In-vitro Diagnostics Market Size to grow by USD 22.17 billion between 2024-2028
According to a research report “ In-vitro Diagnostics Market” by Product Type (Reagents and kits, Instruments, Others) Technology (Immunoassay, Molecular diagnostics, Clinical chemistry, Hematology, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 22.17 billion, at a CAGR of 4.21% during the forecast period. In the context of global health trends, the escalating geriatric population and rising prevalence of chronic diseases, including cancer and diabetes, necessitate frequent diagnostic testing. According to the World Health Organization (WHO), cancer accounted for approximately 10 million deaths in 2020, representing nearly one in six global deaths. Unhealthy lifestyle choices, such as poor diet, sedentary lifestyles, tobacco and alcohol consumption, and obesity, contribute significantly to the increasing incidence of these diseases. Moreover, infectious diseases, including hepatitis B virus (HBV), hepatitis C virus (HCV), human immunodeficiency virus (HIV), and herpes simplex virus (HSV), necessitate in-vitro diagnostic tests for accurate detection and treatment. Consequently, the in-vitro diagnostics market is poised for significant growth as the demand for early and accurate disease detection continues to escalate..
Browse market data tables, figures, and in-depth TOC on “In-vitro Diagnostics Market” by Product Type (Reagents and kits, Instruments, Others) Technology (Immunoassay, Molecular diagnostics, Clinical chemistry, Hematology, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Product Type, the Reagents and kits segment is projected to dominate the market size in 2024
In the In-vitro Diagnostics Market, reagents serve as essential components, reacting with biological markers to facilitate the detection and measurement of target analytes in patient samples. Diagnostic kits, a comprehensive solution, incorporate these reagents alongside calibrators, controls, and sometimes instruments, catering to diverse applications within clinical chemistry and molecular diagnostics. These applications span from routine tests for glucose, cholesterol, and enzymes to specialized molecular diagnostics.
By Technology, Immunoassay segment is expected to hold the largest market size for the year 2024
In the realm of in-vitro diagnostics, immunochemistry plays a pivotal role in driving market growth. This branch of chemistry focuses on the intricacies of the immune system, particularly the interactions between antigens and antibodies. It is instrumental in identifying and documenting high-resolution cellular components and tissue constituents, such as proteins and lipopolysaccharides. Key applications include disease diagnosis, biological research, and drug development. For instance, immunochemistry's use in identifying tumor markers aids physicians in determining the presence or absence of malignancies, as well as tumor cell type, origin, and stage.
North America is forecasted to hold the largest market size by region in 2024
In North America's in-vitro diagnostics market, the US holds a significant share in 2023, driven by increased insurance coverage, escalating R&D expenditure, and a growing geriatric population with chronic diseases. The US market is dominated by immunodiagnostics due to the high demand for reagents and instruments for accurate disease diagnosis. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading cause of death and disability for six in ten American adults. This trend underscores the importance of effective diagnostic tools in the healthcare sector.
The In-vitro Diagnostics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the current economic climate, marked by recession and economic downturns, budget constraints have become a significant challenge for clinical and reference laboratories. However, the in-vitro diagnostics market continues to evolve, driven by advancements in molecular diagnostics and specialized equipment. These techniques enable disease diagnosis from tissues and bodily fluids, playing a crucial role in areas such as oncology and infectious diseases. Regulatory guidelines ensure the quality and accuracy of medical tests, while the reimbursement scenario influences market trends. The emergence of personalized medicines and preventive care testing for chronic diseases necessitates rapid tests and point-of-care devices. Liquid biopsy, a promising diagnostic tool, is gaining traction in this context. In emerging economies, the in-vitro diagnostics market growth is driven by the increasing burden of diseases and the need for affordable, rapid diagnostic solutions.
Market Research Overview
The In-vitro Diagnostics (IVD) market encompasses a broad range of products and services, including companion diagnostics (CDx), clinical chemistry, tissue diagnostics, hematology, immunodiagnostics, software & services, instruments, reagents & kits, and rapid tests. This market is significantly impacted by economic downturns and recession, with budget constraints influencing healthcare spending in various sectors such as pharmacies & drug stores, supermarkets & hypermarkets, and clinical laboratories. The IVD market is witnessing advancements in techniques and specialized equipment, with next-generation sequencing and molecular diagnostics playing a pivotal role in disease diagnosis, particularly in oncology. The landscape is evolving with the emergence of personalized medicines and infectious diseases, necessitating advanced healthcare infrastructure in emerging economies. The reimbursement scenario and preventive care testing are crucial factors influencing the market growth. Chronic diseases and the increasing demand for rapid diagnostic testing and point-of-care devices further bolster the market. Liquid biopsy, a promising technology, is expected to revolutionize the IVD market by offering minimally invasive diagnostic solutions.
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