In Vitro Diagnostics Market Poised for 6.5% Growth, Set to Hit $26.89 Billion by 2029

How Is the In Vitro Diagnostics Market Projected to Grow, and What Is Its Market Size?
The market size for in-vitro diagnostics has experienced fast growth in the past few years. The market, which is predicted to be valued at $130.74 billion in 2024, is estimated to expand to $149.01 billion in 2025 at a compound annual growth rate (CAGR) of 14.0%. Factors propelling this growth during the historical span include the advent of automated analyzers and molecular diagnostics, increase in older population, outbreaks of diseases, regulations in healthcare, as well as the rise of personalized medicine.

The market size of in-vitro diagnostics is anticipated to experience significant growth over the coming years, reaching $232.69 billion in 2029, with a compound annual growth rate (CAGR) of 11.8%. Factors contributing to this growth in the forecast period include precision medicine, point-of-care testing, digital health and data analytics, and pandemic preparedness. Key trends that will feature during this forecast period comprise technological breakthroughs, integration within digital health, bespoke diagnostics, at-home testing kits, and molecular diagnostics.

What Are the Key Drivers Behind the Growth of the In Vitro Diagnostics Market?
The burgeoning appeal of self-administered test kits is anticipated to fuel the expansion of the in vitro diagnostics market in the future. These test kits, conceived for personal use, negate the necessity for healthcare professionals or skilled personnel to administer the test in home settings. By enabling individuals to conduct diagnostic tests at their convenience, these kits enhance accessibility and can substantially increase the demand for testing, especially for conditions that were previously undiagnosed. For example, the Centers for Disease Control and Prevention, a leading public health agency in the US, noted in April 2022 that there was a significant surge in the use of at-home COVID-19 tests among US adults aged 18 and above from the period dominated by the Delta variant (August to December 2021) to the period dominated by the Omicron variant (December to March 2022). The proportion of respondents with COVID-19-like symptoms using at-home tests rose from 5.7% to 20.1%. Hence, the growing appeal of self-administered test kits is set to catalyze the expansion of the in vitro diagnostics market.

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Who Are the Major Industry Players Fueling In Vitro Diagnostics Market Expansion?
Major companies operating in the in vitro diagnostics market include Siemens Healthineers, F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Alere Inc., Arkray Inc., Becton, Dickinson and Company (BD), Bio-Rad Laboratories Inc., bioMérieux SA, Grifols SA, Hologic Inc., Werfen SA, Laboratory Corporation, Luminex Corporation, Ortho Clinical Diagnostics, PerkinElmer Inc., Qiagen NV, Quest Diagnostics Inc., QuidelOrtho Corporation, Sysmex Corporation, Illumina Inc., Menarini Silicon Biosystems SPA, SpeeDx Pty. Ltd., GENSPEED Biotech GmbH, Accelerate Diagnostics Inc., Merck KGaA, Caris Life Sciences Inc., Bio-Techne Corporation, Myriad Genetics Inc., Genomic Health Inc., Exact Sciences Crop., Natera Inc., Invitae Crop., Veracyte Inc.

Which Key Developments Are Influencing the In Vitro Diagnostics Market?
Prominent firms in the in vitro diagnostics market are concentrating on creating ground-breaking products like the Cobas pulse system to enhance their market profitability. The Cobas pulse system is an advanced blood glucose management system featuring mobile digital health capabilities for improved patient care. Roche Diagnostics, a United States-based inventor of products and services that tackle disease prevention, diagnosis, monitoring, screening, and treatment, rolled out the Cobas pulse system in January 2022. This compact device boasts an autonomous glucose test strip reader, a camera, and a touchscreen to record extra diagnostic data. Its user-centric interface is developed for easy adoption, offering handy functions that optimize procedures, save time, and improve workflows.

How Is the Segmentation of the In Vitro Diagnostics Market Defined?
The in vitro diagnostics market covered in this report is segmented -

1) By Type: Point-of-Care Diagnostics Devices And Equipment, Immunochemistry Diagnostic Devices And Equipment, Clinical Chemistry Diagnostics Devices And Equipment, Molecular Diagnostics Devices And Equipment, Microbiology Diagnostic Devices And Equipment, Hemostasis Diagnostic Devices And Equipment, Hematology Diagnostic Devices And Equipment, Immunohematology Diagnostic Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables

Subsegments:
1) By Point-Of-Care Diagnostics Devices And Equipment: Blood Glucose Monitoring, Pregnancy And Fertility Testing, Infectious Disease Testing, Cardiac Markers Testing, Coagulation Testing
2) By Immunochemistry Diagnostic Devices And Equipment: Enzyme-Linked Immunosorbent Assay (ELISA), Radioimmunoassay (RIA), Western Blot, Immunofluorescence Assay, Chemiluminescence Immunoassay (CLIA)
3) By Clinical Chemistry Diagnostic Devices And Equipment: Blood Glucose Testing, Cholesterol Testing, Liver Function Testing, Kidney Function Testing, Electrolyte Testing
4) By Molecular Diagnostics Devices And Equipment: PCR (Polymerase Chain Reaction) Instruments, Next-Generation Sequencing (NGS) Instruments, Microarray Instruments, FISH (Fluorescence In Situ Hybridization) Devices
5) By Microbiology Diagnostic Devices And Equipment: Microbial Culture Systems, Automated Identification Systems, Antimicrobial Susceptibility Testing Systems, Blood Culture Systems
6) By Hemostasis Diagnostic Devices and Equipment: Coagulation Analyzers, Thromboelastography Systems, Platelet Function Analyzers, Clotting Factor Analyzers
7) By Hematology Diagnostic Devices and Equipment: Hematology Analyzers, Hemoglobin Testing Systems, Complete Blood Count (CBC) Devices, Blood Cell Counters
8) By Immunohematology Diagnostic Devices and Equipment: Blood Typing Systems, Crossmatching Systems, Antibody Screening Systems, Blood Bank Analyzers

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What Is the Leading Region in the In Vitro Diagnostics Market?
North America was the largest region in the global in-vitro diagnostics market in 2023. Asia-Pacific was the second largest region in the global in-vitro diagnostics market. The regions covered in the in-vitro diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Is Covered In The In Vitro Diagnostics Global Market Report?

- Market Size Analysis: Analyze the In Vitro Diagnostics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the In Vitro Diagnostics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall In Vitro Diagnostics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the In Vitro Diagnostics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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