In Vitro Diagnostics Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What Growth Opportunities are Expected to Drive the In Vitro Diagnostics Market’s CAGR Through 2034?
The market size for in-vitro diagnostics has experienced substantial growth in the previous years. It’s projected to rise from $130.74 billion in 2024 to $149.01 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.0%. The historic period’s growth is owing to the emergence of automated analyzers and molecular diagnostics, an increase in the elderly population, disease outbreaks, healthcare legislation, and precision medicine.
The market size for in-vitro diagnostics is anticipated to experience a swift expansion in the upcoming years, scaling up to $232.69 billion by 2029 with a compound annual growth rate (CAGR) of 11.8%. Factors that are contributing to the projected growth within this forecast period include advances in precision medicine, point-of-care testing, digital health and data analytics, and readiness for pandemics. Key trends for the forecast period are expected to be technological innovation, integration with digital health, tailored diagnostics, home testing kits and molecular diagnostics.
What External and Internal Drivers Are Contributing to the Growth of the In Vitro Diagnostics Market’s Growth?
The growing trend of using self-administered test kits is poised to boost the in vitro diagnostics market’s expansion. These kits are medical or diagnostic tools that individuals can use independently without requiring healthcare experts or trained staff to facilitate the test at home. The kits improve access by allowing people to carry out these diagnostic tests at their homes, providing comfort and possibly amplifying the demand for testing, specifically for conditions previously unidentified. For example, data from the United States-based national public health agency, the Centers for Disease Control and Prevention, showed a notable rise in the usage of at-home COVID-19 tests amongst U.S. adults aged 18 and above, from the Delta-dominated period (August to December 2021) to the Omicron-dominated period (December to March 2022) in April 2022. The utilization of at-home tests amongst participants who noticed COVID-19-like symptoms rose from 5.7% to 20.1%. As such, the increasing preference for self-administered test kits will fuel the in vitro diagnostics market’s growth.
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What Are the Leading Industry Players Dominating the In Vitro Diagnostics Market?
Major companies operating in the in vitro diagnostics market include Siemens Healthineers, F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Alere Inc., Arkray Inc., Becton, Dickinson and Company (BD), Bio-Rad Laboratories Inc., bioMérieux SA, Grifols SA, Hologic Inc., Werfen SA, Laboratory Corporation, Luminex Corporation, Ortho Clinical Diagnostics, PerkinElmer Inc., Qiagen NV, Quest Diagnostics Inc., QuidelOrtho Corporation, Sysmex Corporation, Illumina Inc., Menarini Silicon Biosystems SPA, SpeeDx Pty. Ltd., GENSPEED Biotech GmbH, Accelerate Diagnostics Inc., Merck KGaA, Caris Life Sciences Inc., Bio-Techne Corporation, Myriad Genetics Inc., Genomic Health Inc., Exact Sciences Crop., Natera Inc., Invitae Crop., Veracyte Inc.
What Are the Key Trends to Watch in the In Vitro Diagnostics Market Over the Coming Years?
In an attempt to bolster their profitability, key players in the in vitro diagnostics market are concentrating on the creation of innovative products like the Cobas pulse system. The Cobas pulse system is an advanced professional blood sugar management solution enriched with mobile digital health functionalities to elevate the level of patient care. For example, in January 2022, Roche Diagnostics, an American company known for its pioneering products and services aimed at disease prevention, diagnosis, monitoring, screening, and treatment, introduced the Cobas pulse system. This compact device comes with an automatic glucose test strip reader, a camera, and a touchscreen for capturing additional diagnostic information. The easy-to-use interface is conceived for seamless adoption and includes handy features that reduce work, save time, and improve working procedures.
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Which Key Segments of the In Vitro Diagnostics Market Are Poised for Growth and Innovation?
The in vitro diagnostics market covered in this report is segmented –
1) By Type: Point-of-Care Diagnostics Devices And Equipment, Immunochemistry Diagnostic Devices And Equipment, Clinical Chemistry Diagnostics Devices And Equipment, Molecular Diagnostics Devices And Equipment, Microbiology Diagnostic Devices And Equipment, Hemostasis Diagnostic Devices And Equipment, Hematology Diagnostic Devices And Equipment, Immunohematology Diagnostic Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
Subsegments:
1) By Point-Of-Care Diagnostics Devices And Equipment: Blood Glucose Monitoring, Pregnancy And Fertility Testing, Infectious Disease Testing, Cardiac Markers Testing, Coagulation Testing
2) By Immunochemistry Diagnostic Devices And Equipment: Enzyme-Linked Immunosorbent Assay (ELISA), Radioimmunoassay (RIA), Western Blot, Immunofluorescence Assay, Chemiluminescence Immunoassay (CLIA)
3) By Clinical Chemistry Diagnostic Devices And Equipment: Blood Glucose Testing, Cholesterol Testing, Liver Function Testing, Kidney Function Testing, Electrolyte Testing
4) By Molecular Diagnostics Devices And Equipment: PCR (Polymerase Chain Reaction) Instruments, Next-Generation Sequencing (NGS) Instruments, Microarray Instruments, FISH (Fluorescence In Situ Hybridization) Devices
5) By Microbiology Diagnostic Devices And Equipment: Microbial Culture Systems, Automated Identification Systems, Antimicrobial Susceptibility Testing Systems, Blood Culture Systems
6) By Hemostasis Diagnostic Devices and Equipment: Coagulation Analyzers, Thromboelastography Systems, Platelet Function Analyzers, Clotting Factor Analyzers
7) By Hematology Diagnostic Devices and Equipment: Hematology Analyzers, Hemoglobin Testing Systems, Complete Blood Count (CBC) Devices, Blood Cell Counters
8) By Immunohematology Diagnostic Devices and Equipment: Blood Typing Systems, Crossmatching Systems, Antibody Screening Systems, Blood Bank Analyzers
Which Regions Are Significant to the Growth of the In Vitro Diagnostics Market?
North America was the largest region in the global in-vitro diagnostics market in 2023. Asia-Pacific was the second largest region in the global in-vitro diagnostics market. The regions covered in the in-vitro diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Can We Define the In Vitro Diagnostics Market and Its Key Components?
In vitro diagnostics (IVD) refer to tests and procedures performed on biological samples, such as blood, tissue, or urine, taken from the human body to detect diseases, conditions, or infections. These tests are conducted outside of the body in a controlled environment, such as a laboratory, using specialized equipment and reagents. IVDs are crucial for diagnosing a wide range of health conditions, guiding treatment decisions, and monitoring patient health over time.
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