February 28, 2024
In Vitro Diagnostics Ivd Market

In-Vitro Diagnostics (IVD) Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Diseases

The market is anticipated to be valued at US$ 76,621.8 million in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The In-vitro diagnostics (IVD) market offers a wide range of diagnostic tests and devices that aid in the detection and monitoring of diseases. These tests are performed on samples such as blood, urine, and tissue, outside the human body, and help in accurate diagnosis and treatment selection. The market includes various products such as reagents, analyzers, and instruments that are used by laboratories, hospitals, and clinics.

Market Dynamics:

The growth of the In-vitro diagnostics (IVD) market is primarily driven by the increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, and cancer. The rising geriatric population and growing demand for point-of-care testing are also contributing to market growth. Additionally, advancements in technology, such as the introduction of molecular diagnostics and automation, are further propelling market expansion. One of the key opportunities in the market is the increasing focus on personalized medicine, which requires more precise diagnostic tools for targeted therapies. Overall, the In-vitro diagnostics (IVD) market is poised for significant growth due to the increasing demand for accurate and fast diagnostic solutions.

Segment Analysis

The in-vitro diagnostics (IVD) market can be segmented based on product type, technology, application, end-user, and region. In terms of product type, the dominating segment is the reagents and kits segment. This can be attributed to the increasing demand for diagnostic tests and the continuous development of novel reagents and kits. The reagents and kits segment is further divided into immunodiagnostics, clinical chemistry, molecular diagnostics, microbiology, hematology, and others. Among these, immunodiagnostics is the dominating sub-segment, owing to its wide range of applications in the diagnosis of various diseases such as infectious diseases, autoimmune disorders, and cancer.

PEST Analysis

Political: There are several political factors that can impact theIn Vitro Diagnostics Ivd Market, such as government regulations and policies related to healthcare and diagnostic testing.

Economic: The economic factors influencing the IVD market include healthcare expenditure, reimbursement policies, and the purchasing power of consumers.

Social: The social factors include the prevalence of diseases, awareness about early diagnosis, and the willingness of individuals to undergo diagnostic tests.

Technological: The IVD market is greatly influenced by technological advancements. Innovations in diagnostic techniques, automation, and the development of point-of-care devices have significantly impacted the market.

Key Takeaways

The global IVD market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth can be attributed to increasing awareness about early disease diagnosis, the rising prevalence of chronic diseases, and the introduction of advanced diagnostic technologies.

Regionally, North America is the fastest-growing and dominating region in the IVD market. This can be attributed to factors such as high healthcare expenditure, favorable reimbursement policies, and the presence of key market players in the region.

Key players operating in the IVD market include Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., Becton Dickinson and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd. These key players hold a significant market share and are actively involved in research and development to introduce new and innovative diagnostic technologies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it