The global In Vitro Diagnostics market size was estimated at USD 111.68 billion in 2021 and is expected to surpass around USD 113.45 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 0.3% during the forecast period 2022 to 2030.
The global In Vitro Diagnostics market size was estimated at USD 111.68 billion in 2021 and is expected to surpass around USD 113.45 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 0.3% during the forecast period 2022 to 2030.
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Key Takeaways:
- By products, the U.S. In Vitro Diagnostics market was valued at USD 43.4 Billion in 2021 and expected to witness growth at a CAGR of -0.4% from 2022 to 2030.
- Molecular diagnostics is anticipated to grow at the fastest CAGR from 2022 to 2030 owing to the rising adoption and usage rate
- Reagents held the largest market share owing to the surge in demand for genetic testing and enhanced availability of technologically advanced diagnostic tests in lower and middle-income countries with unmet clinical needs
- The infectious diseases application segment held the largest market share owing to the large volume of testing for infectious diseases globally
- North America dominated the global market in 2021 owing to the high demand for novel technologies, a large pool of key players, high prevalence of diseases, and advanced healthcare infrastructure
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Report Scope of the In Vitro Diagnostics Market
| Report Coverage | Details |
| Market Size | US$ 113.45 Billion by 2030 |
| Growth Rate | CAGR of 0.3% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product, application, technology, end-use, test location and Region, |
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The growth can be attributed to the increasing adoption of IVDowing to the rise in testing due to the pandemic. The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses is expected to fuel the market growth. The rising number of IVD (in vitro diagnostics ) products being launched by key players is also fueling the growth of the market. IVD products with molecular diagnostic capabilities deliver effective and accurate results.
In May 2021, an ultrasensitive molecular test was developed by the University of California. This test is based on a chip technology that can detect the presence of influenza A and SARS-CoV-2 antigens. The test is under further study for conversion into a Point-of-Care (POC) test. There has been a shift in the industry dynamics, with the increasing number of players focusing on launching tests for home-based testing. Moreover, in 2021, the FDA also prioritized home-based molecular diagnostic tests. In March 2021, BATM Advanced Communications Ltd. announced the launch of its molecular diagnostics self-test kit for the detection of COVID-19. Moreover, these tests enable the early detection of diseases, maintaining a low threat of substitutes. However, the high prices of these tests are expected to encourage patients to shift to external substitutes. Moreover, for the detection of newer infections, such as SARS-CoV-2, the rate of internal substitution is high, which boosts competitive rivalry. The penetration of IVD products from established players is low in regions, such as APAC; this region is highly dominated by local players selling instruments at lower costs. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be among the major drivers of this market.
The rise in the geriatric population and growth in knowledge regarding early testing has led to a surge in the number of regular check-ups, as a majority of deaths due to infections and chronic conditions occur in the population aged over 75 years. As per the Office for Budget Responsibility, U.K., healthcare costs have risen exponentially, which can create economic pressure on rapidly aging nations. However, this expenditure is anticipated to translate positively for the IVD industry, driving the market growth.
Regional Insights
Based on geographies, the global market has been further sub-segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2021 and accounted for the largest share of more than 42.00% of the overall revenue. The region is estimated to retain its leading market position throughout the forecast period. The market in this region is collectively driven by the factors, such as the rising incidence of chronic diseases, rapidly growing geriatric population, high healthcare expenditure, and supportive government funding.
The increasing requirement for genetic testing for personalized health care, such as that for diabetes and cancer, is expected to further drive the market growth in North America. Asia Pacific also accounted for a significant revenue share in 2021 and is expected to be the fastest-growing regional market during the forecast period. In vitro diagnostics tests are used for the diagnosis of infectious diseases, cardiological disorders, and cancer amongst others. The regional market of Asia Pacific is expected to be driven by a number of factors, some of which include the presence of stabilizing economies, rapidly growing middle-class population, supportive government policies, and rapid urbanization across the region.
Some of the prominent players in the In Vitro Diagnostics Market include:
- Abbott
- bioMérieux SA
- Quidel Corp.
- Siemens Healthineers
- Bio-Rad Laboratories, Inc.
- Qiagen
- Sysmex Corp.
- Charles River Laboratories
- Quest Diagnostics
- Agilent Technologies, Inc.
- Danaher Corporation
- Becton Dickinson and Company
- F. Hoffmann-La Roche Ltd.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global In Vitro Diagnostics market
- Product
- Instruments
- Reagents
- Services
- Technology
- Immunoassay
- Instruments
- Reagents
- Services
- Hematology
- Instruments
- Reagents
- Services
- Clinical Chemistry
- Instruments
- Reagents
- Services
- Molecular Diagnostics
- Instruments
- Reagents
- Services
- Coagulation
- Instruments
- Reagents
- Services
- Microbiology
- Instruments
- Reagents
- Services
- Others
- Instruments
- Reagents
- Services
- Immunoassay
- Application
- Infectious Disease
- Diabetes
- Oncology
- Cardiology
- Nephrology
- Autoimmune Disease
- Drug Testing
- Others
- End-use
- Hospitals
- Laboratories
- Home Care
- Others
- Test Location
- Point of Care
- Home Care
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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