In Vitro Diagnostics Market Size, Share, Growth and Trends, Report 2024-2031

Global In Vitro Diagnostics Market reached US$ 98.3 billion in 2023 and is expected to reach US$ 145.7 billion by 2031, growing at a CAGR of 5.3% during the forecast period 2024-2031.

In Vitro Diagnostics (IVD) involves tests conducted on human samples to detect diseases, conditions, or infections, typically performed outside the body in laboratory settings with advanced instruments and reagents. IVD plays a vital role in modern medicine by supplying essential information for diagnosing diseases, making treatment decisions, and monitoring patient health. The IVD market is expanding rapidly, driven by technological advancements, an aging global population, increasing prevalence of chronic diseases, and the rising demand for personalized medicine.

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Market Dynamics:

Rise in technological advancements

Technological advancements are significantly contributing to the growth of the IVD market during the forecast period. Molecular diagnostics, such as PCR and NGS, enable early detection of genetic diseases, enhancing diagnostic accuracy and treatment outcomes. Point-of-care testing devices facilitate quicker diagnoses and treatments, particularly in remote areas. Automation and digitalization in IVD systems boost efficiency, minimize human error, and deliver more accurate results, especially in remote settings. The introduction of novel and highly accurate clinical laboratory tests is driving the global adoption of innovative IVD tests. For example, in June 2023, Toray Industries, Inc. obtained marketing approval from Japan's Ministry of Health, Labour and Welfare for its Toray APOA2-iTQ, a diagnostic tool for pancreatic cancer. Additionally, in March 2023, Abbott received U.S. FDA clearance for its new traumatic brain injury (TBI) blood test. The increasing approval of IVD tests for life-threatening diseases is expected to open new opportunities in previously untapped markets.

Segment Covered in the In Vitro Diagnostics Market:

By Product: Instruments, Reagents, Software and Services.

By Technique: Immunoassays, POC diagnostics, Molecular diagnostics, Hematology, Tissue diagnostics, Microbiology, Self-Blood-Glucose Monitoring, Others.

By Application: Infectious Diseases, Diabetes, Cancer/Oncology, Cardiology, Autoimmune Diseases, Nephrology, Drug Testing, Others.

By End User: Diagnostic Laboratories, Hospitals, Academics and Research Institutes, Others.

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Key players involved in the In Vitro Diagnostics Market:

• BioMérieux
• Danaher Corporation
• Roche Diagnostics
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Abbott Laboratories
• Bayer AG
• Arkray, Inc
• Sysmex Corporation
• Siemens AG

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Regional Analysis:

The In Vitro Diagnostics Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The In Vitro Diagnostics Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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