Cancer In Vitro Diagnostics (IVD) Market to Reach $18.62 Billion by 2029, Growing at a CAGR of 6.8%
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What Market Value Is The Cancer In Vitro Diagnostics (IVD) Industry Expected To Reach By 2029, Starting From 2025 Levels?
The cancer in vitro diagnostics (IVD) market size has experienced significant expansion in recent years. It is projected to increase from $13.36 billion in 2024 to $14.32 billion in 2025, achieving a compound annual growth rate (CAGR) of 7.2%. This market’s historical growth can be attributed to several factors, including rising stimulation for cancer biomarker research, an increase in oncological trials that require testing, more government health initiatives, growing support for laboratory infrastructure, and an uptick in biotech funding.
The cancer in vitro diagnostics (IVD) market is anticipated to experience robust expansion over the coming years. Its valuation is projected to reach $18.62 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.8%. This projected increase during the forecast period can be primarily linked to government and non-governmental organization screening programs, a growing elderly population, heightened understanding regarding early cancer detection, broadened reimbursement options, and the increasing adoption of point-of-care (POC) diagnostics. Key developments expected during this period involve the wider application of liquid biopsy technologies, progress in next-generation sequencing, the incorporation of artificial intelligence and machine learning, the integration of microfluidics, and the adoption of digital pathology.
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Which Industry Drivers Are Expected To Accelerate The Cancer In Vitro Diagnostics (IVD) Market From 2025 To 2029?
The escalating occurrence of cancer is projected to drive the expansion of the cancer in vitro diagnostics (IVD) market moving forward. Cancer describes the uncontrolled multiplication and spread of abnormal cells within the body, which have the ability to invade neighboring tissues and form masses. The heightened incidence of cancer stems from an aging global population, where extended life expectancy and reduced mortality from infectious diseases result in more elderly individuals facing a higher risk of developing cancer. Cancer in vitro diagnostics (IVD) assists in addressing cancer by enabling prompt and accurate detection, ongoing monitoring, and effective management of the illness through laboratory tests conducted on patient specimens, thereby allowing for timely treatment decisions and better patient outcomes. For instance, in February 2024, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the global number of new cancer cases stood at 20 million in 2022 and is forecasted to increase to 35 million by 2050, representing a 77% rise. Therefore, the increasing incidence of cancer is stimulating the growth of the cancer in vitro diagnostics (IVD) market.
What Are The Major Segment Categories Driving The Cancer In Vitro Diagnostics (IVD) Market Growth?
The cancer in vitro diagnostics (IVD) market covered in this report is segmented
1) By Product Type: Reagents And Kits, Instruments, Software And Services
2) By Technology: Clinical Chemistry, Immunochemistry Or Immunoassays, Hematology, Coagulation And Hemostasis, Microbiology, Molecular Diagnostics, Other Technology
3) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer
4) By End-Users: Hospitals, Laboratories, Academics, Point-Of-Care Testing, Patient Self-Testing, Other End Users
Subsegments:
1) By Reagents And Kits: PCR Reagents And Kits, NGS Reagents And Kits, Immunoassay Reagents And Kits, In Situ Hybridization (ISH) Reagents And Kits, Others
2) By Instruments: PCR Instruments, NGS Instruments, Immunoassay Analyzers, ISH Instruments, Others
3) By Software And Services: Data Analysis Software, Laboratory Information Management Systems, Cloud-Based Data Management, Instrument Integration Software, Support And Maintenance Services
What Long-Term Trends Will Shape The Future Growth Of The Cancer In Vitro Diagnostics (IVD) Industry?
Major companies operating within the cancer in vitro diagnostics (IVD) market are concentrating on technological advancements, such as the CE in vitro diagnostic (IVD) cancer testing kits, to improve the accessibility, accuracy, and standardization of hereditary cancer testing across clinical environments. CE-in vitro diagnostic (IVD) cancer testing kits refer to diagnostic assays that comply with the European Union’s in vitro diagnostic directive (IVDD), thereby ensuring validated performance, safety, and quality for use in patient testing within European laboratories. For instance, in February 2022, Invitae, a US-based medical genetics company, introduced FusionPlex Dx and LiquidPlex Dx in Europe to strengthen its oncology diagnostics portfolio. FusionPlex Dx offers sensitive detection of low-frequency variants in FFPE samples for routine clinical applications. LiquidPlex Dx enables non-invasive cancer genomic profiling from blood, providing rapid results and capturing tumor heterogeneity, making it valuable for personalized treatment and disease monitoring when tissue samples are limited.
Which Leading Players Are Enhancing Their Cancer In Vitro Diagnostics (IVD) Market Presence Worldwide?
Major companies operating in the cancer in vitro diagnostics (IVD) market are F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, GE HealthCare Technologies Inc., Hologic Inc., Illumina Inc., bioMérieux SA, Sysmex Corporation, Exact Sciences Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V., Autobio Diagnostics Co Ltd., Transasia Bio-Medicals Ltd., NanoString Technologies Inc., Genetron Holdings Limited, Cancer Diagnostics Inc., J. Mitra & Co. Pvt Ltd., and Tulip Diagnostics (P) Ltd.
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Which Global Regions Are Influencing The Competitive Landscape Of The Cancer In Vitro Diagnostics (IVD) Market?
North America was the largest region in the cancer in vitro diagnostics (IVD) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer in vitro diagnostics (IVD) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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