In-Vitro Diagnostics Market - Industry Size, Share, Growth 2028

In-vitro diagnostic tests are tests that are utilized to detect diseases and vulnerable conditions which help in keeping track of patients as well as prevent further infections. In vitro diagnostics (IVD) include reagents, instruments, and software used to evaluate specimens such as blood, urine, stool, tissues, and other bodily fluids obtained from the human body to diagnose diseases, conditions, and infections. The rise in the prevalence of chronic and infectious diseases like diabetes, cancer, cardiovascular disease, and tuberculosis is a primary factor driving the IVD market's expansion. Additionally, there has been a marked increase in the number of individuals with infectious disorders such as STDs, respiratory illnesses, and gastrointestinal conditions which is also driving the growth of the market during the forecast period.

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The Global In-vitro diagnostics Market is expected to grow at a steady rate of around 7.4% owing to a surge in the prevalence of cancer. According to GLOBOCAN, in 2020, there were about 19.3 million new cancer cases and approximately 10 million deaths. In addition, the growing number of cancer cases is expected to foster the adoption of in-vitro diagnostic tests which will drive the growth of the market. Moreover, the rising initiatives of the government and various non-profit organizations in spreading awareness regarding the prevention of cancer are expected to fuel the growth of the market. For instance, the World Health Organization’s Global Action Plan for Prevention and Control of Non-Communicable Diseases aims at decreasing premature death due to cancer, cardiovascular diseases, chronic respiratory diseases, and diabetes by around 25% by the year 2025.

According to UnivDatos Market Insights (UMI)’ research report “Global In-Vitro Diagnostics Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing number of chronic diseases and the increasing use of point-of-care (POC) diagnostics.

Based on product, the market is segmented into reagents and instruments services. The instruments services category is to witness fastest CAGR during the forecast period owing to the growing demand for the various type of tests such as Metabolic markers (blood chemistry) such as glucose, urea, and potassium, Liver function tests, heart disease and heart attack indicators, Thyroid disease markers, Various blood cell counts and blood cell size, Viral and microbial infection such as HIV or H. pylori, and Immunological markers and antibodies.

Based on the techniques, the market is categorized into immunoassay, clinical chemistry, self-monitoring of blood glucose (SMBG), molecular diagnostics, hematology, microbiology, point-of-care, and hemostasis. Among these, the immunoassay category held a significant share of the market in 2020. This is mainly due to technological advancements, increasing awareness about personal health, and increase in awareness pertaining to benefits associated with these devices.

North America to witness extensive growth

For a better understanding of the market adoption of the in-vitro diagnostics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the well-established healthcare sector and the increasing incidence of chronic illnesses. Due to rising healthcare costs and the strong acceptance of point-of-care testing, the United States occupies most of the North American market. The main cause of mortality and disability in the United States each year is chronic diseases, according to data on chronic diseases updated by the Centers for Disease Control and Prevention in July 2022. The expansion of in-vitro diagnostics in the country is aided by the increased prevalence of chronic diseases there.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the In-Vitro Diagnostics Market are Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp.

“Global In-Vitro Diagnostics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

Market Segmentation:

1. By Product (Reagents and Instruments Services)

2. By Techniques (Immunoassay, Clinical Chemistry, Self-Monitoring of Blood Glucose (SMBG), Molecular Diagnostics, Hematology, Microbiology, Point-of-Care, and Hemostasis)

3. By Application (Infectious Disease, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disease, and Others)

4. By End-User (hospitals, clinics & laboratories, home care, and others)

5. By Usability (Disposable IVD Devices and Reusable IVD Devices)

6. By Region (North America, Europe, Asia-Pacific, Rest of the World)

7. By Company (Abbott; BD; BIOMÉRIEUX; Bio-Rad Laboratories, Inc.; Danaher; Johnson & Johnson Private Limited; F. Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Sysmex Corporation; Thermo Fisher Scientific)

Key questions answered in the study:

1. What are the current and future trends of the global in-vitro diagnostics market industry?

2. How the industry has been evolving in terms of product, techniques, application, end-user, and usability?

3. How the competition has been shaping across the countries followed by their comparative factorial indexing?

4. What are the key growth drivers and challenges for the global in-vitro diagnostics market industry?

5. What is the customer orientation, purchase behavior, and expectations from the global in-vitro diagnostics market suppliers across various region and countries?