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How Fast Is The In Vitro Diagnostics Market Expected to Grow Between 2025 And 2029?
Over the past few years, the in-vitro diagnostics market has seen substantial growth. The market is set to rise from a value of $130.74 billion in 2024 to $149.01 billion in 2025, with a compound annual growth rate (CAGR) of 14.0%. Factors that contributed to the growth during the historic period include the introduction of automated analyzers and molecular diagnostics, an ageing population, outbreaks of disease, healthcare regulations and the emergence of personalized medicine.
What Growth Rate Is Anticipated for the In Vitro Diagnostics Market in the Coming Years?
Expectations are high for swift expansion in the in-vitro diagnostics market over the coming years. The predicted increase indicates a rise to $232.69 billion by 2029 with a compound annual growth rate (CAGR) of 11.8%. This growth during the forecast period is attributed to various factors including precision medicine, point-of-care testing, digital health, and data analytics as well as pandemic preparedness. Anticipated trends over the forecast period include technological advances, integration of digital health, personalized diagnostics, home testing kits, and molecular diagnostics.
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Who Are the Leading Companies in 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 Drivers of the In Vitro Diagnostics Market?
The surge in the usage of self-administered test kits is predicted to stimulate the growth trend of the in vitro diagnostics market. These kits, which are intended for personal use without the assistance of medical specialists or trained staff, allow individuals to conduct their own diagnostic tests at home. This increases accessibility by facilitating diagnostic tests at home, providing convenience and potentially boosting the need for testing, especially for hitherto undiagnosed diseases. For instance, the Centers for Disease Control and Prevention, a national public health agency in the US, reported a notable rise in the usage of at-home COVID-19 tests among U.S. adults aged 18 and over, from the Delta-dominant phase (August to December 2021) to the Omicron-dominant phase (December to March 2022), in April 2022. The use of home tests among individuals who reported COVID-19-like symptoms increased from 5.7% to 20.1%. Therefore, the growing popularity of self-administered test kits will fuel the expansion of the in vitro diagnostics market.
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What Are the Key Market Segments in the In Vitro Diagnostics Industry?
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
What Are the Latest Trends in the In Vitro Diagnostics Market?
Key players in the in vitro diagnostics market are concentrating their efforts on creating innovative products such as the Cobas pulse system, with the goal of boosting their market profitability. The Cobas pulse system offers a professional solution for managing blood glucose levels, utilizing mobile digital health capabilities to elevate patient care. As a case in point, in January 2022, Roche Diagnostics, an American company known for their progressive products and services pertaining to disease prevention, diagnosis, monitoring, screening, and treatment, introduced the Cobas pulse system. Equipped with an automated glucose test strip reader, a camera, and a touchscreen, this portable device allows for the capture of additional diagnostic data. With its easy-to-use interface, it is designed for seamless usage, offering features that simplify procedures, optimize time, and boost workflow efficiency.
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What Are the Key Regional Markets in the In Vitro Diagnostics Industry?
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.
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This Report Delivers Insight On:
1. How big is the in vitro diagnostics market, and how is it changing globally?
2. Who are the major companies in the in vitro diagnostics market, and how are they performing?
3. What are the key opportunities and risks in the in vitro diagnostics market right now?
4. Which products or customer segments are growing the most in the in vitro diagnostics market?
5. What factors are helping or slowing down the growth of the in vitro diagnostics market?
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