What is the global market size of In-Vitro Diagnostics Market?

Global In-Vitro Diagnostics Market size was valued at USD 91.8 billion in 2022 and is poised to grow from USD 95.75 billion in 2023 to USD 134.09 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031)

Who are the key vendors in the Global In-Vitro Diagnostics Market?

The Global In-Vitro Diagnostics market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Roche Diagnostics', 'Siemens Healthineers', 'Abbott Laboratories', 'Danaher Corporation', 'Thermo Fisher Scientific', 'Sysmex Corporation', 'bioMerieux SA', 'Becton, Dickinson and Company', 'Ortho-Clinical Diagnostics', 'QIAGEN N.V.', 'Beckman Coulter, Inc.', 'Hologic, Inc.', 'Bio-Rad Laboratories', 'Agilent Technologies', 'Illumina, Inc.', 'Cepheid', 'PerkinElmer, Inc.', 'Bruker Corporation', 'Luminex Corporation', 'DiaSorin S.p.A.'

What is the key driver of Global In-Vitro Diagnostics Market?

The centralized laboratory using automated analytical testing techniques to identify target analytes continues to be the predominant laboratory testing paradigm in use today. This pattern is already well-established in the fields of clinical chemistry and hematology, and it is currently spreading to others like immunoassays and molecular diagnostics.

What is the key market trend for Global In-Vitro Diagnostics Market?

The market's reagent segment contains elements, solutions, or preparations that are chemical, biological, or immunological and that the maker intends to utilize throughout the in vitro diagnosis procedure. Manufacturers frequently lease equipment rather than selling it outright to customers since many diagnostic platforms are expensive. In these agreements, the leasing is linked to agreements for the long-term purchase of related reagents or tests for the equipment.

Which region accounted for the largest share in Global In-Vitro Diagnostics Market?

The in-vitro diagnostics market size in North America was the largest in 2020, and it's expected to hold this position during the forecast period. This is ascribed to the region's well-integrated healthcare system, patients' increased knowledge of healthcare issues, patients' adoption of cutting-edge therapies, and an increase in healthcare spending overall. However, the Asia-Pacific region is expected to see significant growth due to rising healthcare costs, a sizable patient population with chronic illnesses that necessitate IVD testing, and rising disposable incomes. In addition, the Asia-Pacific in-vitro diagnostics market is anticipated to rise rapidly in India and China.

In-Vitro Diagnostics Market Size, Share, Growth Analysis, By Product Type(Instruments & Reagents, Software, and Services), By Specimen(Blood, CSF, Urine, Blood Fluid), By Technology(Immunoassays, Clinical Chemistry, Molecular diagnostics, Hematology), By Test Type(Laboratory Tests, and Point-Of-Care Tests), By Vertical(Hospitals & Clinics, Clinical Laboratories, Blood Banks, Home Care Settings), By Application(Infectious Diseases, Diabetics, Oncology, Nephrology), By Product Type(), By Specimen(), By Technology(), By Test Type(), By Vertical(), By Application(), By Region - Industry Forecast 2024-2031

Report ID: SQSG35G2015 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 124 | Figures: 77

In-Vitro Diagnostics Market Insights

The global in-vitro diagnostics market size was valued at USD 83.50 Billion in 2022 and is poised to grow from USD 87.93 Billion in 2023 to USD 132.90 Billion by 2031, growing at a CAGR of 5.3% during the forecast period (2024-2031).

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.

In-Vitro Diagnostics Market Report Snapshots

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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. 'Roche Diagnostics (Switzerland) ', 'Danaher Corporation (U.S.) ', 'Abbott Laboratories (U.S.) ', 'Becton, Dickinson and Company (U.S.) ', 'Bio-Rad Laboratories, Inc. (U.S.) ', 'QIAGEN N.V. (Netherlands) ', 'Quidel Corporation (U.S.) ', 'Siemens Healthineers (Germany) ', 'Sysmex Corporation (Japan) ', 'Thermo Fisher Scientific, Inc (U.S.) ', 'bioMérieux SA (France) ', 'Agilent Technologies, Inc. (U.S.) ', 'DiaSorin S.p.A (Italy) ', 'Illumina, Inc. (U.S.) ', 'Hologic, Inc. (U.S.) ', 'Devyser PerkinElmer Inc. (U.S.) ', 'Chembio Diagnostics, Inc. (U.S.) ', 'Surmodics, Inc. (U.S.) ', 'Menarini Silicon Biosystems (Italy) ', 'SpeeDx Pty. Ltd. (Australia) '

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.

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In-Vitro Diagnostics Market Insights

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What is the global market size of In-Vitro Diagnostics Market?

Who are the key vendors in the In-Vitro Diagnostics Market?

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Which region accounted for the largest share in In-Vitro Diagnostics Market?

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