In-Vitro Diagnostics Market is to grow at a 3.41% CAGR, with North America leading the market through 2030.

In-Vitro Diagnostics Market to Hit USD 128.8 Bn by 2030

In-Vitro Diagnostics Market was USD 101.8 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 3.41 % from 2024 to 2030, reaching USD 128.8 Bn by 2030. In the United States, market size was estimated at USD 33.78 billion in 2023. The need for diagnostic tests is growing as the number of infectious and chronic diseases, including diabetes, heart disease, and cancer, rises globally. Further increasing the need for IVD products are the creation of condition-specific tests and the expanding usage of point-of-care (POC) testing. The emphasis placed by the healthcare sector on early disease detection and individualized treatment plans is also fuelling market expansion. The market is growing because of the faster and more accurate results made possible by automated testing platforms and molecular diagnostics.

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Market Segmentation

By Technique: With a 37.95% market share in 2022, molecular diagnostics is the leading company in the IVD industry. Because of developments in PCR technology and inventions like plasmofluidic chips, which have drastically shortened the time needed for diagnostic testing, this market is predicted to maintain its dominance.

By Application: The In-Vitro Diagnostics (IVD) market was driven by the infectious diseases category in 2022, and it is anticipated to increase at a robust rate of 4.15% per year between 2023 and 2029. A significant contributing element to this expansion is the rise in incidence of illnesses like TB, HIV/AIDS, pneumonia, and hepatitis. Advanced diagnostic kits are being developed and disseminated by both public and commercial entities in an effort to slow the spread of these illnesses.

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Market Regional Analysis

Europe, is the second-largest market for In-Vitro Diagnostics, and it is expected to grow significantly in the coming years. The region benefits from well-developed healthcare systems, an aging population, and a rise in chronic diseases, such as cancer and infections. Moreover, growing investments in healthcare technology and research are helping to expand the market.

North America, currently holds the largest share of the global In-Vitro Diagnostics market. Due to the United States' robust healthcare system, high prevalence of chronic diseases, and substantial healthcare spending, The American Cancer Society estimates that nearly 1.8 million new cases of cancer will be diagnosed in 2020, indicating a growing need for diagnostic solutions, particularly for cancer detection and management.

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Market Competitive Landscape

Abbott: In Jan 2023, launched a new molecular diagnostic test for oncology applications, designed to provide faster and more accurate results for cancer patients, improving the speed of diagnosis and treatment plans.

Thermo Fisher: In Feb 2023, Scientific has expanded its diagnostic product portfolio in the Asia Pacific region, responding to the increasing demand for accurate diagnostic tools, especially in emerging markets like India and China.

Bio-Rad Laboratories: In Dec 2022, FDA approval for its new cancer diagnostic kit, designed to improve the detection and monitoring of various cancer types through advanced molecular diagnostic techniques.

Conclusion

The In-Vitro Diagnostics (IVD) market is expanding due to advancements in diagnostic technologies, increasing disease prevalence, and a growing emphasis on early detection and personalized treatments.
Advances in molecular diagnostics and increased investments in R&D are expected to further fuel the growth of the IVD market.
With continued technological advancements, the IVD market is positioned to play a crucial role in modern healthcare, particularly in early disease detection and treatment management.

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