The global In Vitro Diagnostics market size is expected to be worth around US$ 120.05 billion by 2028, according to a new report by Vision Research Reports.
The global In Vitro Diagnostics market size was valued at US$ 83.10 billion in 2020 and is anticipated to grow at a CAGR of 4.9% during forecast period 2021 to 2028.
The growth can be attributed to the increasing adoption of in vitro diagnostics (IVD) owing to a rise in testing due to the pandemic. The development of automated in vitro diagnostic systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis is expected to fuel market growth. The rising number of in vitro diagnostic products being launched by key players is also fueling the lucrative growth rate of the market.
Technological advancements in terms of accuracy, portability, and cost-effectiveness are expected to be one of the high impact rendering drivers of this market. For instance, in June 2017, Agena Bioscience launched the MassARRAY system integrated with CHIP Prep Module in Europe. The system was marketed as a CE-IVD product under Directive 98/79/EC. Moreover, Real-Time Polymerase Chain Reaction (qPCR) is one of the fastest-growing application segments of the in vitro diagnostics (IVD) market.
A steady rise in consumer awareness about diagnosing infectious diseases and increasing disease prevalence, especially in developing and under-developed countries, are driving the market penetration of the products. For instance, in February 2019, Abbott received CE Mark for DETERMINE HBSAG 2 test for detection and diagnosis of hepatitis B surface antigen.
The reagents segment dominated the market for in vitro diagnostic and accounted for the largest revenue share of 65.3% in 2020. The growth of this segment can be attributed to the increasing demand for rapid, accurate, and sensitive devices. Furthermore, their wide usage in in-vitro diagnostic testing, increase in demand for self-testing and point-of-care products, and rise in the number of R&D initiatives pertaining to reagents are expected to aid market growth.
Equipment and machines that assist in automating the process of diagnosis and bringing reagents and samples together are referred to as analytical instruments. Commercial kits and robots are used in polymerase chain reaction (PCR) laboratories to help detect and quantify infectious microorganisms, blood antigens, and viral load. In addition, the increasing use of these systems to develop new tests that can detect infectious diseases is expected to fuel the growth of the market. For instance, in February 2020, Sherlock Biosciences collaborated with Cepheid to develop a new CRISPR-based molecular test that can be used on the GeneXpert platform.
Alcohol abuse, smoking, unhealthy diet, decreased physical activity, and high blood pressure are expected to increase the risk for cardiovascular diseases. Furthermore, diabetes mellitus causes cardiac disorders, which leads to an increase in demand for in vitro diagnostics in cardiology. The introduction of PoC devices for quick and on-site diagnosis, especially in emergency cases, is expected to drive the market.
The hospital segment dominated the market and accounted for the largest revenue share of 44.2% in 2020. This is owing to an increase in hospitalization as doctors require diagnostic interpretation for further treatment. Most often, diagnostic centers operate in collaboration with hospitals; hence, hospitals have their own diagnostic set up. Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities. Thus, the demand for hospital-based in vitro diagnostic tests is increasing.
Home care refers to supportive care provided at home by licensed healthcare professionals, or self-care by patients. Self-care devices account for the majority share of the home care segment. It is more convenient and reduces hospital visits. The home care segment is expected to witness the fastest growth with a CAGR of 6.6% over the forecast period, due to the rising geriatric population and increasing demand for home care in vitro diagnostic devices.
Other end-users of in vitro diagnostics are other healthcare settings, laboratories, ambulatory care services, schools, and academic institutions, especially in emergency cases and research institutes. These healthcare institutions mostly perform POC tests for monitoring or detecting diseases. High adoption of these tests by the abovementioned organizations due to lower costs and quick results is expected to fuel the growth of the market.
The immunoassay segment dominated the market and accounted for the largest revenue share of 29.8% in 2020. It is anticipated to grow at a lucrative rate in upcoming years owing to its use in the detection of infectious microbes, such as fungus, bacteria, and viruses, by detection of their toxins. The increasing prevalence of chronic diseases, such as HIV, and the introduction of instruments with higher accuracy can be attributed to the largest market share.
Clinical chemistry is the practical application of biochemistry and is used to analyze body fluids for diagnostic and therapeutic purposes. Serum, plasma, and urine are the most commonly tested samples in pathology. The increasing use of approved blood-gas analyzers to monitor respiratory conditions is expected to fuel the growth of the market for in vitro diagnostic. For instance, in March 2020, Siemens Healthineers AG received U.S. FDA approval for the Rapidpoint 500e blood gas analyzer that received the CE-IVD mark in August 2019.
The microbiology segment includes tests and assays for the identification of infectious microorganisms. An increase in initiatives by organizations to improve patient outcomes using cost-effective and rapid diagnostic techniques, to help fight antibiotic resistance, is expected to fuel market growth. For instance, in April 2019, The University of Antwerp, Wellcome Trust, and bioMérieux, together launched Value-Dx — an Innovative Medicines Initiative (IMI) project — that was initiated by six in vitro diagnostic companies to fight against antimicrobial resistance.
North America accounted for the largest revenue share of 41.1% in the IVD market in 2020 and is expected to continue its dominance over the forecast period. This is attributable to the local presence of major market players. In addition, rising disease prevalence and increased consumer awareness are propelling the need for improved diagnostic devices.
In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, with a CAGR of 6.2%. Asia Pacific consists of developing and developed economies. Increasing healthcare awareness and rising patients going for early diagnosis in the region along with high chronic disease prevalence is anticipated to fuel the market.
Bio-Rad Laboratories, Inc.
Becton, Dickinson and Company
Siemens Healthineers AG
F. Hoffmann-La Roche AG
Charles River Laboratories International, Inc.
Middle East & Africa
The In Vitro Diagnostics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of In Vitro Diagnostics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global In Vitro Diagnostics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the In Vitro Diagnostics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted In Vitro Diagnostics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the In Vitro Diagnostics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of In Vitro Diagnostics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global In Vitro Diagnostics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major In Vitro Diagnostics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of In Vitro Diagnostics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the In Vitro Diagnostics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The In Vitro Diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to In Vitro Diagnostics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of In Vitro Diagnostics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new In Vitro Diagnostics market. These factors have benefited the growth of the global market for In Vitro Diagnostics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for In Vitro Diagnostics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of In Vitro Diagnostics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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