The global In Vitro Diagnostics (IVD) Market size is likely to reach USD 98.99 billion by 2025 and is anticipated to grow at a CAGR of 6.6% during the forecast period. In-Vitro diagnostics is an extensive range of veterinary and medical laboratory tests that are used to analyze diseases and constantly monitor the clinical status of patients using samples of blood, cells, or other tissues attained from a patient.
Considering its driving factors, the growing geriatric population that is very much susceptible to diseases, needs constant diagnostic tests. Additionally, technological expansions in terms of precision, compactness, and cost-effectiveness are helping the market to fast-track the demand for In-Vitro diagnostics industry in the current scenario.
In addition to this, there is a continuous rise in the demand for Point-of-Care (PoC) devices and the improved technologies such as miniaturization of microfluidics, biochips, and nano-biotechnology are now being introduced, which are expected to boost the demand for PoC products. These improvements will eventually lead to an upsurge in the access to point-of-care diagnostic tests and are likely to facilitate rapid and effective test results and will aid the In-Vitro diagnostics market to experience massive growth during the forecast period.
The In Vitro diagnostics (IVD) industry is segmented on the basis of product & service (Reagents & Kits, Instruments, Fully-automated Instruments, Semi-automated Instruments, Others, Data Management Software, Services);
Technology segment comprises (Immunochemistry/Immunoassay (Enzyme-Linked Immunosorbent Assay (ELISA), Chemiluminescence Immunoassay (CLIA), Fluorescence Immunoassay (FIA), Colorimetric Immunoassay (CI), Radioimmunoassays (RIA), Rapid Tests,Western Blot, ELISPOT), Clinical Chemistry (Basic Metabolic Panel, Electrolyte Panel, Liver Panel, Lipid Profile, Renal Profile, Thyroid Function Panel, Specialty Chemicals), Molecular Diagnostics (Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), Hybridization (In-situ Hybridization & FISH), DNA Sequencing & NGS, Microarray, Others), Microbiology, Hematology, Coagulation & Hemostasis, Urinalysis, Others);
Application category includes (Diabetes, Infectious Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics, HIV/AIDS, Others);
End user segmentation for In Vitro Diagnostics market includes (Laboratories (Large/Reference Laboratories, Medium-sized Laboratories, Small Laboratories), Hospitals, Academics, Point-Of-Care Testing, Patient Self-Testing, Others) and by region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Based on product, reagents & kits dominated the In Vitro diagnostics industry and held the highest market share as the usage of IVD testing has increased. Along with this, taking the technology insights into consideration, clinical chemistry controlled the market by generating higher revenue.
Geographically, North America is expected to dominate the IVD market as it holds the largest market share owing to the availability of government funds, and increase in the usage of molecular diagnostics in cancer screening and genetic disorders. Followed by this, Asia Pacific is likely to command the highest growth rate during the estimated time span due to the rise in the number of hospitals and an increase in healthcare expenditure. In the near future In-Vitro diagnostics (IVD) industry will continue to come up with some extraordinary product innovations to attract new consumers and investors, for them to continue the domination.
Some of the prominent key players outlined in the In-Vitro diagnostics (IVD) market report are Cepheid, Siemens Healthineers, Qiagen, bioMerieux SA, Sysmex Corporation, Hologic, Inc. (Gen-Probe), F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Hologic, Inc. (Gen-Probe), Abbott, Alere and Danaher. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.
In Vitro Diagnostics (IVD) Product Outlook (Revenue, USD Billion, 2014 - 2025)
In Vitro Diagnostics (IVD) Technology Outlook (Revenue, USD Billion, 2014 - 2025)
• Clinical chemistry
• Molecular Diagnostics
In Vitro Diagnostics (IVD) Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Infectious disease
• Autoimmune diseases
• Drug testing
In Vitro Diagnostics (IVD) End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
• Home care
In vitro Diagnostics (IVD) Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
Research Support Specialist, USA