In Vitro Diagnostics Market Analysis | 2022-2028

“The In Vitro Diagnostics Market was estimated at USD 100.49 billion in 2021 and is expected to grow at a CAGR of 2.7% during 2022-2028 to reach USD 121.09 billion in 2028”.

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Market Dynamics

Introduction

In vitro diagnostics are tests that are performed on blood samples or tissues that have been taken from the human body, to detect, treat, and prevent diseases. These tests aid in detecting diseases, infections, and other medical conditions. Common IVD techniques include immunoassays, molecular diagnostics, and clinical chemistry analyses, crucial for accurate diagnosis and patient care.

Market Drivers

The growth of the global IVD market is primarily driven by -

• Major factors such as the high prevalence of chronic and infectious diseases.
• The rapid development of diagnostic kits for the diagnosis of COVID-19 by key companies.
• The growing demand for IVD kits and reagents.

Segments Analysis

“The Molecular Diagnostics sector held the largest share of the market and is anticipated to experience robust growth throughout the forecast period”.

The market is segmented into clinical chemistry, molecular diagnostics, immuno diagnostics, hematology, and others. The Molecular Diagnostics segment accounted for the largest IVD market share of >35% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

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By Product Type

“The Reagents segment led the global market and is expected to grow steadily during the forecast period”.

The market is segmented into instruments, reagents, and others. There is an increasing need for reagents to meet the growing demand for diagnostics worldwide, for the diagnosis of COVID-19 infection. The Reagents segment accounted for the largest market share of >60% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

By End-User Type

“Diagnostic Laboratories hold the largest share of the In Vitro Diagnostics (IVD) market and are set to grow steadily”.

The market is segmented into diagnostic laboratories, hospitals and clinics, and others. The Diagnostic Laboratories segment accounted for the largest IVD market share of >35% in 2021 and is projected to grow at a healthy CAGR during the forecast period. Major growth factors of the laboratory segment are the growing demand for affordable services, technological advancements, and a rapid increase in awareness about personalized medicines.

By Application Type

“The Infectious Disease segment dominates the market and is projected to grow steadily during the forecast period”.

The market is segmented into infectious disease, diabetes, cancer/oncology, cardiology, autoimmune disease, nephrology, and others. The Infectious Disease segment accounted for the largest market share of >55% in 2021 and is projected to grow at a healthy CAGR during the forecast period. The IVDs facilitate the detection of microorganisms or disease-causing bacteria. HIV/AIDS, TB, hepatitis, and pneumonia are the most frequently occurring life-threatening illnesses.

Regional Analysis

“North America leads the market, expected to grow steadily. Europe and Asia-Pacific also promise significant growth opportunities in the forecast period”.

The market is broken down geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, North America accounted for the largest market share of >40% in 2021 and is projected to grow at a healthy CAGR during the forecast period. It is estimated to be the dominating region in the market over the forecast period on account of its well-established healthcare industry, rising prevalence of chronic diseases in the region, presence of some of the market's major players, and an increasing number of product launches. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Key Players

The following are the key players in the In Vitro Diagnostics (IVD) Market (arranged alphabetically)

• Abbott Laboratories
• Arkray Inc.
• Becton, Dickinson, and Company
• Bio-Rad Laboratories, Inc.
• Biomerieux SA
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Siemens Healthcare GmbH
• Sysmex Corporation
• Thermo Fischer Scientific Inc.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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