In-Vitro Diagnostics Market Size to Hit US$ 107,658.83 million by 2027

In-vitro diagnostics detect diseases and vulnerable conditions to keep track of patient's overall health and prevent infections. The diagnosis ranges from simple clinical tests to sophisticated DNA technology, including reagents, control material, calibrators, kits, software, and other relevant instruments. These diagnostic methods use precision medicine to identify patients likely to benefit from specific treatments or therapies.

The global in-vitro diagnostics market was assessed at US$ 65,093.13 million in 2018 and is speculated to generate US$ 107,658.83 million by 2027, it is expanding at a record annual growth rate of 5.8% during 2019-2027.

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Prominent players operating in in-vitro diagnostics market include F. Hoffmann-la Roche Ltd.; Danaher; Abbott; Siemens AG; Sysmex Corporation; Thermo Fisher Scientific, Inc.; BD; Biomérieux SA; Bio-Rad Laboratories, INC.; and Qiagen. The market players are focused toward bringing new and innovative products to sustain their position in the market. For instance, in January 2021, Roche announced that it has launched two CE-IVD, which are its automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath Dual ISH image analysis for breast cancer. It is likely to help in determining the best treatment strategy for each patient. The image analysis algorithms uses artificial intelligence to support pathologists in making faster, more accurate patient diagnoses in breast cancer.

Increasing prevalence of chronic and infectious diseases, growing geriatric population, and rising demand for in-vitro diagnostics during COVID-19 pandemic are driving the market. However, the lack of healthcare infrastructure and reimbursement policies is likely to have a negative impact on the growth of the market in the coming years.

In terms of product & services, the in-vitro diagnostics market is segmented into instruments, reagents & kits, and software & services. In 2019, the reagents & kits segment held a largest market share of the in-vitro diagnostics market. This segment is also expected to dominate the market during the forecast period owing to increasing number of diagnostics tests and rising prevalence of chronic conditions. Moreover, the instruments segment is anticipated to witness considerable growth rate during the forecast period. Certain factors, such as developing healthcare infrastructure and growing demand for rapid disease diagnosis, are expected to drive the segment.

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