In Vitro Diagnostics (IVD) Market by Product Type (Instruments, Reagents, and Software & Services), Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Clinical Chemistry, Tissue Diagnostics, and Others), Application (Infectious Diseases, Cancer, Immune System Disorders, Cardiac Diseases, Nephrological Diseases, Gastrointestinal Diseases, and Others), and End User (Standalone Laboratory, Academic & Medical Schools, Hospitals, Point of Care, and Others): Global Opportunity Analysis and Industry Forecast, 2021 – 2030
At an estimated value of over USD 79.68 billion in 2020, the Global In Vitro Diagnostics (IVD) Market is predicted to thrive at a CAGR of 4.5% and valued at over USD 118.57 billion over the forecast year 2021-2030. In vitro diagnostics (IVD) are the tests for detecting disease and infections. It is done on samples such as tissue or blood taken from the human body. There are several types of in vitro diagnostic instruments that offers features such as tissue diagnostics, hematology, immunodiagnostics, and molecular diagnostics. The in vitro diagnostics is experiencing a significant popularity in healthcare sector due to its efficacy in diagnosing numerous medical conditions such as infectious diseases, cardiac disorders, cancer, and nephrological disorders.
Market Dynamics and Trends
Upsurge in number of in vitro diagnostic tests across the globe owing to the increased incidences of infectious and chronic diseases drives the growth of IVD market. In addition, rise in geriatric population, which is vulnerable to immunological disorders have been pushing the growth of the market globally. However, strict government regulations related to the in-vitro diagnostics along with unfavorable compensation policies hamper the growth of the market. On the other hand, high growth shown by the developing countries in terms of population & proliferation of in vitro diagnostic tests is expected to create lucrative opportunities to further propel market growth throughout the forecast period.
Market Segmentations and Scope of the Study:
The global In vitro diagnostics (IVD) market share is segmented on the basis of product & service, technique, application, end user, and geography. On the basis of product & service, the market is categorized into Instruments, Reagents, and Software & Services. According to the technique, the market is segmented into immunodiagnostics, hematology, molecular diagnostics, clinical chemistry, tissue diagnostics, and others. As per the application, the market is divided into infectious diseases, cancer, immune system disorders, cardiac diseases, nephrological diseases, gastrointestinal diseases, and others. On the basis of end user, the market is segmented into standalone laboratory, academic & medical schools, hospitals, point of care, and others. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.
In terms of geography, North America held major share of the market in 2019. This is attributed to the well-established healthcare system and the healthcare related awareness among people across the region. However, Asia-pacific is expected to witness highest growth rate during the forecast period, due to the surge in healthcare expenditure and rise in prevalence of diabetes in the region. Moreover, massively growing patient base of chronic diseases in the region that require IVD testing is projected to be opportunistic for the market growth.
Lucrative growth opportunities make the In Vitro Diagnostics (IVD) market highly competitive. Some of the major players in the market are Abbott Laboratories, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, BioMérieux SA, Sysmex Corporation, Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Thermo Fisher Scientific, Inc. and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in October 2020, Quanterix Corporation entered into a non-exclusive royalty-bearing license agreement with Abbott Laboratories. This agreement grants Abbott an access to Quanterix’ portfolio of bead-based technology patents for the use in in vitro diagnostic (IVD) applications.
Moreover, in March 2019, Becton, Dickinson and Company announced the CE-IVD certification for the BD FACSDuet automated flow cytometry system. This will enable clinical laboratories to enhance their efficiency by reducing errors as well as limiting the manual user interactions that are required to run assays on the BD FACSLyric clinical flow cytometer.
KEY MARKET SEGMENTS:
•Global In Vitro Diagnostics (IVD) Market– By Product Type
Software & Services
•Global In Vitro Diagnostics (IVD) Market – By Technique
Enzyme-linked immunosorbent assay (ELISA)
Enzyme-linked immunospot (ELISPOT)
Polymerize chain reaction (PCR)
Isothermal Nucleic acid amplification technology (INAAT)
Basic metabolic panel
Thyroid function panel
•Global In Vitro Diagnostics (IVD) Market – By Application
Immune System Disorders
•Global In Vitro Diagnostics (IVD) Market – By End User
Academic & Medical Schools
Point of Care
•Global In Vitro Diagnostics (IVD) Market – By Geography
Rest of Europe
Rest of Asia-Pacific
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