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.
Some of the major key companies operating in the global In-Vitro Diagnostics Market Report include 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. The report is formulated with thorough primary and secondary research and is verified by experts and professionals in the industry. The data is well-represented through charts, graphs, tables, figures and other pictorial presentations.
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The global In-Vitro Diagnostics market has significantly grown over the recent past and is expected to register rapid growth over the forecast period of 2021 to 2028. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global In-Vitro Diagnostics market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
In-Vitro Diagnostics Market Segmentation:
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
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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