In-Vitro Diagnostics Market Size and Forecast 2024-2028
The in-vitro diagnostics markett is poised for significant growth, projected to increase by USD 22.17 billion, driven by a CAGR of 4.21% between 2023 and 2028. This expansion is fueled by the growing prevalence of chronic and infectious diseases, particularly among aging populations, and advancements in diagnostic technologies such as next-generation sequencing. However, budgetary constraints and economic downturns, including recessions, present challenges for continued market growth. Stringent regulatory standards and the demand for high-quality reagents and kits are also key considerations for manufacturers.

For more details about the industry, get the PDF sample report for free
Market Segmentation
-
By Product Type:
- Reagents and Kits: The largest and fastest-growing segment, encompassing diagnostic reagents that interact with biological markers to detect or measure target analytes.
- Instruments: Comprising devices used for diagnostics, including immunoassay analyzers and molecular diagnostic instruments.
- Others: Includes various diagnostic tools and support products.
-
By Technology:
- Immunoassay: Dominating the diagnostics sector due to its widespread application in detecting infectious diseases, diabetes, and cardiovascular conditions.
- Molecular Diagnostics: Including advanced techniques like PCR and liquid biopsy, growing due to the increasing demand for cancer and genetic diagnostics.
- Clinical Chemistry: Utilizing chemical processes to test samples like blood and urine, key in routine diagnostics.
- Hematology: Testing for blood-related conditions like anemia, leukemia, etc.
Regional Insights
-
North America:
- Market Leader: The region, particularly the US, accounts for a significant share of the IVD market due to high healthcare spending, widespread use of diagnostic technologies, and a rapidly aging population.
- Key Market Drivers: Increased insurance coverage, rising R&D expenditure, and a growing geriatric population with chronic diseases contribute to market growth.
- Country-Specific Trends:
- US: Dominates the immunodiagnostic market, with significant demand for reagents and instruments in disease diagnostics.
-
Europe:
- Germany: Leading in the adoption of advanced diagnostics and a strong focus on molecular diagnostics.
- Other European Markets: Increasing demand for rapid diagnostic testing and point-of-care solutions.
-
Asia:
- China and Japan: Major contributors to the regional market, driven by rising healthcare spending and an aging population.
- Emerging Markets: Countries in Southeast Asia and India are witnessing rapid healthcare infrastructure development, which is expected to drive demand for IVD technologies, especially for infectious diseases.
-
Rest of World (ROW):
- Latin America: Growing investments in healthcare infrastructure and improving reimbursement scenarios support market expansion.
- Middle East and Africa: Increasing adoption of diagnostic solutions due to rising healthcare needs and infectious disease burdens.
Market Dynamics
-
Market Drivers:
-
Increasing Prevalence of Chronic Diseases: The rise in chronic conditions like cancer, diabetes, and cardiovascular diseases is a major driver of the IVD market. According to the World Health Organization (WHO), cancer was the second leading cause of death in 2020, accounting for nearly 10 million deaths globally. With approximately 60% of US adults affected by chronic diseases, demand for diagnostic tests continues to grow.
- Emerging Markets: Growing healthcare infrastructure and improving reimbursement scenarios in emerging economies further boost the market, especially for point-of-care and rapid diagnostic testing solutions.
- Technological Advancements: Technologies like liquid biopsy, molecular diagnostics, and immunoassays are revolutionizing diagnostic capabilities, enabling more accurate and faster disease identification, especially in oncology.
-
Market Trends:
- Advanced Treatment Solutions: There is a global surge in the adoption of advanced diagnostics for managing chronic diseases. For instance, Siemens' Xprecia Stride Coagulation Analyzer, which provides high-accuracy tests for conditions like blood clotting, reflects the growing trend in personalized medicine and point-of-care diagnostics.
- Specialized Testing: Growth in specialty testing areas like genetic, pathology, and esoteric testing is outpacing routine diagnostics, contributing to market expansion.
-
Market Challenges:
- Regulatory Hurdles: Regulatory bodies such as the FDA and European authorities impose stringent requirements for approval and quality assurance, which can delay product development and entry into markets.
- Economic Constraints: While demand for diagnostic testing is on the rise, economic downturns and budget constraints limit healthcare expenditure, especially in low- and middle-income countries.
Get more details by ordering the complete report
Key Players in the IVD Market
- Abbott Laboratories
- Agilent Technologies Inc.
- ARKRAY Inc.
- Becton Dickinson and Co.
- BGI Genomics Co. Ltd.
- Bio-Rad Laboratories Inc.
- bioMerieux SA
- Charles River Laboratories International Inc.
- Danaher Corp.
- DiaSorin SpA
- F. Hoffmann La Roche Ltd.
- Grifols SA
- Illumina Inc.
- Merck KGaA
- QIAGEN NV
- Quest Diagnostics Inc.
- QuidelOrtho Corp.
- Siemens Healthineers AG
- Sysmex Corp.
- Thermo Fisher Scientific Inc.
Recent Developments
- May 2023: Thermo Fisher Scientific launched a new range of molecular diagnostic products aimed at improving early-stage cancer detection, particularly for liquid biopsy.
- April 2023: Roche launched a new immunoassay platform designed to increase the accuracy and speed of cardiovascular disease diagnostics.
- March 2023: Abbott Laboratories announced the expansion of its diagnostics capabilities in Southeast Asia to cater to the growing demand for in-vitro diagnostics in emerging markets.