Global In-Vitro Diagnostics Market, according to MRFR, is projected to register a CAGR of 8.16% and acquired the value of 102.55 Billion during the forecast period from 2018 to 2023. It is expected that the growing incidence of chronic diseases such as cancer and diabetes, improved understanding of disease diagnosis, and increasing levels of disposable income would help the growth of this sector.
COVID-19 Analysis Of In-Vitro Diagnostics Market
During the COVID-19 pandemic, the value of these items has risen, as individuals prefer simple screening testing that can be done in home care environments. The positive effect of Covid-19 on demand for IVD products can be due to Kist and reagent products having a fast growth rate. The emergence of the Covid-19 pandemic has intensified the need for reagents and kits that provide rapid diagnosis and help combat the lethal effects of the virus.
Growing Prevalence of Chronic Diseases to Drive Market Growth
Observations of the global health scenario indicate increasing incidences of chronic diseases. Diseases such as tuberculosis, diabetes, cancer, and cardiovascular diseases are growing rapidly in incidence, and the substantial rise in patients suffering from such diseases and a variety of other infectious and non-infectious disease has been highly conducive for the growth of the in-vitro diagnostics market. The market for in-vitro diagnostics has been greatly increased by the growing incidence of these diseases worldwide. In saving millions of lives, prompt and effective diagnosis has been vital; this has directly led to the appreciation of the global demand for IVD. In comparison, in-vitro diagnostics have improved dramatically in recent years, bringing additional testing to existing industry offers. Technology developments have given rise to precision medicine, which is a growing diagnostic practise. It is possible to customise medication and therapeutics to a patient's personal genetic profile using sophisticated medical methods in an attempt to give the patient the highest chance of survival with reduced side effects. It is anticipated that the growing potential of this method of diagnostics will contribute to the proliferation of the global in-vitro diagnostics market.
Growing R&D Investments to Create New Opportunities for Key Players
IVD research has undergone a huge advancement that has improved the attractiveness of in-vitro diagnostics. Pregnancy tests, for example, have also been popular for at-home use, making them incredibly handy. In a related way, with the aid of point-of-care monitoring systems, at-home blood glucose monitors have raised the market for those devices. Due to the rising demand for such technologies, this aspect also suggests opportunities for the industry. In addition, the prospective growth of the IVD sector is highly encouraging in developed countries and is expected to result in market expansion in the coming years.
There is currently a lack of a proper in-vitro diagnostic reimbursement scheme that is intended to curtail demand growth.
In-Vitro Diagnostics Market-Segmental Analysis
Global In-Vitro Diagnostics market was segmented in the report on the basis of product & service, technology, application, end-user, and area. Products and services included in the in-vitro market are data management software, reagents & kits, instruments, and services. Due to the growing adoption of point-of-care monitoring, reagents and kits account for the largest market share of 74.8 percent. During the evaluation period, the In-vitro diagnostics market services segment is expected to rise at the fastest CAGR.
The technologies used in the in-vitro diagnostics market are broadly segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, and others. Owing to its capacity to produce quicker outcomes, the growing preference for advanced technology has catapulted the clinical chemistry segment into a leading role. Meanwhile, with the highest CAGR of 6.41 percent during the forecast period, the In-vitro diagnostics market is projected to expand.
In-vitro diagnostics have applications in non-infectious diseases and infectious diseases. In the detection of infectious diseases, IVD is used more often, with a volume of USD 38,685 in 2017. However, during the evaluation period, the non-infectious diseases segment is projected to rise at the fastest CAGR of 9.48 percent.
Laboratories, academic institutions, hospitals, and others include end-users of in-vitro diagnostics. Owing to the fact that a majority of in-vitro diagnostic procedures are carried out in hospital labs, hospitals account for a 39.4 percent share of the market. Meanwhile, during the analysis period, the lab segment is likely to experience the fastest growth at the highest CAGR.
Four main areas, including the Asia Pacific, the Americas, Europe, and the MEA, have been given a geographical description from the global in-vitro diagnostics market.
Superior Healthcare Infrastructure to Drive Americas growth
More than 39 per cent of the overall in-vitro diagnostics market accounted for the highest share of the Americas. Owing to the concentration of industrialised economies such as the US and Canada, the region is split into North America and South America, with North America becoming the bigger sector. The growing aged population of regions is a key demographic that encourages the growth of the IVD industry. In addition, the North American area has experienced, and continues to experience, a large number of occurrences of chronic diseases that lead to regional market development. Among other reasons, this has contributed to the country gaining a leading role in the global in-vitro diagnostics market.
Expansion of Key players Regional Footprint to Drive Market Growth
Europe has the second biggest economy, and has a growth rate similar to that of the Americas. Several health associations have been working to increase awareness of the region's point-of-care assessments that have promoted business expansion. In addition, it is predicted that rising healthcare budgets and an emphasis on early disease detection will help the region maintain its market place over the forecast period.
