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In Vitro Diagnostic Market To Exhibit CAGR of 6.6% during 2020-2030

03-27-2023 12:33 PM CET | Health & Medicine

Press release from: P&S Intelligence

In Vitro Diagnostic Market To Exhibit CAGR of 6.6% during

The in vitro diagnostic (IVD) market had a size of $63.5 billion in 2019, and it will demonstrate a CAGR of 6.6% in the coming years. The market is further expected to generate revenue of $127.4 billion in 2030. The key factors driving this growth are the advancements in the IVD technology, growth in the number of hospitals and academic institutions, increase in healthcare expenditure, and strict legislations related to blood safety and prevention of sample contamination.

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In this regard, the escalating number of blood donors is aiding the in vitro diagnostic market advance. As per the WHO, 118.4 million units of blood were donated in 2018, and this increasing count is boosting the market advance. It was also reported that nearly 106 million blood donations are made globally and almost 13,300 blood centers exist in 169 countries presently. Before the donated blood is transfused, checking for infections or mutated genes is necessary. This is done via a range of IVD tests, thus propelling the market.

The rising chronic disease cases are also leading to the growth of the in vitro diagnostic market. The WHO reported that in 2018, there were 9.6 million deaths due to cancer. Moreover, as per the Joint United Nations Programme on HIV/AIDS (UNAIDS), there were around 37.9 million people with HIV in 2018. To monitor the progress of people affected by such chronic diseases, diagnostic tests need to be conducted regularly, which is driving the demand for the various products used in IVD.

North America is expected to continue to be the largest in vitro diagnostic market till 2030. The key factors responsible for this are the rise in the healthcare expenditure and increment in research and development activities.

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Asia-Pacific is projected to record the fastest growth in the coming years due to the presence of key market players and their strategic developments. APAC is the most-populated region in the world and also the one with a relatively lower access to quality healthcare than the developed world, which results in a huge patient pool.

Hence, in the coming years, the market will boom because of the increasing number of people with infectious diseases and rising volume of blood being donated.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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