Market Overview:
In Vitro Diagnostics involves analyzing samples like blood, urine, tissues taken from the human body to detect diseases, conditions, or infections. These tests help in diagnosing diseases and monitoring treatment more accurately and rapidly compared to conventional diagnostic methods.
The global In Vitro Diagnostics Ivd Market is estimated to be valued at US$ 76,621.8 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for point-of-care testing and personalized medicine has accelerated the adoption of molecular diagnostics. As molecular diagnostic tests can detect gene mutations and expression patterns to identify disease-related biomarkers at an early stage, it helps in precise and personalized treatment management. Further, growing demand for non-invasive prenatal testing for Down syndrome, genetic disorders, and fetal sex diseases is boosting the demand for molecular diagnostics globally. In addition, technological advancements in sequencing technologies and rising applications of companion diagnostics are some key factors driving the growth of the molecular diagnostics segment in the global in vitro diagnostics market during the forecasted period.
Segment Analysis
The in vitro diagnostics (IVD) market is segmented by technology into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, microbiology and hematology. The immunochemistry/immunoassay segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is because immunoassays can deliver accurate, quick and cost-effective diagnostic results for various infectious diseases and other clinical conditions.
Key Takeaways
The global in vitro diagnostics (IVD) market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing incidence of chronic and infectious diseases.
Regional analysis
North America dominated the global IVD market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to rising prevalence of chronic diseases, increasing older population, and presence of advanced healthcare infrastructure in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to growing geriatric population, increasing healthcare expenditure, improving healthcare infrastructure, and rising penetration of modern diagnostic technologies in countries like China, India, and South Korea.
Key players
Key players operating in the in vitro diagnostics (IVD) market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd. Siemens Healthineers and Roche Diagnostics dominate the market.
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