In Vitro Diagnostics (IVD) Market by Product & Service (Instruments, Reagents, and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Clinical Chemistry, Tissue Diagnostics, and Others), by Application (Infectious Diseases, Cancer, Immune System Disorders, Cardiac Diseases, Nephrological Diseases, Gastrointestinal Diseases, and Others), and by End User (Standalone Laboratory, Academic & Medical Schools, Hospitals, Point of Care, and Others)- Global Opportunity Analysis and Industry Forecast, 2022–2030

Market Definition:

The In Vitro Diagnostics (IVD) Market size was valued at USD 86.51 billion in 2021, and is predicted to reach USD 118.57 billion by 2030, with a CAGR of 3.3% from 2022 to 2030. In vitro diagnostics (IVD) can be defined as medical tests that detect disease and infections in a human body. These tests are conducted using different samples such as tissue, blood, or urine. IVD tests are typically performed in private or public laboratories that are outfitted with appropriate instrumentation and require highly trained personnel. Tissue diagnostics, haematology, immunodiagnostics, and molecular diagnostics are some of the features offered by in vitro diagnostics. It is gaining popularity in the healthcare sector due to its effectiveness in diagnosing a wide range of medical conditions such as cardiac disorders, cancer, infectious diseases, and nephrological disorders.

Market Dynamics and Trends:

Increasing demand for diagnostic devices due to the rising incidences of infectious and chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases, and diabetes across the globe is driving the growth of in vitro diagnostic market. For instance, in 2021, according to International Diabetes Federation, around 537 million adults were suffering from diabetes worldwide. Also, the demand of IVD is high in diagnosis for Covid-19, due to the wide adaption of molecular diagnostic test kits such as antigen and anti-body test kits. This, in turn, is further driving the market growth. For instance, in June 2021, Abbott laboratories received CE mark for its Panbio Covid-19 antigen self-test kit for sale directly to consumers in Europe. This over-the-counter IVD will facilitate people with a fast and reliable self-testing kit to reduce the spread of Covid-19 infection.  

However, high investment and maintenance cost of IVD equipment, shortage and variable cost of raw materials, and lack of reagents are the factors restraining the growth of the IVD market. On the contrary, integration of artificial intelligence (AI) and internet of things (IoT) in IVD technology is expected to create ample growth opportunities for the market in the coming years. AI and IoT will bring advanced data analytics to reduce errors in IVD along with assistance in remote monitoring and management of IVD devices.

Market Segmentations and Scope of the Study:

The in vitro diagnostics (IVD) market share is segmented on the basis of product & service, technique, application, end user, and geography.

On the basis of product & service, the market is further categorized into instruments, reagents, and software & services. On the basis of technique, the market is sub-divided into immunodiagnostics, hematology, molecular diagnostics, clinical chemistry, tissue diagnostics, and others. The immunodiagnostics segment is further sub-segmented into enzyme-linked immunosorbent assay (ELISA), rapid tests, enzyme-linked immunospot (ELISPOT), radioimmunoassay (RIA), and western blot. The molecular diagnostics segment is further divided into polymerize chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), hybridization, DNA diagnostics, microarray, and others. The clinical chemistry segment is further sub-segmented into basic metabolic panel, liver panel, renal profile, lipid profile, thyroid function panel, electrolyte panel, and specialty chemicals. On the basis of application, the market is classified into infectious diseases, cancer, immune system disorders, cardiac diseases, nephrological diseases, gastrointestinal diseases, and others. On the basis of end user, the market is sub-divided into point of care, standalone laboratory, hospitals, academic & medical schools, and others. The geographical breakdown and analysis of each of the previously mentioned segments include regions such as North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America holds the major share of the IVD market, and is expected to continue its dominance during the forecast period. This is attributed to factors such as well-established healthcare infrastructure along with high healthcare expenditure by government that increases the adoption of advanced in vitro diagnostics equipment by public healthcare providers in the region. For instance, in 2020, the U.S. spent USD 4.1 trillion in the health sector, which is the highest in healthcare spending among the developed nations of the world. Also, rising geriatric population in the region and associated age-related immunological disorders increase the adoption of in vitro diagnostic. This, in turn, is further fueling the growth of the market. For instance, in 2020, according to The World Bank, The U.S. is among the countries with the highest number of elderly people across the globe. The elderly population accounts for 16.6% of the total population in the country.  

On the other hand, Asia-Pacific is expected to show a steady rise in the IVD market, owing to the presence of large population in countries such as India and China that require IVD test for several diseases such as cholesterol, hyperthyroidism, and human immunodeficiency virus (HIV). Moreover, increasing adoption of point-of-care diagnostics (POCD) is expected to drive the IVD market growth in the region. POCD is regarded as an efficient diagnostic option to prevent delays in treatment. It is also a crucial aspect in preventing high mortality rate and transmission of infectious agents.

Competitive Landscape:

Various market players operating in the global in vitro diagnostics market include Abbott Laboratories, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Sysmex Corporation, BioMerieux SA, Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Thermo Fisher Scientific, Inc. These market players are launching numerous products across various regions to maintain their dominance in the IVD market. For instance, in June 2022, Becton, Dickinson and Company announced that it will collaborate with CerTest Biotec to develop a diagnostic test to detect Monkeypox virus. This will allow the company to expand its product portfolio and advance research activities of Monkeypox disease.

Moreover, in March 2022, Thermo Fisher Scientific, Inc. launched next-generation sequencing (NGS) platform called CE-IVD marked Ion Torrent Genexus Dx Integrated Sequencer. It will be able to provide diagnostic results within a day and fully validated system will further enable users to perform diagnostic testing and clinical research on a single instrument.

KEY BENEFITS:

• The in vitro diagnostics market report provides the quantitative analysis of the current market and estimations from 2022 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of an extensive analysis of the in vitro diagnostics market trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the In vitro diagnostics market is provided in the report.

• The competitive analysis of the market players along with their market share in the in vitro diagnostics market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Product & Service

• Instruments

• Reagents

• Software & Services

By Technique

• Immunodiagnostics

  • Enzyme-Linked Immunosorbent Assay (ELISA)

  • Rapid Tests

  • Enzyme-Linked Immunospot (ELISPOT)

  • Radioimmunoassay (RIA)

  • Western Blot

• Hematology

• Molecular Diagnostics

  • Polymerize Chain Reaction (PCR)

  • Isothermal Nucleic Acid Amplification Technology (INAAT)

  • Hybridization

  • DNA Diagnostics

  • Microarray

  • Others

• Clinical Chemistry

  • Basic Metabolic Panel

  • Liver Panel

  • Renal Profile

  • Lipid Profile

  • Thyroid Function Panel

  • Electrolyte Panel

  • Specialty Chemicals

• Tissue Diagnostics

• Others

By Application

• Infectious Diseases

• Cancer

• Immune System Disorders

• Cardiac Diseases

• Nephrological Diseases

• Gastrointestinal Diseases

• Others

By End User

• Standalone Laboratory

• Academic & Medical Schools

• Hospitals

• Point of Care

• Others

By Geography

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION: