In Vitro Diagnostics Market worth $144.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 5, 2023 /PRNewswire/ -- In Vitro Diagnostics Market is projected to reach USD 144.7 billion by 2027 from USD 115.8 billion in 2022, at a CAGR of 4.6% according to a new report by MarketsandMarkets™. Growth in the market is driven by changing disease emergence patterns, the growing prevalence of chronic & infectious diseases, and increasing investments from private players. However, an unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

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In Vitro Diagnostics Market Scope:

The instruments segment is expected to reach the highest CAGR during the forecast period

Based on product & service, the IVD market is segmented into reagents & kits, instruments, services, and data management software. The instruments segment is to register the highest growth during the forecast period. The high growth in this market is attributed to the technological advancements in diagnostic analyzers. Market players are focused on innovating and launching IVD analyzers with inbuilt software and technology that aids in faster diagnostic results.

The hematology segment to register the highest growth during the forecast period

Based on technology, the IVD market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The hematology segment is to register the highest CAGR during the forecast period. The growth in this market is attributed to the increasing adoption of point-of-care (POC) testing for hematology diagnostics. Moreover, with the increased demand for hematology testing, market players are introducing innovative point-of-care testing solutions and instruments to aid in faster testing.

The oncology segment to register the highest growth during the forecast period

Based on application the IVD market is segmented into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other applications. The oncology segment is expected to register the highest CAGR during the forecast period. The increasing government and private funding initiatives for cancer research for early prevention and cure of cancer are expected to increase the adoption of IVD tests for the oncology segment.

The hospital laboratories segment accounted for the largest share of the in vitro diagnostics market

Based on end users, the IVD market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing centers, patients, and other end users. In 2021, hospital laboratories accounted for the largest share of the IVD market. With the rising prevalence of diseases and hospital admissions worldwide, hospital laboratories conduct the maximum number of IVD tests daily. IVD tests help physicians in decision-making and curating accurate treatment plans for their patients.

Asia Pacific region to register the highest CAGR during the forecast period

The high growth rate of this segment can be attributed to the rising healthcare spending by a larger population base, healthcare infrastructure modernization, and the growing penetration of cutting-edge clinical laboratory technologies in the region. Moreover, government efforts to increase awareness about early disease detection, and regular health check-ups to further drive the market growth in the region.

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In Vitro Diagnostics Market Dynamics:

Drivers:

1. Increasing geriatric population and subsequent rise in chronic & infectious diseases
2. Gradual shift from centralized testing to point-of-care testing
3. Growing awareness of early disease diagnosis in emerging economies
4. Emergence of rapid PoC technologies and rising adoption of automated analyzers

Restraints:

1. Unfavorable reimbursement scenario

Opportunities:

1. Introduction of disease-specific biomarkers and tests
2. Growing significance of companion diagnostics
3. Growth opportunities in emerging markets

Challenges:

1. Stringent regulatory & legal guidelines
2. Operational barriers

Key Market Players:

Prominent players in the in vitro diagnostics market include Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers AG (Germany), and Thermo Fisher Scientific, Inc (US). Other players in this market include, Sysmex Corporation (Japan), Becton, Dickinson and Company (BD, US), Bio-Rad Laboratories, Inc. (US), QIAGEN N.V. (Netherlands), bioMérieux SA (France), Agilent Technologies, Inc. (US), DiaSorin S.p.A (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Devyser (Sweden), PerkinElmer Inc. (US), Chembio Diagnostics, Inc.  (US), SurModics, Inc. (US), Accelerate Diagnostics, Inc. (US), and Merck KGaA (Germany).

Recent Developments:

• In November 2022, Thermo Fisher Scientific (US) launched the rapid RT-PCR Accula Flu A/Flu B Test designed to enable healthcare providers to detect and differentiate influenza A and B in about 30 minutes.
• In October 2022, Thermo Fisher Scientific (US) entered a definitive agreement to acquire The Binding Site Group, a global leader in specialty diagnostics. The Binding Site provides specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders
• In September 2022, Sysmex Corporation (Japan) launched the UF-1500 Fully Automated Urine Particle Analyzer (UF-1500) for urine sediment testing. The UF-1500 inherits the high levels of functionality and usability of the UF-5000 Fully Automated Urine Particle Analyzer (UF-5000).
• In August 2022, Al-Futtaim Health (Dubai) and Abbott Laboratories (US) entered into a strategic partnership to improve the standards of advanced laboratory diagnostics in Dubai.
• In February 2022, Sysmex Corporation (Japan) opened a new subsidiary, Sysmex LLC, in Saudi Arabia. With this local subsidiary providing direct sales, Sysmex aims further to reinforce its sales and service structure in Saudi Arabia.

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