In Vitro Diagnostics Market to be Worth $113.38 Billion by 2030: Million Insights

FELTON, Calif., Nov. 22, 2022 /PRNewswire/ -- The global in vitro diagnostics market size is projected to be worth USD 113.38 billion by 2030, advancing steadily at a CAGR of 0.2% during the forecast period. IVD involves testing that is performed on human body samples such as mucus swabs from the back of the throat or nose, or blood drawn from a fingerstick or vein.

Key Industry Insights & Findings from the report:

• With regard to the technology being used, the microbiology segment is expected to show promising growth in the coming years, with antibiotic susceptibility testing being considered to be a rapidly-growing application in this space. The rising incidence of pathogenic diseases is expected to encourage segment growth.
• On the basis of test location, home care testing is expected to advance at a substantial pace in the near future, with the pandemic aiding in accelerating its adoption. Governments have taken initiatives to ensure that people can carry out tests at home in a convenient and affordable manner.
• In terms of application, diabetes and oncology segments are expected to have a healthy contribution to the overall revenue. As per the International Diabetes Federation, 537 million people globally were suffering from diabetes in 2021. With regards to cancer, the US government aims to reduce cancer mortality by 50% in the coming 25 years through early diagnosis and treatment, which is expected to drive market growth.
• Asia Pacific is anticipated to be the fastest-growing region during the forecast period in the IVD market. The presence of rapidly developing economies in the region, growing middle-class demographic and urbanization, and supportive government policies are expected to generate strong revenue in the region.
• Companies in the in-vitro diagnostics market aim to drive their growth through the addition of innovative products and services in their portfolios, in addition to conventional growth strategies. For instance, in January 2021, Abbott received approval from the US FDA for its rapid handheld TBI blood test.
• Roche received approval from the FDA in August 2021 for its VENTANA MMR RxDx Panel that identifies dMMR solid tumor patients who are eligible for anti-PD-1 immunotherapy.

Read 200 page full market research report for more Insights, "In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Test Location, By End-use, By Application, By Technology And Segment Forecasts From 2022 To 2030", published by Million Insights.

In Vitro Diagnostics Market Growth & Trends

The presence of a large population base that suffers from, or is expected to suffer from various disorders such as cancer, diabetes, and heart diseases, among others, is the major factor driving demand for in vitro diagnostics in the medical community.

The advent of the coronavirus pandemic has brought the industry into further limelight, as healthcare workers race against time to minimize the spread of the virus. IVD tests have proven to be quick, efficient, and trustworthy when it comes to identifying the affected population, to a large extent; as a result, more and more testing kits have been released over the past two years that have received approval from bodies such as the US FDA. As per an article by MedTech Europe, in the year 2020, the combined test volume in the United Kingdom, France, Germany, Italy, Spain, and Denmark alone crossed 200 million, as governments across economies encouraged people to undergo testing in addition to isolation.

Further advancements in the industry are expected to be a result of the need to enhance the accuracy, portability, and affordability of these kits and products. Additionally, the growing prominence of novel technologies such as plasmonic PCR that are expected to be commercialized in the coming years is further expected to have a positive impact on industry advancement. Developments in the precision medicine space are expected to create strong demand for novel consumables and reagents. A recent example is when Thermo Fisher Scientific launched the Ion Torrent Genexus Dx Integrated Sequencer in March 2022 for diagnostic as well as research purposes. Similar developments are expected to greatly enhance the perception of the IVD market during the forecast period.

In Vitro Diagnostics Market Segmentation

Million Insights has segmented the global in vitro diagnostics (IVD) market based on product, technology, application, end-use, test location, and region:

IVD Market - Product Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)

• Instruments
• Reagents
• Services

IVD Market - Technology Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)

• Immunoassay
• Instruments
• Reagents
• Services
• Hematology
• Instruments
• Reagents
• Services
• Clinical Chemistry
• Instruments
• Reagents
• Services
• Molecular Diagnostics
•  Instruments
• Reagents
• Services
• Coagulation
• Instruments
• Reagents
• Services
•  Microbiology
• Instruments
• Reagent
• Services
• Others
• Instruments
• Reagents
• Services

IVD Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Infectious Disease
• Diabetes
• Oncology
• Cardiology
• Nephrology
• Autoimmune Disease
• Drug Testing
• Others

IVD Market - End-use Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)

• Hospitals
• Laboratories
• Home Care
• Others

IVD Market - Test Location Outlook (Revenue, USD Million, 2018 - 2030)

• Point of Care
• Home Care
• Others

IVD Market - Regional Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Spain
• France
• Italy
• Russia
• Asia Pacific
• Japan
• China
• India
• South Korea
• Singapore
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa (MEA)
• South Africa
• UAE
• Saudi Arabia

List of Key Players of In Vitro Diagnostics Market

• Abbott
• Bio-Rad Laboratories, Inc.
• Quest Diagnostics
• bioMérieux SA
• QIAGEN
• Sysmex Corp.
• Agilent Technologies

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