The Global in-vitro diagnostic market size was US$65147.91 Million in 2019 and is expected to reach US$ 121864.93 Million by 2030; This converts into a compounded annual growth rate (CAGR) of 5.9%.
Market Segmentation Covered into the report as below:
By Test Type
In-Vitro Diagnostic Market Geography Overview: Based on geography market is segmented as below:
Infections, diseases and other medical conditions can be detected with the help of in-vitro diagnostic test. These tests involve the collection of blood, saliva and other samples from the human body at either laboratory, healthcare facilities or at home. In-vitro stands for in-glass and therefore these tests are conducted using test tubes or similar equipment.
The global in-vitro diagnostics market was valued at over USD 65 billion in 2019. The market is projected to register a compound annual growth rate of nearly 9.5% from 2020 to 2027. Thus, the valuation of the market is anticipated to raise by nearly USD 60 billion within a span of 7 years.
The pandemic has had an overall positive impact on the global in-vitro diagnostic market. Increase in cases of COVID-19, demand for IVD kits and reagents as well as the convenience of getting tested at the comfort of one’s home are the major factors for the growth of the market even though the several sectors have witnessed a decline.
Market Dynamics and Trends
Adoption of rapid, minimally invasive and non-invasive diagnostic tools and techniques due to the soaring demand for quick, accurate and non-penetrating test from patients will drive the global in-vitro diagnostic market forward. Rising number of age associated diseases due to the surge in geriatric population across the globe is estimated to further boost market growth. Prevalence of infectious and chronic diseases and increase in incidences will ensure the expansion of the market. With more and more individuals investing in diagnostic techniques and the advancement in testing technologies, the in-vitro diagnostic market is all set to rise.
However, changing reimbursement scenarios and stringent regulatory and legal requirements may hinder the development of the market and deter enterprises from entering into the market. On the other hand, rise in demand for molecular diagnostics and an epigenomics-based approach are expected to create numerous opportunities for the growth of the in-vitro diagnostic market.
Market Segmentation and Geographic breakdown:
On basis of product, the consumables segment accounted for majority of the in-vitro diagnostic market share owing to the increasing need to identify diseases, low cost and growing use of kits and reagents. The kit segment is expected to witness a growth rate of over 6% during the forecast period.
Among the test types, the immunoassay segment dominated the market capturing nearly 35%. Rise in chronic and infectious diseases will largely drive the segment. Molecular diagnostics on the other hand will register the highest growth rate due to benefits such as the detection of numerous diseases at the prenatal stage.
The cardiology & blood disorders segmented accounted for the largest market share amid the various applications. Changing lifestyle patterns is largely driving the growth of this segment. The fastest growing segment is the infectious disease segment, growing at a rate of around 7%.
Based on end-user, the hospital segment captured 40% of the in-vitro diagnostic market. The rise in hospitalization and collaboration with diagnostic centers are the major contributors of the growth of the market. The clinics segment is projected to witness the highest growth rate of nearly 9% during the forecast timeline.
Some of the key players operating in the global in-vitro diagnostic market include, but not limited to:
Abbott; Agilent Technologies; Becton, Dickinson and Company; bioMérieux SA; Bio-Rad Laboratories, Inc.; Charles River Laboratories International, Inc.; Danaher; F. Hoffmann-La Roche AG; QIAGEN; Quest Diagnostics; Quidel Corporation; Siemens Healthineers AG; Sysmex Corporation.
Companies engage in acquisitions, partnerships, and mergers, in order to strengthen their product portfolio, provide competitive differentiation while also expanding their manufacturing capacities. Several players focus on producing innovative products and gaining approvals.
A few key players of the in-vitro diagnostic market are Roche Diagnostics Limited, Siemens Healthineers, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation, bioMérieux, Diasorin, Ortho-Clinical Diagnostics, Qiagen, Quidel Corporation, Charles River Laboratories International Inc. and Agilent Technologies.