In Vitro Diagnostic Market to Grow at 3.2% CAGR by 2030
Increase in prevalence of chronic and infectious diseases propels demand for in vitro diagnostic techniques, which fuels the market growth.
According to a new research report by Next Move Strategy Consulting, the global in vitro diagnostic market was valued at USD 91.25 billion in 2022, and is expected to reach USD 118.57 billion by 2030, with a CAGR of 3.2% during the forecast period.
Surge in number of in vitro diagnostic tests across the globe, owing to rise in incidences of infectious and chronic diseases and deaths caused by these diseases drives growth of the IVD market. According to the World Health Organization (WHO), diseases such as diabetes, cardiovascular diseases, cancer, and chronic respiratory diseases kill 41 million people each year, which is equivalent to 71% of all deaths globally. In addition, rise in geriatric population, which is vulnerable to immunological disorders propel the market growth globally.
On the contrary, regulatory approval processes for diagnostic devices and tests are slow and monotonous. Moreover, many institutions across the world deny to perform these tests due to their high complexity in POC settings, which, in turn can hinder the market growth. However, rapid growth of the point-of-care technique of diagnostics, along with various innovations in the IVD instruments market, owing to growth in demand for quicker diagnosis test results is further expected to augment the market prospects in the future.
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According to the report, leading market players in the manufacturing of instruments and reagents used in vitro diagnostics include BioMerieux, Sysmex Corporation, Qiagen N.V., Bio Rad Laboratories Incorporation, Beckton, Dickinson & Company, Roche Holding, Abbott, Danaher Corporation, Siemens Healthineers, and Thermo Fisher Scientific Inc.
Key Insights from the In Vitro Diagnostic Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the in vitro diagnostic market is provided in the report.
Value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the global in vitro diagnostic market, along with their competitive analysis is provided in the report.