The global in vitro diagnostics market size was valued at $71,496.16 Million in 2022, and is projected to reach $106,914.16 Million by 2030, growing at a CAGR of 4.08% from 2022 to 2030.

IVD Market Overview:

This growth can be attributed to increased adoption of IVDowing due to increased testing due to the pandemic. The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate and error-free diagnosis is expected to propel the market growth. Increasing number of in vitro diagnostic (IVD) products launched by major players is also fueling the market growth. IVD products with molecular diagnostics provide effective and accurate results.

In May 2021, the University of California developed an ultra-sensitive molecular test. The test is based on chip technology that can detect the presence of influenza A and SARS-CoV-2 antigens. This test is being further studied for conversion to a Point-of-Care (POC) test. There has been a shift in industry dynamics as more players focus on starting testing for home-based testing. Also in 2021, the FDA has prioritized at-home molecular diagnostic testing. In March 2021, BATM Advanced Communications Ltd. announced the launch of a molecular diagnostic self-test kit for the detection of COVID-19. Additionally, these tests allow for early detection of disease, so the threat of substitutes is low. However, the high price of these tests is expected to encourage patients to turn to external alternatives. Moreover, in the case of detection of new infections such as SARS-CoV-2, competition is fierce due to the high rate of internal substitution. IVD product penetration among existing players is low in regions such as APAC. The area is dominated by local players who sell instruments at a lower cost. Technological advancements in terms of portability, accuracy and cost-effectiveness are expected to be one of the major drivers for this market.

IVD Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global IVD Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In March 2021, F. Hoffmann-La Roche Ltd. entered into a definitive merger agreement with GenMark Diagnostics Inc. The acquisition will give Roche access to GenMark's new technology to test a wide range of pathogens with a single patient sample.
• In March 2021, F. Hoffmann-La Roche Ltd launched Cobas pure integrated solutions in countries accepting the CE mark. This new compact analyzer helps simplify operations in small to medium sized laboratories by combining three technologies in a single platform.

Major Market Segments Covered in IVD Market Industry Research:

Market Key Players:
F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Siemens Healthineers AG (Germany), BD (Becton, Dickinson, and Company) (U.S.), Seegene Inc. (Republic of Korea), DiaSorin S.p.A. (Italy), Quest Diagnostics Incorporated (U.S.), Bio-Rad Laboratories, Inc. (U.S.)

By Type:

• Instruments
• Reagents & Consumables

By Technique

• Immunodiagnostics
• Clinical Chemistry
• Molecular Diagnostics
• Hematology
• Others

By Setting

• Laboratories
• Point-of-care

By Application:

• Infectious Diseases
• Cardiology
• Oncology
• Gastroenterology
• Others

By End-user

• Clinical Laboratories
• Hospitals
• Physicians’ Offices
• Others

By Region:

The North American market was valued at USD 35.92 billion in 2021 and is expected to continue to dominate the global market during the forecast period. Some of the prominent factors contributing to the region's highest share include the presence of major corporations in the region, such as Abbott, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, and Danaher Corporation, as well as appropriate and favorable government regulations. - Established diagnostic infrastructure and adoption of technologically advanced diagnostic techniques.

Europe is expected to be the second dominant region in terms of in vitro diagnostics market share. The market in Europe holds a significant share due to rising healthcare spending, well-established infrastructure, large patient pool suffering from infectious diseases and cancer.

The Asia-Pacific market is expected to grow at the highest CAGR, especially in developing countries such as India, South Korea, Australia, and China. Improvements in authorization and reimbursement policies and increasing per capita healthcare spending in the region are expected to drive the market growth in Asia Pacific during 2022-2029. For example, in April 2021, Seegene Inc. announced that it had received export permission from the Korean Ministry of Food and Drug Safety to export its COVID-19 mutation test to countries around the world. This license will strengthen the company's sales and market position worldwide.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

DRIVING FACTORS

The prevalence of several diseases, such as genetic, cardiovascular and neurological diseases, is increasing significantly. According to the World Health Organization (WHO), cardiovascular disease (CVD) is the number one cause of death worldwide, killing 17.9 million people annually. This has led to overall growth of the market due to increased awareness of early diagnosis in the population and rise in routine diagnosis. Additionally, the introduction of new advanced IVD products supports the rapid growth of the market.

In addition, the aging population is more susceptible to several diseases such as hypertension, diabetes, cardiovascular, liver and kidney diseases and is expected to increase significantly.

According to an article published in Knoema, in 2021, the global population was 9.5% over the age of 65. This is anticipated to further propel the global market during the forecast period.

RESTRAINING FACTORS

In vitro diagnostic products have witnessed significant progress and advancement with new products and additional design modifications adopted over the past decade. However, the high cost of in vitro diagnostic devices and the high costs associated with maintenance of the devices have hampered the market growth to some extent. Additionally, in vitro diagnostic devices must be operated by trained professionals. Hence, this increases the maintenance cost of the device which ultimately hinders the overall growth of the market.

RT-PCR systems cost from USD 15,000 to over USD 90,000. The above cost factors have relatively limited the adoption of in vitro diagnostic products in several countries and regions.

IVD Market report scope:

Key Takeaways from this IVD Market Report

• Estimate IVD Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the IVD Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of IVD Market?

The IVD Market is growing at a CAGR of 4.08% During Forecast Period.

 What are the key types of IVD Market?

Instruments, Reagents & Consumables

What are the key applications of IVD Market?

Infectious Diseases, Cardiology, Oncology, Gastroenterology, Others

Who are the key players in IVD Market?
F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Siemens Healthineers AG (Germany), BD (Becton, Dickinson, and Company) (U.S.), Seegene Inc. (Republic of Korea), DiaSorin S.p.A. (Italy), Quest Diagnostics Incorporated (U.S.), Bio-Rad Laboratories, Inc. (U.S.)