In-Vitro Diagnostics Market Overview
The Global In-Vitro Diagnostics Market is projected to generate a market value of USD 102.55 billion by the end of 2023 and register a CAGR 8.16% during the forecast period.
Chronic disease incidences are on the rise, according to global health observations. Diseases including tuberculosis, diabetes, cancer, and cardiovascular disease are on the rise, and the large increase in patients suffering from these and other infectious and non-infectious diseases has been extremely beneficial to the in-vitro diagnostics market’s growth. The increasing prevalence of these diseases around the world has boosted demand for in-vitro diagnostics. Millions of lives have been saved as a result of timely and accurate diagnosis, which has directly contributed to the growth of the worldwide IVD market. In addition, in-vitro diagnostics has progressed greatly in recent years, with new tests being added to the market’s current offers. Personalized medicine, a growing trend in diagnostics, has emerged as a result of technological advancements. It is possible to personalize treatment and medicines to a patient’s particular genetic profile using new diagnostic tools in order to give the patient the highest chance of recovery with the fewest side effects. The worldwide in-vitro diagnostics market is predicted to grow due to the increasing potential of this sort of diagnostic.
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The lack of a proper reimbursement system for in-vitro diagnostics, on the other hand, is projected to limit market growth.
The study divides the global in-vitro diagnostics market into product & service, technology, application, end-user, and geographic segments. Reagents and kits, devices, data management software, and services are all included in the in-vitro market. Due to the growing popularity of point-of-care testing, reagents and kits now account for 74.8 percent of the market. During the assessment period, the services segment is expected to develop at the fastest CAGR.
Clinical chemistry, immunoassay/immunochemistry, molecular diagnostics, hematological, microbiology, and other technologies are utilized in in-vitro diagnostics. Because of its potential to give speedier results, modern technology has rocketed the clinical chemistry segment into a leadership position. Molecular diagnostics, on the other hand, is expected to grow at the fastest rate, with a CAGR of 6.41 percent over the forecast period.
In-vitro diagnostics can be used to diagnose both infectious and non-infectious disorders. In 2017, IVD was more commonly used in the diagnosis of infectious diseases, with a value of USD 38,685. During the assessment period, however, the non-infectious disorders segment is predicted to develop at the fastest rate, with a CAGR of 9.48 percent.
Laboratories, academic institutes, hospitals, and others are among the end-users of in-vitro diagnostics. Because the bulk of in-vitro diagnostic tests are performed in hospital laboratories, hospitals account for 39.4 percent of the market. During the review period, the laboratories segment is expected to increase at the fastest rate, with the highest CAGR.
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The Americas have the highest share of the worldwide in-vitro diagnostics market, accounting for over 39%. North America and South America are divided into two regions, with North America having the larger market due to the concentration of developed economies such as the United States and Canada. The growing elderly population in the region is a significant demographic driving the IVD market forward. Furthermore, the North American region has seen and continues to see a high number of chronic disease cases, which contributes to the regional market’s growth. As a result of this and other factors, the region has risen to the top of the global in-vitro diagnostics market.
Europe is the second largest market, with a growth trajectory that is similar to that of the Americas. Several health groups in the region have been striving to increase awareness of point-of-care testing, which has fueled market growth. Furthermore, rising healthcare budgets and a focus on early disease detection are expected to help the region maintain its market share over the forecast period.
The market in Asia Pacific (APAC) is the fastest growing, while the market in the Middle East and Africa (MEA) is the smallest. During the forecast period, both regions are expected to have similar CAGRs. Because of the large patient population and rising demand for sophisticated healthcare, APAC is a valuable market. Market growth is likely to be aided by increased spending on the construction of healthcare infrastructure. Furthermore, countries with high birthrates, such as India and China, boost demand for in-vitro diagnostics. Meanwhile, the MEA area is important because there is a lot of room for growth in the market.
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Profiling of prominent market players has been included in the report. Eminent market players that have been analyzed include F. Hoffmann-La Roche AG, Abbott Laboratories, Siemens AG, Bio-Rad Laboratories Inc, Qiagen N.V, BioMérieux S.A, Becton Dickinson and Company, DiaSorin S.p.A, Ortho Clinical Diagnostics, Grifols S.A, Danaher Corporation, Sysmex Corporation, and Thermo Fisher Scientific.
Table of Content
1 Report Prologue
2 Market Introduction
2.1 Scope Of Study 21
2.2 Research Objective 21
2.3 List Of Assumptions 21
2.4 Market Structure 22
3 Research Methodology
3.1 Research Process 24
3.2 Primary Research 25
3.3 Secondary Research 26
3.4 Market Size Estimation 27
3.5 Forecast Model 27
4 Market Dynamics
4.1 Introduction 29
4.2 Drivers 30
4.2.1 Rising Prevalence Of Chronic And Infectious Diseases 30
4.2.2 Growing Awareness Of Personalized Medicine 31
4.2.3 Increasing Adoption Of Point-Of-Care Testing 32
4.2.4 Rising Investments In Research And Development And Collaborations Between Companies And
Public Organizations 32
4.3 Restraints 33
4.3.1 Unfavorable Reimbursement Scenario 33
4.3.2 Lack Of Standardization And Transparency 33
4.3.3 Information And Interest Gap Between Investors And Developers 33
4.4 Opportunities 34
4.4.1 Recent Technological Advancements Have Increased The Appeal Of In-Vitro Diagnostics 34
4.4.2 Developing Economies Provide An Unserved Market For In-Vitro Diagnostics 34
4.4.3 Growing Significance Of Companion Diagnostics 34
5 Market Factor Analysis
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