, Share, Forecast, & Trends Analysis by Offering (Kits) Technology (Immunoassay, Molecular Diagnostics [PCR, NGS] Rapid Test) Application (Infectious Diseases, Oncology) Diagnostic Approach (Lab, POC) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘In Vitro Diagnostics (IVD) Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the global in vitro diagnostics market is expected to register a CAGR of 5.3% from 2024 to reach $116.28 billion by 2031.
The growth of the global in vitro diagnostics market is driven by the increasing chronic disease prevalence and elderly population, the rise of infectious ailments, growing research funding, increasing awareness of early disease diagnosis, the rising need for point-of-care (POC) diagnostics for faster diagnosis, and growing healthcare expenditure. Furthermore, the high scope for market expansion in developing countries, increasing preference for personalized medicine, and advanced genomics & proteomics modalities create substantial growth opportunities for the IVD market players.
However, watertight technical and regulatory requisites for high/moderate-complexity tests and varying test results of rapid IVD are expected to hinder the growth of this market. The changing regulatory scenarios pose a significant challenge to the market growth.
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), Ortho-Clinical Diagnostics, Inc. (U.S.), Agilent Technologies Inc. (U.S.), DiaSorin S.p.A. (Italy), Hologic, Inc. (U.S.), Abcam Plc (U.K.), Raybiotech, Inc. (U.S.), Oy Medix Biochemica Ab (Finland), InBios International, Inc. (U.S.), Dextra Laboratories Ltd. (U.K.), Genecopoeia, Inc. (U.S.), Sakura Finetek USA, Inc. (U.S.), and Edvotek, Inc. (U.S.).
Global In Vitro Diagnostics Market: Future Outlook
The global in vitro diagnostics market is segmented based on offering, technology, application, diagnostic approach, and end user. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
By offering, the reagents & kits segment is predicted to hold the largest market share of 81.1% in 2024. This segment’s major market share is due to the recurring use of assays & kits in identifying the causes of various chronic conditions, the wide availability of reagents & consumables for disease diagnosis, and the high implementation of self-testing kits in emerging economies. In addition, key market players are focusing on various growth strategies, such as product launches and strategic agreements, to strengthen their market positions. For instance, in May 2022, QIAGEN N.V. (Netherlands) launched the therascreen EGFR RGQ PCR Kit, a new in vitro diagnostic test for sensitive EGFR mutation analysis. This kit detects all currently known activating and resistance EGFR mutations.
By technology, the molecular diagnostics segment is expected to dominate in 2024, with a 23.1% share in the IVD market. This segment's large market share is attributed to the rising incidence of infectious diseases and the growing use of DNA, RNA, and protein analysis for disease diagnosis. Advancements in automated instrument systems are leading to accurate delivery of results through PCR and other molecular technologies, contributing to the segment's growth.
By application, in 2024, the infectious diseases segment is anticipated to hold a major share of 37.8% in the IVD market. This large market share is attributed to increasing government initiatives to promote awareness regarding testing and early diagnosis and the outbreak of infectious worldwide.
By diagnostic approach, the lab testing segment is slated to record the largest share of the in vitro diagnostics market in 2024. This segment's large market share is due to the accessibility of a trained workforce and a broad range of tests for diagnosing various diseases and conditions in laboratory settings.
By end user, in 2024, the hospitals & clinics segment is projected to make up for the largest share of the in vitro diagnostics market. The large market share of this segment is attributed to the rise in laboratory automation, the availability of well-equipped systems, a shortage of skilled labor, the growing prevalence of infectious diseases, and increasing government initiatives aimed at improving healthcare infrastructure.
This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and 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), and the Middle East (Saudi Arabia and Rest of Middle East), and Africa (South Africa and Rest of Africa).
By geography, North America is anticipated to hold the dominant position in 2024, with a share of 37.5% of the in vitro diagnostics market. North America's large market share is attributed to the high prevalence of chronic and infectious conditions in the region, increasing understanding and acceptance from people for early disease diagnosis, rising utilization of advanced diagnostic products, and increasing number of funding initiatives coupled with novel developments in diagnostic technologies.
Download Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=4858
Key Questions Answered in the Report:
- What 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 diagnostics across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- 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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