Global In Vitro Diagnostics Market Projected to Reach USD 125.6 Billion by 2029 Amidst Rising Prevalence of Chronic Diseases and Technological Advancements

Mordor Intelligence has published a new report on the In-vitro Diagnostics Market, offering a comprehensive analysis of trends, growth drivers, and future projections.

The IVD Market is projected to be valued at USD 95.59 billion in 2024 and is anticipated to grow to USD 125.61 billion by 2029, registering a Compound Annual Growth Rate (CAGR) of 5.62% during the forecast period (2024-2029). This growth is attributed to the high prevalence of chronic and infectious diseases, the increasing adoption of point-of-care (POC) diagnostics, advancements in in vitro diagnostic technologies, and growing awareness.

Report Overview - https://www.mordorintelligence.com/industry-reports/in-vitro-diagnostics-market

Key Trends Driving In-vitro Diagnostics Market

High Prevalence of Chronic and Infectious Diseases

The growing burden of chronic diseases fuels the need for in-vitro diagnostics solutions to improve early diagnosis of the condition, which is expected to contribute to market growth. For instance, in December 2023, the Australian Institute of Health and Welfare (AIHW) mentioned that the risk of coronary heart disease increases significantly with age and is prevalent in around 1 in 9 adults (11%) aged 75 years and above in Australia. In addition, in July 2023, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reported that around 39 million individuals were infected with HIV in 2022 worldwide. The high incidence of chronic diseases is increasing the demand for substantial diagnostic procedures, which, in turn, is expected to drive the market over the forecast period.

Advancements in IVD Technologies

The use of IVD products with advanced technologies increases their adoption rate and contributes to industry growth. There has been a paradigm shift from traditional diagnostics to a new generation of diagnostics that work at the gene level. These kits are equipped with next-generation sequencing (NGS) technology that offers an analysis of genes and improves the diagnosis of hereditary cancer syndromes. This is expected to enhance its adoption and propel market growth over the forecast period.

Increasing Use of Point-of-Care (POC) Diagnostics

The increasing use of point-of-care (POC) diagnostics is contributing to the growth of the in-vitro diagnostics market. POC diagnostics offer rapid results and are convenient for both patients and healthcare providers, leading to their increased adoption.

Growing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics

The growing awareness and acceptance of personalized medicine and companion diagnostics are also driving the growth of the in-vitro diagnostics market. Personalized medicine allows for treatments tailored to individual patients, improving outcomes and reducing side effects. Companion diagnostics are tests used to determine the suitability of a particular treatment for a specific patient, ensuring more effective and targeted therapies.

Market Segmentation

The in-vitro diagnostics market is segmented based on test type, product, usability, application, end user, and geography:

By Test Type:

Clinical Chemistry: Tests analyzing bodily fluids for diagnostic purposes.

Molecular Diagnostics: Techniques used to detect genetic material or proteins associated with specific health conditions.

Immunodiagnostics: Tests that use antigen-antibody reactions to detect diseases.

Hematology: Tests related to blood and its disorders.

Other Test Types: Includes coagulation, microbiology, and urinalysis.

By Product:

Instruments: Devices used to perform diagnostic tests.

Reagents: Substances or compounds used in diagnostic tests.

Other Products: Includes software and services related to IVD.

By Usability:

Disposable IVD Devices: Single-use diagnostic devices.

Reusable IVD Devices: Diagnostic devices that can be used multiple times.

By Application:

Infectious Disease: Diagnostics for diseases caused by pathogens.

Diabetes: Tests related to blood sugar levels and diabetes management

Cancer/Oncology: Diagnostics for various types of cancer.

Cardiology: Tests related to heart health and diseases.

Autoimmune Disease: Diagnostics for diseases where the immune system attacks the body.

Nephrology: Tests related to kidney function and diseases.

Other Applications: Includes diagnostics for genetic disorders, neurology, and more.

By End User:

Diagnostic Laboratories: Facilities specializing in diagnostic testing.

Hospitals and Clinics: Healthcare institutions providing patient care and diagnostic services.

Other End Users: Includes research institutes, academic institutions, and home care settings.

By Geography:

North America: United States, Canada, and Mexico.

Europe: United Kingdom, Germany, France, Italy, Spain, and Rest of Europe.

Asia-Pacific: China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific.

Middle East and Africa: Saudi Arabia, South Africa, UAE, and Rest of Middle East and Africa.

South America: Brazil, Argentina, and Rest of South America.

Get a Customized Report Tailored to Your Requirements: https://www.mordorintelligence.com/market-analysis/in-vitro-diagnostic-devices

Key Players

The in-vitro diagnostics market features several prominent companies contributing to its development:

F. Hoffmann-La Roche AG

Abbott Laboratories

Siemens Healthineers

Danaher Corporation

Thermo Fisher Scientific Inc

Industry Related Reports

Oncology Molecular Diagnostics Market: The Oncology Molecular Diagnostics Market is categorized by Product Type (Instruments, Reagents, and Other Product Types), Technology Type (Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing and Next-Generation Sequencing, In-situ Hybridization, Mass Spectrometry, Transcription Mediated Amplification (TMA), Chips and Microarrays, and Other Technology Types), Application Type (Breast Cancer, Prostate Cancer, Colorectal Cancer, Lung Cancer, Blood Cancer, Liver Cancer, Cervical Cancer, and Other Application Types), End User (Hospitals, Diagnostic Centers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/global-oncology-molecular-diagnostics-market

Point of Care Molecular Diagnostics Market: The POC Molecular Diagnostics Market is segmented by Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, and Other Applications), Technology (PCR, Genetic Sequencing, Hybridization, and Microarray), End User (Hospitals, Homecare, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/point-of-care-molecular-diagnostics-market

PCR Molecular Diagnostics: The PCR Molecular Diagnostics Market Report is divided by Product Type (Instruments, Reagents and Consumables, and Software), Application (Infectious Disease Testing, Oncology Testing, and Other Applications), End Users (Hospitals, Diagnostic Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report provides the value (in USD Million) for these segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/pcr-molecular-diagnostics

Conclusion

The in-vitro diagnostics market is poised for significant growth, driven by technological advancements, an increasing prevalence of chronic and infectious diseases, and a growing emphasis on personalized medicine. The integration of artificial intelligence and machine learning into diagnostic processes is expected to further enhance the accuracy and efficiency of IVD tools. As healthcare systems worldwide strive for improved patient outcomes and cost-effective solutions, the demand for advanced diagnostic technologies is anticipated to rise. Key players in the market are likely to continue investing in innovation and strategic collaborations to address the evolving needs of the healthcare sector, thereby shaping the future landscape of in-vitro diagnostics.

For any inquiries or to access the full report, please contact:

media@mordorintelligence.com
https://www.mordorintelligence.com/

About Mordor Intelligence:

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics

This release was published on openPR.