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.
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.