APAC to Account as the Fastest-growing Region
The fastest rising market is Asia Pacific (APAC), while the Middle East and Africa (MEA) account for the lowest market share. During the forecast period, both regions are anticipated to observe identical CAGRs. Owing to the prevalence of a massive patient population and a growing appetite for specialised healthcare, APAC is a profitable market. Rising spending on healthcare infrastructure construction is projected to promote business growth. In addition, there are high birthrates in nations such as India and China, which also drives the in-vitro diagnostics market. The MEA area, meanwhile, is important due to the existence of big opportunities in the region.
In-Vitro Diagnostics Market Competitive Landscape
Mergers and Acquisitions to Improve Competitive Standing of Key Players
Although there are many big players in the in-vitro industry, there are also smaller and medium-sized companies that make their presence known in the market by embracing technical innovations and developments in their products. By releasing goods at a much cheaper price, these tactics are carried out.
December 2020: With its Lumipulse G β-Amyloid Ratio (1-42/1-40) in vitro diagnostic test, Fujirebio Diagnostics Inc. attempted to extend the arsenal of AD diagnostics further.
December 2020: -Veracyte, Inc. reported that its Quality Management System (QMS) for the design, production and manufacture of genomic in vitro diagnostic (IVD) tests that help in the diagnosis and prognosis of cancer and other diseases has been granted ISO 13485:2016 certification.
By Product & Services
|Market Size||2023: USD102.55 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product & Service, Technology, Application, End-User, And Area|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Laboratories, Bio-Rad Laboratories Inc., Hoffmann-La Roche AG, Grifols S.A, bioMérieux S.A, DiaSorin S.p.A, Ortho Clinical Diagnostics, Qiagen N.V., Siemens AG, Becton Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, Sysmex Corporation|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global In-Vitro Diagnostics Market valuation is expected at USD 102,555.24 million by 2023.
In-Vitro Diagnostics Market valuation was said to have surpassed USD 69,200 million in 2017.
Global In-Vitro Diagnostics Market is expected to exhibit a CAGR of 8.16% from 2020 to 2027.
Acceptance of precision medicine and breakthroughs in molecular diagnostics are major drivers of In-Vitro Diagnostics Market.
Lack of a sufficient reimbursement framework may restrain Global In-Vitro Diagnostics Market.
Reagents & kits in the ‘product & services’ segment can dominate Global In-Vitro Diagnostics Market from 2020 to 2027.
Molecular diagnostics in the technology segment can exhibit a CAGR of 6.41% from 2020 to 2027.
Abbott Laboratories, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, Grifols S.A, bioMérieux S.A, DiaSorin S.p.A, Ortho Clinical Diagnostics, Qiagen N.V., Siemens AG, Becton Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, and Sysmex Corporation are top players in the In-Vitro Diagnostics Market.
The Global In-Vitro Diagnostics Market is projected to register a CAGR 8.16% during the forecast period from 2018 to 2023. This projects above-average growth for the market. In-vitro diagnostics include tests which are performed on tissue, blood or other samples taken from the human body and are used extensively for the testing of a large number of medical problems. Valued at USD 69,284.16 Mn in 2017, the global in-vitro diagnostics report is expected to grow to generate a market value of USD 102,555.24 Mn by the end of 2023.
Observations of the global health scenario indicate increasing incidences of chronic diseases. Diseases such as tuberculosis, diabetes, cancer, and cardiovascular diseases are growing rapidly in incidence, and the substantial rise in patients suffering from such diseases and a variety of other infectious and non-infectious disease has been highly conducive for the growth of the in-vitro diagnostics market. The rising prevalence of these diseases across the globe has substantially increased the demand for in-vitro diagnostics. Timely and efficient diagnosis has been vital in saving millions of lives; this has directly contributed to the appreciation of the global IVD market. Moreover, in-vitro diagnostics has advanced significantly in recent years with new tests being added to the current offerings in the market. Advancements in technology have given rise to personalized medicine which is a growing trend in diagnostics. Using advanced diagnostic techniques, it is possible to tailor treatment and therapeutics to a patients personal genetic profile in an effort to offer the patient the best chance at recovery with minimal side effects. The increasing potential of this type of diagnostics is expected to lead to the proliferation of the global in-vitro diagnostics market.
Presently, there is a lack of a sufficient reimbursement system for in-vitro diagnostics which is expected to restrain market growth. Varying international structures make it challenging to implement effective strategies on a global scale. Notably, IVD technologies have undergone significant development which has increased the appeal of in-vitro diagnostics. For instance, pregnancy tests have now become accessible for at-home use, making them highly convenient. In a similar vein, at-home testing of blood glucose levels with the help of point-of-care testing devices has increased the demand for such devices. This factor also indicates opportunity for the market due to the increasing demand for such technology. Moreover, the imminent growth of the IVD market in developing countries is highly promising and will likely result in market expansion in the coming years.
The global in-vitro diagnostics market, in the report, has been segmented on the basis of product & service, technology, application, end-user, and region. Products and services included in the in-vitro market are reagents & kits, instruments, data management software, and services. Reagents and kits account for a majority market share of 74.8% due to the increasing adoption of point-of-care testing. The services segment is projected to grow at the highest CAGR during the assessment period.
