Press release
In Vitro Diagnostics Market Projected to Reach USD 152.62 Billion by 2034, Growing at a CAGR of 6.7%
According to the latest research by Polaris Market Research, the global in vitro diagnostics market was valued at USD 80.02 billion in 2024. It is expected to reach USD 152.62 billion by 2034, with a CAGR of 6.7% during the forecast period of 2025-2034.
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Market Scope
In vitro diagnostics (IVD) implies medical processes, tests and demonstrations that are carried out externally of a living organism such as test tube, petri dish, or more intricate instrument. In vitro methodologies can be utilized in both clinical and industrial environments. In clinical environments, IVDs are utilized to inspect illnesses, conditions, and contaminations. These tests may be executed in laboratories, healthcare spaces, and even at home.
As the entry point to effective care and treatment, IVD is used in all phases of healthcare procedures, and throughout life, they offer healthcare experts important details to screen and diagnose a patient's health condition, prohibit and observe illness, and delve into treatments. They are also important for epidemiological surveillance intention.
Market Drivers
Growing Elderly Population: The surging aging population worldwide, particularly in advanced nations, is a notable driver for the in vitro diagnostics market. As per the World Population Prospects 2022, the percentage of global population aged 65 years and above is estimated to surge from 10% in 2022 to 16% by 2050. The maturing population pushes elevated cases of age-connected illnesses such as osteoporosis and Alzheimer's disease, causing the market demand to soar.
Technological Progressions: Automated diagnostic systems such as molecular diagnostics, next-generation sequencing (NGS), and point-of-care testing (POCT) have transformed the healthcare sector. Molecular diagnostics enable the finding of genetic and biochemical markers at a molecular level, promoting early and more accurate disease diagnosis.
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Key Players
Experienced in vitro diagnostics market players massively fund in advanced technology and framework, permitting them to productively process and inspect an extensive proportion of data. The list of key companies profiled are:
Abbott
Agilent Technologies, Inc.
Becton, Dickinson and Company
bioMérieux SA
Bio-Rad Laboratories, Inc.
Charles River Laboratories
Danaher Corporation
F. Hoffmann-La Roche Ltd.
Qiagen
Quest Diagnostics Incorporated
QuidelOrtho Corporation
Siemens Healthineers AG
Sysmex Corporation
Thermo Fisher Scientific, Inc.
Segmental Outlook
By Product & Service Outlook (Revenue - USD Billion, 2020-2034)
Reagents & Kits
Instruments
Data Management Software and Services
By Technology Outlook (Revenue - USD Billion, 2020-2034)
Immunoassays
Clinical Chemistry
Molecular Diagnostics
Hematology
Microbiology
Coagulation & Hemostasis
Urinalysis
Chromatography & Mass Spectrometry
Others
By Specimen Outlook (Revenue - USD Billion, 2020-2034)
Blood, Serum, and Plasma
Saliva
Urine
Other
By Application Outlook (Revenue - USD Billion, 2020-2034)
Infectious Diseases
Oncology
Endocrinology
Cardiology
Blood Screening
Genetic Testing
Autoimmune Diseases
Allergy Diagnostics
Drug Monitoring & Testing
Bone & Mineral Disorders
Coagulation Testing
Blood Group Testing
Others
By End User Outlook (Revenue - USD Billion, 2020-2034)
Hospital & Clinics
Clinical Laboratories
Blood Banks
Home Care Settings
Pharmaceutical & Biotechnology Companies
Academic Institutes
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Regional Insights
North America dominated the market, driven by growing cases of detrimental illnesses such as diabetes and cancer, which escalates the demand for laboratory-developed tests (LDTs).
Asia Pacific also holds a significant market share, particularly due to stabilizing economies, augmenting the middle class, reinforcing government policies, and speedy urbanization. Economic steadiness in prominent nations promotes an favorable business environment while the growing middle class pushes escalated demand for products and services. Encouraging government schemes and rapid urbanization additionally push market possibilities, especially in emerging nations within the region.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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