In-vitro Diagnostics Market Size to Grow by USD 22.17 billion from 2024 to 2028, Analysing market growth on Reagents and Kits Segment, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The In-vitro Diagnostics (IVD) Market size is estimated to grow by USD 22.17 billion at a CAGR of 4.21% between 2023 and 2028. The reagents and kits segment dominated the IVD market, valued at USD 58.86 billion in 2018. These components serve diverse applications, from routine clinical chemistry to specialized molecular diagnostics. For instance, in clinical chemistry, they measure substances like glucose and cholesterol, aiding in diabetes and cardiovascular disease diagnosis. Immunoassay kits detect proteins, hormones, and infectious diseases, driving segment growth and overall IVD market expansion.

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Vendor Analysis
Vendor Landscape - The global in-vitro diagnostics market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer in-vitro diagnostics in the market are Abbott Laboratories, Agilent Technologies Inc., ARKRAY Inc., Becton Dickinson and Co., BGI Genomics Co. Ltd., Bio Rad Laboratories Inc., bioMerieux SA, Charles River Laboratories International Inc., Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Grifols SA, Illumina Inc., Merck KGaA, QIAGEN NV, Quest Diagnostics Inc., QuidelOrtho Corp., Siemens Healthineers AG, Sysmex Corp., and Thermo Fisher Scientific Inc. and others.
The global in-vitro diagnostics market is at its growing stage. 

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

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• Market presence across multiple geographical footprints - Strong

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Vendor Offerings 

• Abbott Laboratories: The company offers in vitro diagnostics such as Alinity h series and CELL DYN Ruby. 

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Global In-vitro Diagnostics Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, Product Type (Reagents and kits, Instruments, and Others), Technology (Immunoassay, Molecular diagnostics, Clinical chemistry, Hematology, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)). 

• The reagents and kits segment is poised for significant growth in the forecast period. Reagents are chemicals that react with biological markers to detect or measure target analytes in patient samples. Diagnostic kits offer a complete solution, including reagents, calibrators, controls, and instruments. Valued at USD 58.86 billion in 2018, this segment serves various applications in clinical chemistry and molecular diagnostics. Immunoassay kits detect proteins or hormones, aiding diagnosis of infectious diseases, hormonal disorders, and autoimmune conditions, driving segment growth and overall IVD market expansion.

Geography Overview
By geography, the global in-vitro diagnostics market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global in-vitro diagnostics market.

• North America is forecasted to contribute 39% to global market growth. Analysts highlight key drivers, including expanded insurance coverage, increased R&D spending, and a growing elderly population with chronic conditions. Promotions for Point-of-Care (POC) tests for early disease detection also fuel growth. In the US, chronic diseases, a leading cause of death, spur demand for immunodiagnostics. States like Indiana, Ohio, and Illinois show accelerated growth due to rising accredited laboratories and Medicare reimbursements, propelling North American market expansion.

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The increasing geriatric population and chronic, and infectious diseases is the key driver for market growth:

Growing global population and rising prevalence of diseases like cancer and diabetes necessitate regular diagnostic testing. Cancer, a leading cause of death, claimed nearly 10 million lives in 2020 according to WHO. Unhealthy lifestyle choices and habits further contribute to the trend of chronic diseases. These factors positively influence market growth, expected to continue during the forecast period.

• A key factor shaping the market growth is the global adoption of advanced treatment solutions.
• The lack of skilled professionals is one of the key challenges hindering the market growth.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a 

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What are the key data covered in this In-vitro Diagnostics Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the In-vitro Diagnostics Market between 2024 and 2028
• Precise estimation of the size of the In-vitro Diagnostics Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the In-vitro Diagnostics Market industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of In-vitro Diagnostics Market vendors

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Analyst Review:

The In-vitro Diagnostics (IVD) market encompasses a wide array of diagnostic tests spanning various medical disciplines. Clinical chemistry tests analyze blood and bodily fluids for markers indicative of metabolic disorders or organ function. Immunoassays detect proteins or antibodies in patient samples, aiding in infectious disease diagnosis and monitoring. Molecular diagnostics involve genetic testing and techniques like PCR and next-generation sequencing to identify genetic mutations associated with diseases such as cancer. Point-of-care testing provides rapid results outside traditional laboratory settings, enhancing patient care in emergency situations.

Hematology and coagulation tests assess blood cell counts and clotting factors, essential for diagnosing blood disorders and monitoring anticoagulant therapy. Microbiology tests detect infectious agents like bacteria and viruses, crucial for managing infectious diseases. Urinalysis and blood gas analysis provide insights into kidney function and acid-base balance, respectively.

Oncology diagnostics encompass a range of tests for detecting cancer biomarkers and monitoring treatment response. Similarly, cardiology diagnostics focus on identifying cardiac biomarkers and assessing cardiovascular health. Diabetes diagnostics involve tests for blood glucose levels, vital for managing diabetes mellitus.

Market segmentation reveals diverse opportunities in various diagnostic categories, but challenges persist, including regulatory hurdles and reimbursement issues. Emerging technologies like liquid biopsy and companion diagnostics promise to revolutionize disease detection and personalized medicine, driving market growth. Despite challenges, the IVD market is poised for expansion, fueled by increasing disease prevalence and technological advancements.

Market Overview:

The in-vitro diagnostics (IVD) market encompasses a broad spectrum of diagnostic tests, including clinical chemistry, immunoassays, molecular diagnostics, hematology, and microbiology. Point-of-care testing is gaining traction for its convenience and rapid results delivery. Coagulation tests, urinalysis, and infectious disease testing remain pivotal for diagnosing various conditions. The market is witnessing significant advancements in molecular diagnostics, including next-generation sequencing and polymerase chain reaction (PCR) techniques. These innovations are enhancing the accuracy and efficiency of diagnostics, particularly in oncology, cardiology, and diabetes diagnostics. Despite emerging technologies, challenges persist in market segmentation and competitive analysis. However, the market's growth is propelled by increasing demand, emerging technologies, and expanding market opportunities, driving advancements in IVD industry dynamics and market forecast.

Related Reports: 

The in-vitro diagnostics instruments market size is estimated to increase by USD 48.3 billion, at a CAGR of 9.18% between 2022 and 2027. 

The in vitro fertilization (IVF) disposables market size is estimated to grow by USD 248.53 million at a CAGR of 7.66% between 2022 and 2027. 

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