In Vitro Diagnostics Market Annual Growth Rate Increase 5.6% by 2030
The global in vitro diagnostics market size is expected to be worth around US$ 125.5 billion by 2030, according to a new report by Vision Research Reports.
The global in vitro diagnostics market size was valued at US$ 85.3 billion in 2020 and is anticipated to grow at a CAGR of 5.6% during forecast period 2021 to 2030.
Report Coverage
| Report Scope | Details |
| Market Size | USD 125.5 billion by 2030 |
| Growth Rate | CAGR of 5.6% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Technology, Application, End-use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Abbott, Danaher; bioMérieux SA; Bio-Rad Laboratories, Inc.; Becton; Dickinson and Company; Siemens Healthineers AG; QIAGEN; Quidel Corporation; F. Hoffmann-La Roche AG; Sysmex Corporation; Charles River Laboratories International, Inc.; Quest Diagnostics; Agilent Technologies |
Growth Factors
The growth is driven by the growing geriatric population and technological advancements in diagnostics that are supporting its adoption.
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.
By Product Analysis
The reagents segment dominated the market for in vitro diagnostic and led for the largest revenue share of 66.3% in 2020. The growth of this segment can be attributed to the increasing demand for rapid, accurate, and sensitive devices.
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.
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.
By Application Analysis
The infectious disease segment dominated the market and led for the largest revenue share of 42.8% in 2020, which is attributable to the increasing incidence of infectious diseases such as SARS-CoV-2, HIV, AIDS, tuberculosis, and pneumonia.
Cancer, a chronic disease, is one of the major causes of death globally. The most common types of cancers are colorectal, prostate, breast, and lung. The increasing prevalence of cancer is expected to accelerate the demand for in vitro diagnostic tests.
Alcohol abuse, smoking, unhealthy diet, decreased physical activity, and high blood pressure are expected to increase the risk for cardiovascular diseases. The introduction of PoC devices for quick and on-site diagnosis, especially in emergency cases, is expected to drive the market.
By End-use Analysis
The hospital segment dominated the market and led for the largest revenue share of 45.2% 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.
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.
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.
By Technology Analysis
The immunoassay segment led the market and accounted for the largest revenue share of 30.8% 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.
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.
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.
By Regional Analysis
North America dominated for the largest revenue share of 42.1% 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 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.
Key Players
Abbott
Danaher
bioMérieux SA
Bio-Rad Laboratories, Inc.
Becton, Dickinson and Company
Siemens Healthineers AG
QIAGEN
Quidel Corporation
F. Hoffmann-La Roche AG
Sysmex Corporation
Charles River Laboratories International, Inc.
Quest Diagnostics
Agilent Technologies
Market Segmentation
Product
Instruments
Reagents
Services
Technology
Immunoassay
Instruments
Reagents
Services
Hematology
Instruments
Reagents
Services
Clinical Chemistry
Instruments
Reagents
Services
Molecular Diagnostics
Instruments
Reagents
Services
Coagulation
Instruments
Reagents
Services
Microbiology
Instruments
Reagents
Services
Others
Instruments
Reagents
Services
Application
Infectious Disease
Diabetes
Oncology
Cardiology
Nephrology
Autoimmune Disease
Drug testing
Others
End-use
Hospitals
Laboratories
Home Care
Others
Regional
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
South Korea
Singapore
Australia
Latin America
Brazil
Argentina
Mexico
Middle East & Africa
South Africa
Saudi Arabia
UAE
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 2030. 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 2030. 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.
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
Research Methodology:
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.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers