According to Arizton’s latest research report, the in-vitro diagnostics market will grow at a CAGR of 3.26% from 2022-2028.
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The In vitro diagnostics market offers advanced, cost-effective, fast tools that enable precise diagnosis and point-of-care testing or self-testing. The market has moved from conventional instruments to advanced analyzers that need a small volume of samples and high-throughput screening methodologies. These advances, combined with AI and cloud technology, are revolutionizing the market. The low-volume sample analysis, automation, high-throughput analysis, rapid analysis times, small footprint, low cost, portability, and disposability are the latest trends in the in-vitro diagnostics market.
In- vitro diagnostics are clinical tests that analyze samples taken from people and deliver treatments for specific diseases. Globally, the burden of chronic infectious diseases accelerates the demand for advanced diagnostic services that drive the growth of the in-vitro diagnostics market.
Global In-Vitro Diagnostics Market Report Scope
|Market Size (2028)||USD 127.56 Billion|
|Market Size (2022)||USD 105.23 Billion|
|Market Segmentation||Product & Services, Technology, Application, End-Users, and Geography|
|Largest Regional Market||North America|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
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North America accounted for more than 39% of the global in-vitro diagnostics (IVD) market. The presence of a patient population with high healthcare expenditure is accelerating North America’s market growth. In addition, awareness about disease diagnosis, such as point-of-care, early detection, and preventive health check-ups, are majorly and positively impacting the market growth in the region. More than 60% to 80% of the regional population have any chronic condition, which led to demand for diagnostics services. The expenditure for healthcare services in the region is around $3 trillion and above, which indicates the potential in the region for market growth. Moreover, the presence of market players and their market penetration in the region fuel access to IVD services.
Increasing Product Launches & Mergers & Acquisitions in In-Vitro Diagnostics Market
In-vitro diagnostics is among the biggest industries to witness several product launches in recent years. The increasing demand for new diagnostics tests forces us to develop new solutions. The IVD players operate in a world that designs, develops, manufactures, and sells best-in-class solutions. COVID-19 is one of the best periods where several companies have come forward to develop rapid test kits to detect coronavirus.
In the first half of 2021, IVD companies reported high revenues due to COVID-19 testing. However, in the year’s second half, many companies experienced low demand for COVID-19 testing, resulting in decreased COVID-19 product revenue. In the same period, to increase the production and expansion of distribution networks, IVD companies adopted M&A strategies. To prepare for COVID-19, some major and emerging IVD companies have turned to M&As to increase their diagnostic testing portfolio. These acquisitions witnessed the in vitro diagnostics market expansion and portfolio expansion.
Recent Developments in the Global In-Vitro Diagnostics Market
- In March 2020, Abbott’s rapid diagnostic segment launched a molecular test solution to detect COVID-19 with its ID NOW rapid POC in the US.
- Hoffmann-La Roche invested significantly in R&D activities to develop innovative IVD test solutions. For instance, in FY2019, the company invested about $12.86 billion in R&D activities.
- In July 2019, Siemens Healthineers completed the acquisition of Minicare B.V. Minicare is developing technology for point-of-care immunoassay testing. The business is being integrated into the Diagnostics segment and will allow Siemens Healthineers to strengthen its portfolio in the rapid diagnostics domain.
Impact of COVID-19
The COVID-19 pandemic impacted the IVD market positively. During the pandemic, IVD procedures significantly increased access to tests and diagnosis of coronavirus. It assured clinical and hospital laboratories’ safety, quality, and performance. As the COVID-19 virus spread, the demand for IVD solutions increased. Molecular testing is one of the leading technologies that significantly achieved market growth. Several companies developed new IVD tools (rapid test kits) for COVID-19 care, increasing the demand and knowledge of point-of-care solutions.
In the global in-vito diagnosticsVD market, manufacturers played a vital role in enabling countries to broaden their COVID-19 testing capacity- certainly, molecular testing instruments usually dedicated to tuberculosis and HIV programs constitute major opportunities to be repurposed for COVID-19 response.
Product & Services: Reagents and Consumables, Instruments/ Analyzers & Software, and Services
Technology: Immuno and Clinical Chemistry, Molecular Diagnostics, Hematology, Microbiology and Cytology, and Other
Application: Infectious Diseases, Diabetes, Cardiology, Oncology, Autoimmune Diseases, Nephrology, Drug Testing, and Others
End-Users: Standard Reference Labs, Hospital-Affiliated Labs, Individuals, Clinics, and Others
Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
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Arizton offers syndicate and custom market intelligence & competitive intelligence solutions across MedTech, pharmaceuticals, and life sciences & biotechnology markets within the healthcare industry. Arizton’s healthcare vertical provides unbiased research and evidence-based analysis to support business decisions and comprehensive end-to-end solutions to its customers, covering all dimensions of the healthcare value chain. We track various devices (equipment, implants, and hospital supplies) and drugs (patented, generic, & OTC) across North America, Europe, APAC, Latin America, and the Middle East & Africa regions. The healthcare reports provide historic and forecast data for 20+ key countries worldwide. We track product approvals/launches, M&A activities, and collaboration/partnership activities among pharma/biotech, medical device, and life sciences companies. Our pharmaceutical portfolio tracks 15+ therapy areas with a major focus on immunology, oncology, rare & genetic diseases, dermatology, and metabolic diseases. Our medical devices and life sciences portfolio covers in-vitro diagnostics, healthcare IT, patient monitoring, cardiovascular devices, medical imaging, personal protective equipment, clinical laboratory services, and CMO/CDMO services.
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