In-vitro Diagnostics Market size is set to grow by USD 22.17 billion from 2024-2028, Increasing geriatric population, chronic, and infectious diseases to boost the market growth, Technavio

NEW YORK, May 23, 2024 /PRNewswire/ -- The global in-vitro diagnostics market  size is estimated to grow by USD 22.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.21%  during the forecast period. 

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Key Market Trends Fueling Growth

In-vitro diagnostics, utilizing technologies such as immunoassay and molecular diagnostics, are gaining momentum in managing and testing for cancer, cardiovascular diseases, and infectious kidney diseases. Advanced treatment care facilitates increased adoption among healthcare providers. For example, Siemens' Xprecia Stride Coagulation Analyzer performs PT/INR tests with high accuracy. The market for specialty testing, including esoteric, pathology, and genetic testing, is projected to outpace routine diagnostic testing. Laboratories prefer bulk purchases from trusted partners due to the expanding specialty testing market.

Key areas include reference and clinical laboratories, medical tests using bodily fluids and tissues, laboratory environments with specialized equipment and techniques, and molecular diagnostics like next-generation sequencing. Economic factors, such as budget constraints and economic downturns, influence purchasing decisions. Reagents & kits, instruments, software & services, immunodiagnostics, hematology, tissue diagnostics, clinical chemistry, and point-of-care devices are essential components.

Rapid diagnostic testing, chronic diseases, preventive care testing, reimbursement scenarios, disease diagnosis, emerging economies, healthcare infrastructure, and infectious diseases are significant market drivers. Personalized medicines and emerging technologies like liquid biopsy and companion diagnostics (CDx) are shaping the future landscape. 

Market Challenges

• In-vitro diagnostics involve examining bodily fluids and tissues to monitor health conditions and treat or prevent diseases. Challenges, such as device design issues, malfunctions, and technical errors, can lead to misdiagnosis and improper patient management. Strict government regulations, enforced by bodies like the FDA and EU authorities, ensure approval of devices and components before marketing.
• This process includes stringent requirements for reference and clinical laboratories, molecular diagnostics, next-generation sequencing, immunodiagnostics, hematology, tissue diagnostics, clinical chemistry, and point-of-care devices. Economic factors, such as budget constraints, economic downturns, and recession, also impact the market.
• Reagents & kits, instruments, software & services, and emerging markets are additional sectors influenced by regulatory frameworks and healthcare spending. Chronic diseases, preventive care testing, reimbursement scenarios, and emerging economies further shape the in-vitro diagnostics landscape.

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Segment Overview 

1. Product Type
• 1.1 Reagents and kits
• 1.2 Instruments
• 1.3 Others
2. Technology 
• 2.1 Immunoassay
• 2.2 Molecular diagnostics
• 2.3 Clinical chemistry
• 2.4 Hematology
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Reagents and kits-  In the In-vitro Diagnostics (IVD) market, product segmentation by type encompasses reagents and kits, instruments, software and services, and immunodiagnostics. Reagents and kits are integral to diagnostic processes, facilitating medical tests on bodily fluids and tissues in various laboratory environments. These include clinical and reference laboratories, where specialized equipment and techniques are employed for molecular diagnostics, such as next-generation sequencing.

Economic factors, including budget constraints, economic downturns, and recessions, influence the adoption of these products. In the realm of clinical chemistry, reagents measure substances like glucose and cholesterol, while kits offer complete solutions. Market segments include supermarkets and hypermarkets, pharmacies and drug stores, standalone laboratories, and healthcare institutions.

Product approval, Companion diagnostic (CDx), liquid biopsy, emerging markets, healthcare spending, point-of-care devices, rapid diagnostic testing, chronic diseases, preventive care testing, reimbursement scenario, disease diagnosis, emerging economies, healthcare infrastructure, infectious diseases, personalized medicines, and rapid tests in oncology are significant areas of focus.

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Research Analysis

The In-vitro Diagnostics Market encompasses a range of technologies and devices used for analyzing bodily fluids and tissues in a laboratory environment. These tools play a pivotal role in disease diagnosis, particularly in the context of chronic diseases, infectious diseases, and oncology. Point-of-care devices and rapid diagnostic testing have gained significant traction due to their ability to provide quick results, which is crucial in healthcare spending, especially during economic downturns and budget constraints.

Molecular diagnostics, a subset of in-vitro diagnostics, employ specialized techniques and regulatory guidelines to deliver personalized medicines. Emerging economies are increasingly adopting these advanced diagnostic methods to improve healthcare access and quality. Despite the benefits, the reimbursement scenario remains a challenge, necessitating continuous innovation and cost reduction strategies.

Market Research Overview

The In-vitro Diagnostics Market encompasses a broad spectrum of medical tests that are performed on samples taken from the human body. These diagnostic tests are carried out in laboratories, using various techniques such as immunology, biochemistry, molecular biology, hematology, and microbiology. The market is driven by several factors, including the increasing prevalence of chronic diseases, the growing aging population, and the rising demand for early and accurate diagnosis.

In-vitro diagnostics play a crucial role in disease management and treatment, providing valuable insights into the health status of individuals. The market is also witnessing significant technological advancements, leading to the development of innovative diagnostic tools and tests. The global In-vitro Diagnostics Market is expected to grow at a robust rate in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Reagents And Kits
• Instruments
• Others
• Technology
• Immunoassay
• Molecular Diagnostics
• Clinical Chemistry
• Hematology
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio