Increasing prevalence of chronic diseases and growing awareness about regular body profiling are key factors expected to drive market growth
The global in-vitro diagnostics market size is expected to reach USD 117.54 Billion in 2028 and register a revenue CAGR of 4.30% over the forecast period, according to the latest report by Reports and Data. Major factors driving the global market revenue growth are rise in geriatric population worldwide, rising awareness about regular body profiling, and surging prevalence of chronic diseases such as cancer and diabetes, increasing sales of over-the-counter diagnostic devices such as glucose monitoring kits. Growing need for rapid and accurate disease diagnosis, technological advancements in IVD products, and increasing adoption of point-of-care in vitro diagnostic devices are the other key factors bolstering the growth of this market. In addition, rapid spread of the coronavirus disease, increasing incidences of hospital-acquired infections (HAIs), increasing volumes of COVID-19 tests including RT-PCR, and growing demand for home-care IVD products have boosted demand for in-vitro diagnostics globally.
In-vitro diagnostics (IVD) refers to a wide range of biological tests performed in laboratory settings to accurately diagnose diseases. These tests are regulated by the Food and Drug Administration (FDA) and are used for testing various samples such as blood or saliva samples for the precise detection of substances like cholesterol and sodium in the human body. In-vitro diagnostic devices are widely used by clinicians for disease diagnosis and prevention, and these devices help detect the presence of specific markers such as genetic mutations in the human body.
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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
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Leading Players Analyzed in the Report:
BioMérieux SA, Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories, Inc., QIAGEN, Siemens Healthineers AG, Becton, Dickinson and Company, Quidel Corporation, F. Hoffmann-La Roche AG, Charles River Laboratories International, Quest Diagnostics, Agilent Technologies, and Sysmex Corporation, Inc.
Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global In-Vitro Diagnostics market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
Key Regions Studied in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Segmentation based on Types:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Fully-automated Instruments
- Semi-automated Instruments
- Data Management Software
- Reagents kits
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Chemiluminescence Immunoassay (CLIA)
- Colorimetric Immunoassay (CI)
- Fluorescence Immunoassay (FIA)
- Radioimmunoassays (RIA)
- Rapid Tests
- Western Blot
- Clinical Chemistry
- Basic Metabolic Panel
- Thyroid Function Panel
- Specialty Chemicals
- Electrolyte Panel
- Liver Panel
- Renal Profile
- Lipid Profile
- Molecular Diagnostics
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Hybridization (In-situ Hybridization FISH)
- Polymerase Chain Reaction (PCR)
- DNA Sequencing NGS
- Coagulation Hemostasis
Usability Outlook (Revenue, USD Billion; 2018-2028)
- Reusable IVD devices
- Disposable IVD devices
Application Outlook (Revenue, USD Billion; 2018-2028)
- Infectious Diseases
- Autoimmune Diseases
- Drug Testing/Pharmacogenomics
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Laboratories (Large, medium-sized, and small laboratories)
- Home Care
- Point-of-Care Testing
- Patient Self-testing
- Academic Research Institutes
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