Market Overview:
In vitro diagnostics are tests performed on samples like blood or tissue that have been collected from the human body. These diagnostic tests help identify diseases or other conditions and monitor treatment and recovery. Common types of tests include hematology, immunology, molecular diagnostics, clinical chemistry etc. Advantages are non-invasive testing, accuracy and faster results.
The global In Vitro Diagnostics Ivd Market is estimated to be valued at US$ 76,621.8 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Molecular diagnostics is one of the fastest growing segments in the in vitro diagnostics market due to advantages like early disease diagnosis and prediction of drug response. Technological advancements have enabled development of portable and rapid molecular diagnostic platforms which can provide test results directly from patient samples without the need for specialized laboratories. This has increased accessibility of molecular diagnostics especially in point-of-care (POC) settings. Further, rising prevalence of infectious diseases and genetic disorders are driving demand for molecular diagnostic tests for condition management. Growing collaboration between players for development of novel molecular diagnostic kits is also projected to positively influence the market over the forecast period.
SWOT Analysis
Strength: The in vitro diagnostics market has strong growth opportunities due to rising geriatric population, growing prevalence of chronic and infectious diseases, and technological advancements.
Weakness: High capital investment for R&D, regulatory procedures, and manufacturing could pose challenges for new market entrants. Lack of skilled professionals and stringent regulations also affect market growth.
Opportunity: Lucrative opportunities exist in developing economies due to rising healthcare infrastructure and expenditure. Portable and wearable medical devices also open new prospects.
Threats: Threats include stringent regulations, lack of reimbursements, and greater shift towards decentralized testing setups. Fierce competition and price erosion are other challenges.
Key Takeaways
The global in vitro diagnostics Ivd market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, 2023 to 2030, due to increasing prevalence of chronic diseases. North America currently dominates the market due to presence of major players, high healthcare spending, and technologically advanced infrastructure.
Regional analysis:
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to rising per capita income, healthcare reforms, growing awareness, and significant investments by key players in the region. China, Japan, and India are the major revenue generators in this region. Europe holds the second largest share in the global IVD market owing to increasing government initiatives for effective healthcare provisions.
Key players:
Key players operating in the in vitro diagnostics Ivd market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, Becton Dickinson and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