The technology used for in-vitro diagnostics is broadly segmented into clinical chemistry, immunoassay/immunochemistry, molecular diagnostics, hematology, microbiology, and others. The increasing preference for advanced technology due to its ability to provide faster results has catapulted the clinical chemistry segment into a leadership position. Meanwhile, the molecular diagnostics market is expected to grow with the highest CAGR of 6.41% during the forecast period.
In-vitro diagnostics have applications in non-infectious diseases and infectious diseases. IVD is used more commonly in the diagnosis of infectious diseases which valued USD 38,685 in 2017. However, the non-infectious diseases segment is expected to grow at the highest CAGR of 9.48% during the assessment period.
End-users of in-vitro diagnostics include laboratories, academic institutes, hospitals, and others. Hospitals account for a share of 39.4% of the market due to the fact that a majority of in-vitro diagnostic tests are performed in hospital laboratories. Meanwhile, the laboratories segment is likely to witness the fastest growth at the highest CAGR during the review period.
In-Vitro Diagnostics Market Regional Analysis
The Americas account for the largest share of over 39% of the global in-vitro diagnostics market. The region is divided into North America and South America, with North America being the larger market due to the concentration of developed economies such as the US and Canada. The regions increasing aged population is a key demographic which is encouraging the growth of the IVD market. Moreover, the North American region has witnessed and continues to witness high numbers of chronic diseases occurrences which contribute to the growth of the regional market. This among other factors have resulted in the region attaining a leadership position in the global in-vitro diagnostics market.
Europe accounts for the second largest market which has a comparable growth pattern to that of the Americas. Several health organizations have been working toward raising awareness of point-of-care testing in the region which has encouraged market growth. Moreover, increasing healthcare budgets and a focus on the early diagnosis of diseases are expected to help the region retain its market position over the forecast period.
Asia Pacific (APAC) accounts for the fastest growing market, while the Middle East and Africa (MEA) account for the lowest share of the market. Both regions are expected to witness similar CAGRs during the forecast period. The APAC is a lucrative market due to the presence of a considerable patient population and an increasing demand for advanced healthcare. Increasing expenditure on the development of healthcare infrastructure is expected to encourage market growth. Moreover, countries such as India and China have high birthrates which also fuels the demand for in-vitro diagnostics. Meanwhile, the MEA region is significant due to the presence of massive opportunity in the market.
In-Vitro Diagnostics Market Competitive Tracking
Profiling of prominent market players has been included in the report. Eminent market players that have been analyzed include F. Hoffmann-La Roche AG, Abbott Laboratories, Siemens AG, Bio-Rad Laboratories Inc, Qiagen N.V, BioMérieux S.A, Becton Dickinson and Company, DiaSorin S.p.A, Ortho Clinical Diagnostics, Grifols S.A, Danaher Corporation, Sysmex Corporation, and Thermo Fisher Scientific.
Global In Vitro Diagnostics Market: Competitive Landscape
The prominent players in the global Invitro Diagnostics market are F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories, Siemens AG, Thermo Fisher Scientific Inc., Becton Dickinson & Company, bioMerieux SA, Sysmex Corporation, Ortho Clinical Diagnostics, Bio-Rad Laboratories, and others.
Hoffmann-La Roche AG is the holds the largest share for the global Invitro Diagnostics market in 2017. F. Hoffmann-La Roche AG is a biotech organization, with genuinely differentiated solutions in oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system. The company is dedicated to developing innovative diagnostic tests and medicines. The products offered by the company help in tapping the world’s two third of all the diseases which are either still not treated effectively or not treated at all. Geographically, the company operates in North America, Europe, South America, Africa, and Asia-Oceania.
Danaher Corporation holds second position in terms of market share in the global Invitro Diagnostics market in 2017. The company works in the fields of design, manufacturing, and marketing of industrial and consumer products and operates in five segments, namely, dental, test and measurement, environmental, industrial technologies, and life science and diagnostics.
Abbott Laboratories holds third position in terms of market share in the global Invitro Diagnostics market in 2017. The company operates through four reportable segments, namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. Furthermore, the company has two non-reportable segments, namely, diabetes care and medical optics. The diabetes care division of the company is located in California, US and provides blood glucose meters, blood glucose test strips, sensors, data management decision software, and accessories. The company manufacturers its blood glucose test strips at Witney, UK.
Thermo Fisher Scientific Inc. specializes in various biotechnology products such as analytical instruments, laboratory supply chain programs and e-commerce, laboratory equipment, lab services, specialty diagnostics, and others.
Ortho Clinical Diagnostics (Part of Johnson & Johnson Services Inc.) is serving the global clinical laboratory and immunohematology communities across hospitals, hospital networks, blood banks, and labs in more than 120 countries. The company specializes in in-vitro diagnostics, diagnostics, clinical labs, transfusion medicine, and immunohematology.
Hoffmann-La Roche AG, and Danaher Corporation are the major companies for IVD operating on a global scale. The lower market share of Bio-Rad Laboratories can be attributed to fewer products offering, as compared to Sanofi S.A and other major players. Major players such as F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories, Siemens AG, and Thermofisher Scientific Inc. increase the level of competition in the global IVD monitoring market, as these companies are expected to expand their product portfolios, with the help of other business units, to increase their market share.