DUBAI, UAE, Dec. 28, 2023 /PRNewswire/ — According to the latest report by Kings Research, the global In-Vitro Diagnostics Market was worth USD 145.29 billion in 2022 and is projected to reach USD 176.23 billion by 2030, growing at a 2.44% CAGR from 2023 to 2030. A significant driving factor for the in-vitro diagnostics (IVD) market is the escalating prevalence of chronic illnesses such as diabetes, cancer, and cardiovascular disorders. This is amplified by an aging population and increased awareness of routine health check-ups. Notably, the market is propelled by advancements in molecular diagnostics, point-of-care testing, and automation, leading to enhanced speed, accuracy, and affordability of IVD tests.
In-vitro diagnostics (IVD) refers to medical tests conducted on biological samples in a controlled laboratory environment, outside the human body. These tests play a pivotal role in diagnosing diseases, monitoring health conditions, and informing treatment decisions. IVD encompasses a broad spectrum of laboratory tests, including clinical chemistry, microbiology, immunology, and molecular diagnostics.
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The applications of IVD are diverse, covering various facets of healthcare. Crucial for disease diagnosis, IVD facilitates the identification of infectious diseases such as HIV and hepatitis, along with chronic conditions like diabetes and cancer. It is instrumental in the monitoring and management of chronic diseases, measuring biomarkers, hormone levels, and other indicators to assess treatment efficacy and disease progression.
Trending Now: Veracyte and Illumina Form Partnership for Advanced In-Vitro Diagnostic Tests
In November 2023, Veracyte, a prominent genomic diagnostics company, announced a multi-year collaboration with Illumina, a leader in DNA sequencing and array-based technologies. The partnership is centered on the development of molecular tests for decentralized in-vitro diagnostic (IVD) applications utilizing Illumina’s NextSeq 550Dx instrument. Notably, the collaboration aims to advance Veracyte’s Prosigna Breast Cancer Assay and Percepta Nasal Swab test.
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Competitive Landscape
Key industry players are strategically employing various business tactics, including partnerships, mergers and acquisitions, product innovations, and joint ventures, to augment their product portfolios and enhance market shares across diverse regions.
For instance, in September 2023, Roche Diagnostics and Burjeel Holdings partnered to elevate digital diagnostics and patient care, particularly emphasizing in-vitro diagnostics. The collaboration was designed to integrate advanced in-vitro diagnostic technologies and digital solutions, with the overarching goal of enhancing healthcare services.
Major players profiled in the global in-vitro diagnostics market include:
- Roche Diagnostics
- Siemens Healthineers
- Abbott Laboratories
- Danaher Corporation
- Thermo Fisher Scientific
- Becton, Dickinson and Company
- Bio-Rad Laboratories
- Sysmex Corporation
- Ortho Clinical Diagnostics
- BioMérieux
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Increasing Application of Molecular Diagnostics to Augment In-Vitro Diagnostics Market Expansion
Based on type, the in-vitro diagnostics market is segmented into clinical chemistry, immunoassays, molecular diagnostics, hematology, microbiology, and coagulation.
The molecular diagnostics segment dominated the global in-vitro diagnostics industry in 2022. This is attributable to its pivotal role in identifying genetic and molecular markers, rendering it indispensable for diagnosing genetic disorders, infectious diseases, and various types of cancer. The precision, versatility, and broad applications of molecular diagnostics have firmly established it as a key segment within the in vitro diagnostics market.
Hospitals and Clinics Witness Increasing Demand for Diverse Medical Services, Facilitating In-Vitro Diagnostics Market Growth
Based on end-user, the in-vitro diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, home care settings, research and academic institutes, and pharmaceutical and biotechnology companies.
The hospitals and clinics segment is anticipated to lead the market over the forecast period driven by its crucial role as the primary point of care for diverse medical conditions. These healthcare facilities act as the initial contact point for patients, conducting a significant volume of diagnostic tests and medical services. With the growing global population, increasing prevalence of chronic diseases, and rising demand for prompt and accurate diagnostic solutions, hospitals and clinics continue to play an essential role in delivering timely and reliable healthcare, reinforcing their dominance in the market.
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Surging Demand for Personalized Medicine to Boost In-Vitro Diagnostics Market Development
The growth of the in-vitro diagnostics market is driven by the increasing demand for personalized medicine, tailoring treatments based on unique genetic profiles. This is facilitated by IVD diagnostic tests identifying specific biomarkers and genetic mutations, improving patient outcomes, and reducing medication risks. Continuous innovation, rising adoption of digital health technologies, and efforts to address global healthcare challenges are contributing to market growth. Emerging trends in the sector include artificial intelligence integration, enhanced data interpretation, and expanding point-of-care testing for improved patient access.
Multiplex testing plays a significant role in infectious disease diagnostics and cancer screening, allowing simultaneous detection of multiple analytes. The emphasis on personalized medicine fuels the development of companion diagnostics, tailoring treatments to individual genetic or molecular profiles. Overall, the IVD market sustains growth due to the ongoing need for disease diagnosis and monitoring, given the aging global population and the emergence of new diseases.
Robust Healthcare Infrastructure in North America to Spur In-Vitro Diagnostics Market Progress
North America led the global in-vitro diagnostics market driven by the presence of a robust healthcare infrastructure, technological advancements, and a high prevalence of chronic diseases such as diabetes, cardiovascular disorders, and cancer in the region. The aging population and the impact of the COVID-19 pandemic further fueled diagnostic testing demand in the region, particularly for molecular and serological tests. North America’s leadership in the IVD market is attributed to its well-established network of clinical laboratories and facilities.
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Key Points from TOC:
Chapter 1 Introduction of The Global In-Vitro Diagnostics Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global In-Vitro Diagnostics Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global In-Vitro Diagnostics Market, By Type
Chapter 7 Global In-Vitro Diagnostics Market, By Technology
Chapter 8 Global In-Vitro Diagnostics Market, By End-User
Chapter 9 Global In-Vitro Diagnostics Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia-Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global In-Vitro Diagnostics Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Roche Diagnostics
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Siemens Healthineers
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Abbott Laboratories
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Danaher Corporation
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Thermo Fisher Scientific
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued…………
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