The global in vitro diagnostics (IVD) market size is expected to be worth USD 113.38 billion by 2030, advancing at a CAGR of 0.2% during the projected period. The rising global geriatric population and the numerous technological strides made in the diagnostics space over the past few years are expected to keep the industry afloat in the coming years. Furthermore, the COVID-19 pandemic that has kept the healthcare sector on its toes since early 2020 has also proven to be an enabler for market growth. Companies involved in the IVD sector have taken notice of the needs and requirements of end-users such as hospitals and laboratories, among others, thus improving competitiveness and advancing the market.
IVD involves the utilization of consumables and medical devices for performing in-vitro tests on different types of biological samples. These instruments are widely utilized in the diagnosis of various medical disorders, including cancer and diabetes. The high prevalence of these diseases, among several others, has led to the medical sector searching for ways to make detection and screening as efficient and accurate as possible, leading to frequent advancements in this sector. As per the CDC, in the United States, over 18 million people aged 20 years or more suffered from coronary artery disease, as of 2021, with heart disease being the leading cause of mortality in the country. In recent years, the European Union has funded the AGLYC project, which involves the development of a diagnostic test that detects cardiac ischemia. Such initiatives are expected to propel the growth of the IVD industry.
The market has been classified on the basis of technology, application, product, end-use, location of the test, and region. With regard to technology, the industry has been segmented into immunoassay, molecular diagnostics, hematology, microbiology, clinical chemistry, and coagulation, among others. Major end-use areas of IVD tests include hospitals, home care, and laboratories, of which the laboratory segment led the industry in 2021, aided by the rising awareness regarding personalized medicines, and growing demand for affordable services. IVD test locations include mainly the point-of-care and home care segments, of which there has been significant demand for point-of-care tests, as they offer faster results that aid in better decision-making by authorities.
Companies involved in the in vitro diagnostics market have generally resorted to the conventional strategies of partnerships, mergers & acquisitions, as well as enhancing their geographical reach by introducing compliant products and services by region. The COVID-19 pandemic has helped in highlighting the necessity of in vitro diagnostic tests, as a means to detect the COVID-19-positive population at a rapid pace. Besides isolation, testing has been considered the most crucial aspect in controlling the spread of the virus, and many organizations have been very prompt in launching their test kits to address the overwhelming demand. The post-pandemic period is expected to keep the industry growth steady, as concepts such as digital pathology and remote sample collection show further proliferation.
Research Support Specialist, USA
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