USD 83.50 Billion
Report ID:
SQSG35G2015 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
124
|Figures:
77
In-Vitro Diagnostics Market size was valued at USD 87.93 Billion in 2023 and is poised to grow from USD 92.59 Billion in 2024 to USD 139.94 Billion by 2032, growing at a CAGR of 5.3% during the forecast period (2025-2032).
In-vitro diagnostics refers to the tests performed in test tubes or similar lab equipment to detect diseases using samples from a living organism such as humans. High incidence of chronic diseases and growing demand for early and better diagnostics around the world are also projected to bolster the sales of in-vitro diagnostics products in the future. Growing investments in medical R&D and advancements in in-vitro technologies are also slated to play in the hands of in-vitro diagnostics companies going forward. Rapidly expanding senescent population, increasing demand for disease testing, and rising use of personalized medicine are other factors that offer lucrative opportunities for in-vitro diagnostics providers. However, high costs of development, stringent regulatory mandates, and limited reimbursement are slated to be the top constraints for in-vitro diagnostics demand outlook in the long run.
Global Market Size
USD 83.50 Billion
Largest Segment
Reagents & Kits, Services
Fastest Growth
Reagents & Kits, Services
Growth Rate
5.3% CAGR
To get more reports on the above market click here to Buy The Report
Global In-Vitro Diagnostics Market is segmented by Product, Technology, Specimen, Test Type, Application, End User and region. Based on Product, the market is segmented into Reagents & Kits, Instruments, Data Management Software & Services. Based on Technology, the market is segmented into Immunoassays, Clinical Chemistry, Molecular Diagnostics, Hematology, Microbiology, Coagulation & Hemostasis, Urinalysis, Chromatography & Mass Spectrometry. Based on Specimen, the market is segmented into Blood, Serum, Plasma, Saliva, Urine. Based on Test Type, the market is segmented into Laboratory Tests, Point-Of-Care Tests. Based on Application, the market is segmented into Infectious Diseases, Oncology, Endocrinology, Cardiology, Blood Screening, Genetic Testing, Autoimmune Diseases, Autoimmune Diseases, Allergy Diagnostics, Drug Monitoring & Testing, Bone & Mineral Disorders, Coagulation Testing, Blood Group Typing, Other Applications. Based on End User, the market is segmented into Hospitals & Clinics, Clinical Laboratories, Blood Banks, Home Care Settings, Pharmaceutical & Biotechnology Companies, Academic Institutes, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
In-Vitro Diagnostics Market Analysis by Specimen
Blood specimen accounts for the highest share of the global in-vitro diagnostics market. This dominance can be attributed to the high number of blood tests available in the market and the high reliability of results obtained from blood specimens. Blood samples provide a wide array of information on several factors, and this is why they are preferred by most medical professionals and researchers around the world, thereby contributing to a dominant market share.
Meanwhile, the demand for in-vitro diagnostics utilizing urine specimens is projected to increase at a rapid pace going forward. Easy collection and growing incidence of urinary tract infections around the world are key factors that help this segment emerge as the fastest growing one. Urine samples are also being preferred for their early detection capabilities as compared to other specimens.
In-Vitro Diagnostics Market Analysis by Test Type
Lab tests are projected to account for a major chunk of the global in-vitro diagnostics market share. These tests are performed in massive numbers around the world and cater to almost all healthcare establishments ranging from clinics to research institutes. Growing investments in the development of healthcare infrastructure worldwide are also expected to contribute to this segment's dominance.
On the other hand, the demand for point-of-care tests is projected to rise at a rapid CAGR over the coming years. Increasing adoption of homecare and rapidly rising aging population are contributing to in-vitro diagnostics market growth via this segment. Rising demand for easy testing from home is also creating new opportunities for in-vitro diagnostics companies in this segment.
To get detailed analysis on other segments, Request For Free Sample Report
The presence of developed healthcare infrastructure and key diagnostics providers allows North America to hold a dominant market share. Growing investments in R&D of novel diagnostics and the rising popularity of homecare in this region are also expected to boost sales of in-vitro diagnostics products in the future. Favorable regulatory environment and rising adoption of advanced diagnostics technologies are making the United States a key market for in-vitro diagnostics companies operating in North America.
Growing investments in healthcare infrastructure development and rising demand for advanced diagnostic solutions are helping Asia Pacific become the most opportune market in the world. China, Japan, and India are slated to be the most lucrative markets for in-vitro diagnostics companies in this region owing to growing senescent population and high prevalence of chronic diseases. Rising awareness regarding the benefits of in-vitro diagnostics in this region will also create new business opportunities going forward.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
In-Vitro Diagnostics Market Drivers
Expanding Geriatric Population
Aging people are more susceptible to different kinds of diseases and require regular testing to keep them healthy. This is why as aging population increases around the world, it is also expected to boost the demand for in-vitro diagnostics and other types of diagnostics products in the future.
Advancements in Diagnostics Technologies
Robust investments in medical R&D have led to the development of novel diagnostic technologies such as molecular diagnostics, genetic testing, etc. Growing adoption of these advanced diagnostics technologies is slated to promote in-vitro diagnostics market growth in the future.
In-Vitro Diagnostics Market Restraints
High Costs of Advanced Diagnostics
Developing and offering advanced in-vitro diagnostics is quite a capital-intensive task as it involves the use of advanced equipment and products. These high costs limit accessibility to in-vitro diagnostics thereby slowing down market development.
Strict Regulatory Mandates
In-vitro diagnostics products and services are subject to highly stringent regulatory norms and mandates. Not all companies can comply with these norms without having to significantly invest in R&D, this reduces profit margins and inhibits in-vitro diagnostics demand outlook as well.
Request Free Customization of this report to help us to meet your business objectives.
Investing in the research and development of advanced in-vitro diagnostics solutions will be a top priority for all market players. Increasing affordability of in-vitro diagnostics tests should also be a key focus for in-vitro diagnostics providers. Launching new in-vitro diagnostics products and tests will help companies stay competitive and stand out in the global market. Providing favorable reimbursement for in-vitro diagnostics will also be a crucial aspect for business expandion in the long run.
Top Player’s Company Profilesin In-Vitro Diagnostics Industry
Recent Developments in In-Vitro Diagnostics Industry
Home Testing Kits:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising prevalence of chronic diseases and advancements in diagnostics technologies are slated to primarily drive in-vitro diagnostics demand. However, high costs of development and stringent regulatory norms are estimated to slow down in-vitro diagnostics market development in the future. North America remains the market with the highest share owing to the presence of key in-vitro diagnostics providers and a robust healthcare infrastructure. Developing in-vitro diagnostics kits for homecare applications will be a major trend for all in-vitro diagnostics companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 87.93 Billion |
Market size value in 2032 | USD 139.94 Billion |
Growth Rate | 5.3% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the In-Vitro Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the In-Vitro Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the In-Vitro Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the In-Vitro Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQSG35G2015
sales@skyquestt.com
USA +1 351-333-4748