Press release
Global In-Vitro Diagnostics Market Size To Grow At A CAGR Of 4.5% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
In-Vitro Diagnostics Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4.5%
The global in-vitro diagnostics market is expected to register growth during the forecast period on account of the increasing prevalence of diseases and infections. The advancements in automated IVD systems for hospitals and laboratories to offer accurate, error-free, and efficient diagnoses is likely to propel the market growth of in-vitro diagnostics.
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Due to the surge in the availability of various in-vitro diagnostics technologies introduced by various major players, the in-vitro diagnostics market growth is expected to bolster across the globe. New in-vitro diagnostics products such as molecular diagnostics offer accurate and effective results, increasing the demand for the overall market.
The rise in research and development activities being undertaken by various market competitors for the expansion of novel components is expected to drive the in-vitro diagnostics market growth. The increasing usage of in-vitro diagnostics for point-of-care testing helps healthcare providers execute testing in nursing homes, outpatient clinics, care centres, as well as patients' homes, further enhancing the market demand for in-vitro diagnostics.
In-Vitro Diagnostics Industry Definition and Major Segments
In vitro diagnostics or IVD are refers to experiments or tests performed on samples like tissue or blood that have been extracted from a human body. IVD can identify diseases as well as other disorders and can be employed to monitor an individual's health to help treat, prevent, or cure diseases.
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Based on product and service, the market is classified into:
Reagents and Kits
Instruments
Software and Services
By technology, the market is segmented into:
Immunodiagnostics
Enzyme-Linked Immunosorbent Assay (ELISA)
Enzyme-Linked Immunospot (ELISPOT)
Rapid Tests
Radioimmunoassay (RIA)
Western Blotting
Others
Clinical Chemistry
Basic Metabolic Panels
Liver Panels
Renal Profiles
Lipid Profiles
Thyroid Function Panels
Electrolyte Panels
Specialty Chemical Tests
Others
Molecular Diagnostics
Polymerize Chain Reaction (PCR)
Isothermal Nucleic Acid Amplification Technology (INAAT)
Hybridisation
DNA diagnostics
Microarray
Others
Haematology
Microbiology
Coagulation and Haemostasis
Urinalysis
Others
Based on application, the market is classified into:
Infectious Diseases
Diabetes
Oncology
Cardiology
Drug Testing/Pharmacogenomics
HIV/Aids
Autoimmune Diseases
Nephrology
Others
By end use, the market is categorised into:
Hospital and Clinics
Diagnostic Laboratories
Point-Of-Care Testing
Academic Institutes
Others
Based on region, the market is divided into:
North America
Latin America
Asia Pacific
Europe
Middle East and Africa
In-Vitro Diagnostics Market Trends
The infectious disease segment is likely to fuel the market growth over the coming years on account of the surging prevalence of infectious diseases. This is because in-vitro diagnostics helps to recognise microorganisms that trigger infectious diseases. Testing for life-threatening infections such as tuberculosis, HIV/AIDS, pneumonia, and hepatitis are also expected to enhance the market demand for in-vitro diagnostics.
Geographically, the North America region is anticipated to drive the in-vitro diagnostics market growth on account of the presence of major market players in the region like Danaher Corp. The well-established healthcare infrastructure in the region along with the increasing adoption of technologically advanced techniques for diagnosis are expected to drive the market growth of in-vitro diagnostics over the upcoming years.
The growing need for genetic testing for personalised medicine for conditions such as cancer and diabetes is expected to bolster the market demand for in-vitro diagnostics across North America. Increased awareness among patients about in-vitro diagnostics coupled with the rise in healthcare expenditure is likely to enhance the market growth.
Meanwhile, the Asia Pacific region is expected to gain momentum in the in-vitro diagnostics market share over the coming years on account of developments in healthcare infrastructure and testing facilities, especially in emerging economies like India and China. Rising disposable income, growing population, and wide prevalence of chronic diseases that need IVD testing are expected to boost the market growth in the region.
Key Market Players
The major players in the global in-vitro diagnostics market report are Danaher Corp, bioMérieux, Inc., Siemens Healthcare GmbH, ARKRAY America, Inc., Sysmex Corporation, and F. Hoffmann-La Roche Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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