In-Vitro Diagnostics (IVD) Market Size, Share, Industry Growth, Trend, Business Opportunities, Challenges, Drivers and Restraint Research Report by 2028

Animal Genetics Market

Increasing investment in R&D in molecular diagnostics, new product development, and rising prevalence of targeted diseases are some key factors driving market revenue growth.

Market Size – USD 83.37 Billion in 2020, Market Growth – at a CAGR of 4.4%, Market Trends – Increasing prevalence of chronic diseases

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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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.

 

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Regional Analysis:

The report sheds light on the region expected to dominate the In-Vitro Diagnostics market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the In-Vitro Diagnostics market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.

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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
    • Instruments
      1. Fully Automated Instruments
      2. Semi-Automated Instruments
    • Data Management Software
    • Services
  • Devices Outlook (Revenue, USD Billion; 2018–2028)
    • Reusable IVD Devices
    • Disposable IVD Devices
  • Application Outlook (Revenue, USD Billion; 2018–2028)
    • Cancer
    • Infectious Diseases
    • Diabetes
    • Gastrointestinal Disease
    • Autoimmune Diseases
    • Cardiac Disease
    • Drug Testing /Pharmacogenomics
    • HIV/AIDS
    • Nephrological Disease
    • Others
  • Technique Outlook (Revenue, USD Billion; 2018–2028)
    • Immunoassay
      1. Enzyme-Linked Immunosorbent Assay
        1. Chemiluminescence Immunoassays
        2. Fluorescence Immunoassays
        3. Colorimetric Immunoassays
      2. Radioimmunoassay
      3. Rapid Test
      4. Western Blotting
      5. Enzyme-Linked Immunospot Assay
    • Clinical Chemistry
      1. Basic Metabolic Panel
      2. Electrolyte Panel
      3. Liver Panel
      4. Lipid Profile
      5. Renal Profile
      6. Thyroid Function Panel
      7. Specialty Chemical Tests
    • Molecular Diagnostics
      1. Polymerase Chain Reaction
      2. Isothermal Nucleic Acid Amplification Technology
      3. Microarray
      4. Hybridization
      5. DNA Sequencing & Next-Generation Sequencing
      6. Other Molecular Diagnostics Technologies
    • Microbiology
    • Hematology
    • Coagulation and Hemostasis
    • Urinalysis
    • Other IVD Technologies
  • End-use Outlook (Revenue, USD Billion; 2018–2028)
    • Hospitals & Clinics
    • Diagnostic Laboratories
    • Homecare Settings
    • Others

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