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In-Vitro Diagnostics Market Growing at a CAGR of 2.9% - Research Provides Detailed Analysis of Trends, Growth and Forecast

07-01-2022 10:23 AM CET | Health & Medicine

Press release from: MarketsandMarkets™

In vitro Diagnostics Market

In vitro Diagnostics Market

The In-Vitro Diagnostics/IVD Market is projected to reach USD 113.1 billion by 2026 from USD 98.2 billion in 2021, at a CAGR of 2.9% during the forecast period.

Shift from centralized to point-of-care testing;

The dominant model of laboratory testing throughout the world remains the centralized laboratory that uses automated analytical testing methods to detect target analytes. This trend is well established in clinical chemistry and hematology disciplines and is now extending to other areas, including immunoassays and molecular diagnostics.

Point-of-care devices offer advantages over conventional diagnostic procedures in affordability and ease of use and yield rapid results required for initiating decision-making. The increased adoption of POCT devices is greatly influenced by the need to make healthcare more patient-centered by organizing healthcare services around the patient than the provider. Centralized testing does not represent a convenient process for many patients because the testing process is often disconnected from the consultation. This happens particularly to those patients with a chronic disease such as diabetes who require regular monitoring, including frequent blood tests. The growth in self-monitoring of blood glucose, which is by far the largest segment of POC testing, is in part a testament to this need for more convenient and effective care.

Development of disease-specific biomarkers and tests;

Biomarkers have gained significant clinical value and interest in the medical industry, as they are very useful in the screening, diagnosis, and treatment of diseases. In the diagnosis process, markers can determine staging, grading, and selection of the initial therapy. They monitor therapy, select additional therapies, or monitor recurrent diseases during treatments. Technological advancements in genomics, proteomics, and molecular pathology have helped introduce disease-specific biomarkers with potential clinical value.

The integration of biomarkers and the availability of biomolecular tools are expected to help develop a new range of condition-specific tests, thus creating new opportunities for the IVD market.

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The global IVD market is projected to reach USD 113.1 billion by 2026 from USD 98.2 billion in 2021, at a CAGR of 2.9% during the forecast period. The growth of the In-Vitro Diagnostics/IVD Market is mainly driven by the rising geriatric population and the subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated and POC instruments in developed regions, growing awareness regarding diseases diagnosis in developing regions, and growing R&D investments by industry players to launch new IVD products. Also, the development of disease-specific markers and tests is expected to offer potential growth opportunities to market players in the coming years. However, the unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

In this report, the IVD market is segmented based on product & service, technology, application, end user, and region.

"Reagents & kits segment accounted for the largest share in the In-Vitro Diagnostics/IVD Market."

Based on product and service, the In-Vitro Diagnostics Market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of 68.1% of the market in 2020. Accessibility to a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders in the early stages are expected to drive the growth of this segment.

"Oncology segment is expected to witness the fastest growth in the forecast period."

Based on application, the In-Vitro Diagnostics Market is segmented into infectious diseases, diabetes, Oncology, cardiology, drug testing/ pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology and other applications. In 2020, infectious diseases accounted for 34.1% of the IVD market. The large share of this segment can be attributed to the rising prevalence of infectious diseases and multi-drug-resistant infectious diseases and the growing need for effective diagnostic tools for these diseases. However, the oncology segment is projected to grow at the highest CAGR of 6.6% during the forecast period. The increasing number of cancer cases across the globe, the growing demand for personalized medicine, and the availability of funding for cancer research are the major factors driving the market growth.

"Immunoassay/immunochemistry account for the largest share in the IVD market."

Based on technology, the In-Vitro Diagnostics Market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation and hemostasis, urinalysis and other technologies. The immunoassay/immunochemistry segment accounted for 31% of the IVD technologies market in 2020. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are contributing to the growth of this market segment.

"Hospital laboratories accounted for the largest share of IVD market in 2020"

Based on the end user, the In-Vitro Diagnostics Market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing centers, patients, and other end users. In 2020, hospital laboratories accounted for the largest share of 47% of the market, followed by clinical laboratories (23.8%) and POC testing centers (13%). Many diagnostic tests are carried out in hospitals. The acquisition of smaller physician practices and groups by hospitals is becoming a noticeable trend in the US healthcare industry; the continuation of this trend will support the market for hospital laboratories.

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"North America accounted for the largest share of the IVD market in 2020"

The In-Vitro Diagnostics Market is divided into five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 39.8% of the market, followed by Europe (28%), Asia Pacific (22.9%), Latin America (6.5%), and the Middle East & Africa (2.9%). The In-Vitro Diagnostics/IVD Market in North America is well established, with the US being the major market in this region. Growth in the North American market is mainly driven by the increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure in the region. Initiatives taken by different government associations are also anticipated to boost market growth in the coming years.

Key Market Players:

Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), and Thermo Fisher Scientific (US) are the leading players in this market. Other players in this market are Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), and QIAGEN N.V. (Netherlands).

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

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