In Vitro Diagnostics Market Growth, Top Manufacturer Analysis and Forecast to 2030

Posted on 2023-04-03 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 03, 2023 — /EPR Network/ —

In Vitro Diagnostics Industry Overview

The global In Vitro Diagnostics Market size is expected to reach USD 106.16 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of -2.8% over the forecast period driven by the increasing geriatric population, COVID-19 pandemic, and technological advancements in diagnostics that are supporting its adoption. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be one of the high-impact rendering drivers. Technological advancements were further accelerated by the launch of COVID-19 IVD diagnostics and enhanced the adoption of instruments and consumables for technologies, such as PCR. Competitors in the market are increasingly adopting agreement and partnership strategies to maintain a constant flow of business for manufacturers & diagnostics for users.

These agreements are also a result of the harsh price containment strategies for government laboratories, which lowers the price in government settings. For instance, in April 2021, the Italian subsidiary of Seegene, Inc. received a USD 108.25 million tenders for public procurement for the supply of extraction reagents, as well as 7.15 million SARS-CoV-2 diagnostic tests. However, it increases the multiparty nature and complexity of the supply chain. The high prevalence of cancer and Cardiovascular Diseases (CVDs) globally is anticipated to drive diagnostic innovation to facilitate early diagnosis and meet the constantly evolving needs of consumers. Novel technologies, such as plasmonic PCR, are anticipated to commercially enter the market during the forecast period, influencing the business of existing products adversely.

In Vitro Diagnostics Market Segmentation

Grand View Research has segmented the global in vitro diagnostics market based on product, technology, application, end-use, test location, and region:

Based on the Product Insights, the market is segmented into Instruments, Reagents and Services.

The reagents products segment led the global market in 2022 and accounted for the largest revenue share of more than 65.00%.
The growth in precision medicineis projected to enhance the overall demand for such novel reagents and consumables. Players are aligning their instrument launches in line with the increasing genetic test requirement globally.

Based on the Technology Insights, the market is segmented into Immunoassay, Hematology, Clinical Chemistry, Molecular Diagnostics, Coagulation, Microbiology and Others.

The molecular diagnosticsapplication segment held the highest market share of 40.92% in 2022 owing to the launch of novel products and continuous evolution in technology.
Diagnosis is done by plating patient samples and selecting pure cultures from the same. Antibiotic susceptibility testing is considered one of the fastest-growing applications in microbiology testing.

Based on the Application Insights, the market is segmented into Infectious Disease, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disease, Drug Testing and Others.

The infectious disease application segment held the highest market share of 63.66% in 2022. IVDs enable the detection of microorganisms that cause infectious diseases.

Based on the End-Use Insights, the market is segmented into Hospitals, Laboratories, Home Care and Others.

The laboratory end-use segment led the global market in 2022 and accounted for the highest revenue share of more than 41.00%. An increase in awareness about personalized medicine, a rise in demand for affordable services, and technological advancements are some of the key factors expected to boost the growth of the laboratory segment.
The hospitals segment held a significant market share of 36.44% in 2022, owing to a rise in the rate of hospitalizations that require support from faster diagnostics.

Based on the Test Location Insights, the market is segmented into Point of Care, Home Care and Others.

The point-of-care test location segment held the largest revenue share of more than 20.75% in 2022. The demand for point-of-care tests and devices is rising owing to the increased demand for rapid identification of diseases in close proximity to patients to facilitate faster decision-making.
Homecare testing location trend has witnessed a surge in recent years and is expected to grow at a CAGR of 5.2%. These tests have been an important source to mitigate the spread of the SARS-CoV-2 pandemic.

In Vitro Diagnostics Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Market players undertake this strategy to strengthen their product portfolios and offer diverse technologically advanced & innovative products to their customers.

Some prominent players in the global In Vitro Diagnostics market include

Abbott
Bio-Rad Laboratories, Inc.
Quest Diagnostics
bioMérieux SA
QIAGEN
Sysmex Corp.
Agilent Technologies

Order a free sample PDF of the In Vitro Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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