In vitro Diagnostics Market worth $113.1 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 13, 2022 /PRNewswire/ -- In vitro Diagnostics Market is projected to reach USD 113.1 billion by 2026, Growing at a CAGR of 2.9% according to a new report by MarketsandMarkets™. The growth of the IVD market is mainly driven by the rising geriatric population and the subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated and POC instruments in developed regions, growing awareness regarding diseases diagnosis in developing regions, and growing R&D investments by industry players to launch new IVD products.

Also, the development of disease-specific markers and tests is expected to offer potential growth opportunities to market players in the coming years. However, the unfavourable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

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In vitro Diagnostics Market Scope

Reagents & kits segment accounted for the largest share in the In vitro Diagnostics Market

Based on product and service, the IVD market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of 68.1% of the IVD market in 2020. Accessibility to a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders in the early stages are expected to drive the growth of this segment.

Hospital laboratories accounted for the largest share of In vitro Diagnostics Market

Based on the end user, the IVD market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing center, patients, and other end users. In 2020, hospital laboratories accounted for the largest share of 47% of the IVD market, followed by clinical laboratories (23.8%) and POC testing center (13%). Many diagnostic tests are carried out in hospitals. The acquisition of smaller physician practices and groups by hospitals is becoming a noticeable trend in the US healthcare industry; the continuation of this trend will support the IVD market for hospital laboratories.

North America accounted for the largest share of the In vitro Diagnostics Market

The IVD market is divided into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 39.8% of the IVD market, followed by Europe (28%), Asia Pacific (22.9%), Latin America (6.5%), and the Middle East & Africa (2.9%). The IVD market in North America is well established, with the US being the major market in this region. Growth in the North American market is mainly driven by the increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure in the region. Initiatives taken by different government associations are also anticipated to boost market growth in the coming years.

In vitro Diagnostics Market Dynamics:

Drivers:

1. Shift from centralized to point-of-care testing
2. Changing technological landscape

Restraints:

1. Unfavourable reimbursement scenario

Opportunities:

1. Development of disease-specific biomarkers and tests
2. Growing significance of companion diagnostics

Challenges:

1. Changing regulatory landscape in the EU
2. Operational barriers faced in conducting diagnostic tests

Key Market Players:

Prominent players of IVD market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), and Thermo Fisher Scientific (US) are the leading players in this market. Other players in this market are Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), and QIAGEN N.V. (Netherlands).

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Recent Developments:

• In January 2022, Roche Diagnostics (Switzerland) launched cobas pulse system, a blood glucose management solution with mobile digital health capabilities to improve patient care.
• In September 2021, Abbott Laboratories (US) received US FDA has clearance for the Freestyle libre 2 iOS application for use with compatible iPhones
• In March 2021, Siemens Healthineers renewed its long-standing supply, distributorship, sales, and service agreement for hemostasis, including a multi-year extension with Sysmex Corporation (Japan).
• In January 2021, Sysmex Corporation (Japan) entered into a partnership with Roche Diagnostics (Switzerland) to maximize its strengths including competitive products and services and extensive sales and service networks.

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