Press release
In Vitro Diagnostic IVD Reagents Market Expansion Fueled by Increasing Demand for Early Disease Detection and Monitoring
In Vitro Diagnostic (IVD) Reagents Market
According to the latest research by InsightAce Analytic, the Global In Vitro Diagnostic (IVD) Reagents Market is valued at US$ 76.10 Bn in 2023, and it is expected to reach US$ 113.15 Bn by the year 2031, with a CAGR of 5.21% during the forecast period of 2024-2031.
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In vitro diagnostic (IVD) reagents play a critical role in medical diagnostics, facilitating the detection of diseases and health conditions to support informed treatment decisions. These reagents enable precise diagnostic testing, aid in patient monitoring, and contribute to determining the most effective treatment strategies for individual patients.
The IVD market is experiencing significant growth, driven by the rising prevalence of acute and chronic diseases such as diabetes, cancer, cardiovascular diseases, and tuberculosis. Additionally, the increasing incidence of infectious diseases, respiratory disorders, and gastrointestinal conditions has heightened the demand for advanced diagnostic solutions, further propelling market expansion.
Moreover, increasing investments in research and development (R&D) aimed at developing cost-effective diagnostic solutions are expected to create new growth opportunities. However, high equipment costs and ongoing maintenance expenses associated with diagnostic devices remain key challenges that could hinder market growth.
List of Prominent Players in the In Vitro Diagnostic (IVD) Reagents Market:
• Thermo Fisher Scientific Inc
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc
• Agilent Technologies, Inc.
• QIAGEN N.V.
• Merck KGaA
• Beckman Coulter, Inc
• Hologic, Inc
• Abcam Ltd
• Bio-Techne Corp
• InBios International, Inc.
• SDIX, LLC
• RayBiotech, Inc.
• Sino Biological Inc.
• Other Market Players
Market Dynamics:
Drivers-
The in vitro diagnostic (IVD) reagents market is experiencing significant growth, driven by several key factors that highlight its critical role in modern healthcare diagnostics. The increasing prevalence of chronic diseases, including diabetes, cardiovascular conditions, cancer, and infectious diseases such as hepatitis and HIV, is a major factor contributing to market expansion.
IVD reagents are indispensable in the early detection, disease monitoring, and treatment evaluation of these conditions, making them essential for effective patient management. Additionally, advancements in diagnostic technologies have led to improved patient outcomes, further accelerating market demand. The rising need for accurate and efficient diagnostic solutions continues to propel the growth of the IVD reagents market.
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Challenges:
The in vitro diagnostic (IVD) reagents market faces several key challenges that may hinder its growth. High costs, a shortage of skilled professionals, and the absence of standardized protocols-particularly in emerging economies affected by lockdowns and isolation measures-are major obstacles. Additionally, limited healthcare funding worldwide forces providers to reduce costs without compromising the quality and reliability of diagnostic solutions.
The COVID-19 pandemic has further disrupted the industry, causing supply chain interruptions and operational challenges. As a response, service providers have prioritized workplace sanitation and restructuring to enhance resilience and mitigate risks. The integration of digital collaboration tools has become essential for remote customer support, helping businesses recover from economic downturns. Many IVD companies are now leveraging digital technologies to expand their customer base and improve operational efficiency.
Regional Trends:
The North American IVD reagents market is expected to hold the largest share of global revenue, with projections indicating a high compound annual growth rate (CAGR) in the coming years. This growth is primarily driven by the strong presence of key industry players, robust healthcare infrastructure, and the rising prevalence of chronic diseases, including diabetes, cardiovascular conditions, and cancer.
Meanwhile, the Asia-Pacific region has also secured a significant market share, fueled by increased healthcare expenditures and the growing adoption of point-of-care diagnostic devices. Expanding government initiatives and technological advancements further contribute to the market's rapid growth in this region.
Recent Developments:
• In April 2023, ALPCO-GeneProof and Thermo Fisher formed a partnership to expand the former's portfolio of CE-IVD molecular assays. Thermo Fisher provided a portfolio comprising 37 CE-IVD molecular diagnostic assays that were originally included in the portfolio of ALPCO-GeneProof. The assays were constructed utilizing their groundbreaking "one workflow" technology, which facilitated usability and ensured compatibility with an extensive array of qPCR instruments.
• In June 2022, Biotec CerTest and BD Jointly developed a molecular diagnostic assay for monkeypox. The collaboration involved the utilization of the BD MAXTM open system reagent suite in the assay to verify the functionality of the CerTest VIASURE Monkeypox CE/IVD molecular test on the BD MAXTM System. The assay, which was accessible to BD MAXTM users, had the potential to contribute to the advancement of knowledge regarding the worldwide dissemination of the disease.
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Segmentation of In Vitro Diagnostic (IVD) Reagents Market-
By Type-
• Antibodies
• Purified Proteins and Peptides
• Oligonucleotides
• Others
By Technology-
• Immunoassay
• Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Hematology
• Others
By Use-
• Clinical Use
• Research Use
• Others
By End user-
• IVD Manufacturers
• Academic Institutes & Research Laboratories
• Hospital Laboratories
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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