Exploring the Growth of the In-Vitro Diagnostics Market A Closer Look at the Latest Trends
The global In-Vitro Diagnostics (IVD) market size is expected to reach USD 118.44 Billion at a steady revenue CAGR of 4.4% in 2028, according to latest analysis by Emergen Research. In-vitro diagnostics market revenue growth is due to increased investment in research & development in genomics and proteomics, and rising prevalence of targeted diseases.
Rapid increase in geriatric population globally, rising prevalence of sedentary lifestyle-related diseases and conditions, and rise in infectious diseases rates are other factors driving revenue growth of the global market. Increase in prevalence of targeted diseases such as gastrointestinal diseases, diabetes, cardiac disorders, and cancer, is also contributing positively to global in-vitro diagnostic market revenue growth. According to International Diabetes Federation (IDF), 463 million people suffer from diabetes globally. Just over 1 in 10 Americans have diabetes and continuous increase in this number is driving demand for IVD products for rapid testing.
Rising need for surgical procedures is expected to fuel market growth. Increased awareness about personalized medicine and adoption of point-of-care testing is also contributing to in-vitro diagnostics market growth. However, stringent regulatory framework and unfavorable reimbursement policy could negatively impact market growth. Moreover, shortage of skilled professionals to perform diagnostic tests effectively and lack of training programs are hampering adoption of in-vitro diagnostics products.
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Advancements in technology has led to increased availability of over-the-counter tests for better treatment. This adds significant value to medical diagnosis and treatment processes, thus improving service and patient experience. Another factor driving market growth is development of Next Generation Sequencing (NGS). NGS along with data analysis algorithms allow researchers and clinicians to uncover cancer pathways, hidden aspects of antibiotic resistance, and rare chronic diseases. It also offers speed and accuracy and reduces time to diagnosis.
Market players are taking various initiatives to drive the growth of the market. For instance, in April 2021, Avacta, developer of cancer diagnostics and therapies based on its precision and Afirmer platforms, have entered a license agreement with Biokit to integrate Affirmer’s reagents into a Biokit in-vitro diagnostic (IVD) product. The agreement allows extensive evaluation by Biokit of certain Affirmer reagents for detection of a key analyte. Under the agreement, Biokit have the right to develop, manufacture and commercialize through OEM (original equipment manufacturer) a diagnostic immunoassay for the analyte.
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Key companies profiled in the report include:
- Siemens Healthineers
- Roche Diagnostics
- Danaher Corporation
- Abbott Laboratories
- Thermo Fisher Scientific
- Ortho Clinical Diagnostics
- Sysmex Corporation
Some Key Highlights from the Report
- In July 2021, Ortho Clinical Diagnostics launched Interleukin-6 (IL-6) reagent pack, which is the latest addition to Ortho’s critical care blood testing menu. Ortho is one of the world’s leading in-vitro diagnostic companies and is available in the EU countries and several LATAM and APAC countries. The test is used to detect and evaluate inflammatory diseases, including auto-immune disorders, sepsis, and severe respiratory infections from COVID-19.
- Reagent segment accounted for largest revenue share in 2020. These kits and reagents are first-line testing devices for at-home consumer-friendly glucose monitoring and pregnancy tests and an alternative to more complex automated laboratory-based systems. Increase in production of rapid, sensitive devices, which offer more accurate results is also driving revenue growth of this segment.
- Infectious diseases segment revenue is expected to expand at the fastest rate during the forecast period due to increasing rates of mortality and morbidity. Increased research activities and high level of funding from governments worldwide to develop solutions for prevention and treatment of infectious disease is propelling revenue growth of this segment.
- North America accounted for largest revenue share in 2020. Increasing investment in healthcare sector each year to improve basic healthcare services and modernize infrastructure is supporting market revenue growth. High demand for IVD products from the U.S. due to rising awareness for IVD products is contributing to growth of the market. Continuous product innovation and demand for rapid testing in the country is driving market revenue growth.
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Emergen Research has segmented the global in-vitro diagnostics market on the basis of product, devices, application, technique, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018–2028)
- Reagents & Kits
- Fully Automated Instruments
- Semi-Automated Instruments
- Data Management Software
Devices Outlook (Revenue, USD Billion; 2018–2028)
- Reusable IVD Devices
- Disposable IVD Devices
Application Outlook (Revenue, USD Billion; 2018–2028)
- Infectious Diseases
- Gastrointestinal Disease
- Autoimmune Diseases
- Cardiac Disease
- Drug Testing /Pharmacogenomics
- Nephrological Disease
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Diagnostic Laboratories
- Homecare Settings
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Major Geographies Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type & applications
Chapter 9: Current and Future Trends
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