The global in vitro diagnostics market size is expected to reach USD 113.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2021 to 2027. The growth is driven by the growing geriatric population and technological advancements in diagnostics that are supporting its adoption.Technological advancements in terms of accuracy, portability, and cost-effectiveness are expected to be one of the high impact rendering drivers of this market. For instance, in June 2017, Agena Bioscience launched the MassARRAY system integrated with CHIP Prep Module in Europe. The system was marketed as a CE-IVD product under Directive 98/79/EC. Moreover, Real-Time Polymerase Chain Reaction (qPCR) is one of the fastest-growing application segments of the in vitro diagnostics (IVD) market.
Key suggestions from the report:
- Molecular diagnostics is expected to witness the fastest growth over the forecast period
- High use of reagents in IVD testing, high demand for over-the-counter diagnostic tests, and increase in adoption of these tests in nonmedical facilities, such as home, are some of the factors that are driving the growth, providing it a clinical advantage over other IVD tests
- Reagents held the largest market share in 2020 owing to the increasing demand for genetic testing and availability of technologically advanced cancer diagnostic tests in countries with unmet clinical needs, such as India and Middle East & Africa
- The growing availability of CE-IVD certified kits globally to diagnose and screen patients during epidemic situations is expected to boost the growth of reagents and instruments segments
- Key players are updating their range of testing options for qPCR instruments by undertaking R&D initiatives for the development of kits that target emerging diseases, or by entering into agreements with other kit manufacturing companies
Read 200 page research report with ToC on “In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Application, By Technology (Immunochemistry, Molecular Diagnostics), By End-use, By Region, And Segment Forecasts, 2021 – 2027” at: https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market
The IVD market is highly competitive in nature. Consequently, manufacturers are required to improvise products in terms of specificity, accuracy, precision, speed, and other parameters, in order to gain an advantage over previously marketed products.
A steady rise in consumer awareness about diagnosing infectious diseases and increasing disease prevalence, especially in developing and under-developed countries, are driving the market penetration of the products. For instance, in February 2019, Abbott received CE Mark for DETERMINE HBSAG 2 test for detection and diagnosis of hepatitis B surface antigen.
Organizations promote funding to support R&D and product development exercises pertaining to clinical diagnostics. For instance, Vela Diagnostics received USD 225,000 as Biomedical Advanced Research and Development Authority (BARDA) fund to develop COVID-19 tests. Moreover, the introduction of the American Health Care Act of 2017 is expected to improve the healthcare of the U.S. Rising government initiatives pertaining to the importance of IVD will fuel market growth.
The presence of effective technologies such as molecular diagnostics is expected to reduce the threat of substitutes. Moreover, their contribution in the field of genetic testing is of paramount importance and, therefore, experience a low threat of substitutes. However, high prices of these tests are expected to encourage patients to shift to external substitutes.
Major players in the market are Roche Diagnostics; Becton Dickinson; Abbott Laboratories; Siemens; and bioMerieux, which are well-established. Therefore, local companies and new organizations have little scope to enter the market and ensure sustainability. However, companies such as Danaher Corporation and Hologic have successfully excelled in the market through mergers and acquisitions. The seed capital required is high.
Grand View Research has segmented the global in-vitro diagnostics market on the basis of product, technology, application, end-use, and region:
- In Vitro Diagnostics Product Outlook (Revenue, USD Million, 2016 – 2027)
- In Vitro Diagnostics Technology Outlook (Revenue, USD Million, 2016 – 2027)
- Clinical Chemistry
- Molecular Diagnostics
- In Vitro Diagnostics Application Outlook (Revenue, USD Million, 2016 – 2027)
- Infectious Disease
- Autoimmune Disease
- Drug testing
- In Vitro Diagnostics End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Home Care
- In Vitro Diagnostics Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
- List of Key Players of In Vitro Diagnostics Market
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- Siemens Healthineers AG
- Quidel Corporation
- F. Hoffmann-La Roche AG
- Sysmex Corporation
- Charles River Laboratories International, Inc.
- Quest Diagnostics
- Agilent Technologies
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
- Infectious Diseases In Vitro Diagnostics Market – The global infectious diseases in vitro diagnostics market size was valued at USD 16.3 billion in 2019 and is projected to register a CAGR of 6.2% from 2019 to 2027.
- U.S. In Vitro Diagnostics Market – The U.S. in vitro diagnostics market size was valued at USD 25.32 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027.
- Point-of-Care Molecular Diagnostics Market – The global point-of-care molecular diagnostics market size was valued at USD 1.72 billion in 2018 and is anticipated to expand at a CAGR of 14.4% over the forecast period.