Global In Vitro Diagnostics Market Overview:
According to MarkNtel Advisors study the Global In Vitro Diagnostics Market size was valued at around USD 115 billion in 2022 and is estimated to grow at a CAGR of about 5.1% during the forecast period, i.e., 2024-30. It is mainly attributed to the increasing adoption of IVD, primarily due to the rising prevalence of infectious diseases & chronic conditions. Chronic diseases such as cardiovascular diseases, cancer, and infectious diseases necessitate the usage of IVD tests for early detection, continuous monitoring, and effective management. According to the World Health Organization (WHO), approximately 41 million individuals die each year due to chronic diseases, accounting for nearly 74% of all global deaths. As individuals age, the risk of developing chronic diseases and health conditions increases. IVD tests are crucial for diagnosing age-related diseases, such as Alzheimer’s disease and various types of cancer, which has led to a heightened demand for in vitro diagnostic solutions in the market.
Key Findings of the Study: In Vitro Diagnostics market
Global In Vitro Diagnostics Market Driver
Rising Geriatric Population to Push the Market Expansion – The aging population is a significant driver in the Global In Vitro Diagnostics (IVD) Market. As the world’s population continues to age, the risk of developing age-related diseases & conditions, such as Alzheimer’s disease, various types of cancer, and cardiovascular ailments, rises substantially. For instance, according to the United Nations Department of Economic and Social Affairs, as of 2019, over 0.7 billion individuals were aged 65 or above, and the statistics are anticipated to reach about 1 billion by 2030. This demographic shift has created a heightened demand for IVD tests that are essential for the early diagnosis, monitoring, and management of these health issues.
Due to this growing demand for IVD, many companies like Thermofsher, Roche, and others are developing & introducing advanced diagnostic technologies that cater to the specific requirements of an older patient population. Consequently, the aging demographic is expected to be a prominent factor supporting the continued expansion of the IVD Market, as it addresses the healthcare needs of an increasingly elderly global population.
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Scope of the In Vitro Diagnostics Market Report Segmentation
-By Product & Service
- Reagents & Kits- Market Size & Forecast 2019-2030, USD Million
- Instruments- Market Size & Forecast 2019-2030, USD Million
- Data Management Software & Techniques – Market Size & Forecast 2019-2030, USD Million
-By Technique
- Immunoassay – Market Size & Forecast 2019-2030, USD Million
- Hematology – Market Size & Forecast 2019-2030, USD Million
- Clinical Chemistry – Market Size & Forecast 2019-2030, USD Million
- Molecular Diagnostics – Market Size & Forecast 2019-2030, USD Million
- Tissue Diagnostics – Market Size & Forecast 2019-2030, USD Million
- Coagulation & Hemostasis – Market Size & Forecast 2019-2030, USD Million
- Microbiology- Market Size & Forecast 2019-2030, USD Million
- Urinalysis- Market Size & Forecast 2019-2030, USD Million
-By Application
- Infectious Diseases – Market Size & Forecast 2019-2030, USD Million
- Cancer/Oncology – Market Size & Forecast 2019-2030, USD Million
- Cardiology – Market Size & Forecast 2019-2030, USD Million
- Nephrology – Market Size & Forecast 2019-2030, USD Million
- Diabetes – Market Size & Forecast 2019-2030, USD Million
- Autoimmune Diseases – Market Size & Forecast 2019-2030, USD Million
- Drug Testing- Market Size & Forecast 2019-2030, USD Million
- HIV – Market Size & Forecast 2019-2030, USD Million
-By End User
- Diagnostic Laboratory- Market Size & Forecast 2019-2030, USD Million
- Hospitals & Clinics- Market Size & Forecast 2019-2030, USD Million
- Academic & Medical Institutes – Market Size & Forecast 2019-2030, USD Million
- Point of Care Testing – Market Size & Forecast 2019-2030, USD Million
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Geographical analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America held the largest share in the Global In Vitro Diagnostics Market during historical years and is likely to continue its dominance during the forecasted period as well. This is due to the rising incidence of diseases & mounting consumer awareness regarding the availability of diagnostic devices. Besides, the region’s advanced healthcare infrastructure, significant healthcare expenditure, and a well-established system for disease diagnosis & management also drive the demand for IVD products across the region, further infusing the North America In Vitro Diagnostics (IVD) Market size in the ensuing years.
Global In Vitro Diagnostics Industry Recent Development:
- 2023: Roche collaborated with Ibex and Amazon Web Services to accelerate adoption of AI-enabled digital pathology solutions to help improve cancer diagnoses and these solutions have received CE Mark certification for In Vitro diagnostic (IVD) use in Europe, particularly in the detection of breast & prostate cancers across various diagnostic workflows.
Current Landscape of In Vitro Diagnostics Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the In Vitro Diagnostics market. The research report profiles major players, including
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- bioMerieux SA
- Abbott Laboratories
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- Siemens Healthineers AG
- Qiagen
- Quidel Corporation
- Hoffmann-La Roche AG
- Sysmex Corporation
- Danaher Corporation
- Others
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