Increase in number of Research & Development (R&D) initiatives related to tests and diagnostics and surge in demand for Point-of-Care (POC) facilities are key factors driving market revenue growth
Market Size - USD 98.00 Billion in 2021, Market Growth - at a CAGR of 2.3%, Market Trends - Rising awareness about and use of self-care medical devices
New York, September 29, 2022 - The global In Vitro Diagnostics (IVD) market size was USD 98.00 Billion in 2021 and is expected to register a revenue CAGR of 2.3% over the forecast period, according to the latest report by Reports and Data. Rise in prevalence of Sexually Transmitted Diseases (STDs) will also create an increasing need for molecular diagnostic IVD tools, resulting in driving revenue growth of the market.
In vitro diagnostic (IVD) tests allow for identification of microorganisms that cause infectious diseases as well as susceptibility testing to determine the best treatment. Non-infectious diseases can also be detected using in-vitro diagnostics, which is another important factor increasing demand for diagnostic and test kits over the projected period. Due to COVID-19 pandemic, leading manufacturers have recently taken important steps to enhance patient access to coronavirus diagnostic testing in laboratories, hospitals, and other testing sites across the U.S,, to guide patient care and preserve public health. Furthermore, unprecedented global collaboration with the primary goal of accelerating COVID-19 diagnostics, treatments, and vaccines development, manufacture, and equitable access is a major factor likely to support and drive revenue growth of the market over the forecast period.
Other significant factors influencing market revenue growth include consistent and rising R&D spending as well as expanding awareness of the benefits of IVDs. However, increased use and awareness of self-care medical devices will also drive revenue growth of IVD kits over the forecast period.
To understand how our In Vitro Diagnostics (IVD) Market can bring difference to your business strategy:-Download Summary
Some Key Highlights From the Report
- The instruments segment revenue is expected to register a rapid growth rate over the forecast period. Instruments used in in-vitro diagnostics (IVD) are medical tools that conduct tests on samples of body materials, such as tissues, blood, urine, and stool, to find diseases and infections. When examining specimens, such as donated blood and tissues from human body, instruments may contain control materials, kits, apparatuses, pieces of equipment, devices, or systems that are utilized alone or in combination.
- Molecular diagnostics are increasingly used to assist patient management, from diagnosis to treatment in fields such as infectious disease, cancer, and congenital abnormalities. In addition, rapid development of molecular techniques in clinical laboratories is a result of rising demand for genomic and genetic information. In addition to screening and detection of viruses, molecular diagnostics are being used for treatment guidance and monitoring.
- The infectious disease segment revenue is expected to register a rapid growth rate over the forecast period, owing to an increase in infectious diseases such as HIV, Sex-Transmitted Diseases (STDs), and TB.
- The Asia Pacific market is expected to register a significant revenue CAGR over the forecast period. This is due to increasing number of people in this region becoming aware of healthcare issues and are seeking early diagnoses. In addition, a huge patient population, uptick in chronic diseases requiring IVD testing, and enhanced healthcare facilities are other factor driving revenue growth of the market.
- Companies profiled in the market report are Abbott, Bio-Rad Laboratories, Inc., BIOMERIEUX, Thermo Fisher Scientific, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Ortho Clinical Diagnostics, Sysmex, Quidel Corporation, and Charles River Laboratories.
For the purpose of this report, Reports and Data has segmented the global In Vitro Diagnostics (IVD) market based on product type, technology, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Reagents & Kits
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Molecular Diagnostics
Application Outlook (Revenue, USD Billion; 2019-2030)
- Infectious Diseases
- Cardiac Diseases
- Immune System Disorders
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Laboratories
- Academic and Medical Schools
- Point-of-Care Testing Centers
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA