July 20, 2024

In Vitro Diagnostics (IVD) Market Insights: Shaping the Future of Healthcare

In Vitro Diagnostics Ivd Market

Market Overview:
The In Vitro Diagnostics (IVD) market comprises medical devices and reagents used to perform tests on samples collected from the human body such as blood, urine, and tissues. Common IVD tests include clinical chemistry, microbiology, hematology,molecular diagnostics and immunodiagnostics. IVD products assist healthcare professionals in diagnosing diseases, monitoring health conditions, and discovering new medicine. The demand for IVD products is growing due to rising prevalence of chronic and infectious diseases, favorable reimbursement policies, and increased adoption of advanced diagnostics.

The global In Vitro Diagnostics Ivd Market is estimated to be valued at US$ 76,621.8 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the IVD market is the growing automation. There is increasing adoption of fully automated and advanced high-throughput systems in clinical laboratories. Automation enhances productivity, minimizes manual errors and saves time for analysis. It also allows labs to perform complex tests that were previously not possible. Other trends include rising popularity of point-of-care testing devices and home-use diagnostic kits due to focus on decentralizing healthcare. Growing demand for personalized medicine is also driving the demand for companion diagnostics used in development of targeted therapies. Rising focus on molecular testing and increased integration of informatics are some other important trends in the IVD market.
Porter’s Analysis
Threat of new entrants: The growing market size and increasing demand of IVD products is attracting new players. However, large capital requirement and strong dependence on R&D acts as barriers for new entrants.

Bargaining power of buyers: Significant buyer base with increasing spending on healthcare provides high bargaining power to buyers. Buyers can negotiate on prices and compel suppliers to offer additional services.

Bargaining power of suppliers: Leading suppliers like reagents providers and OEM parts manufacturers dominate the market. Suppliers have considerable influence over prices due to proprietary products and technologies.

Threat of new substitutes: Limited threat as IVD technologies have no close substitutes. New substitute threats are restricted due to technological complexity and regulatory approvals needed.

Competitive rivalry: Intense competition exists among major players to gain higher market share. Players compete on product development, innovative marketing strategies and geographic expansion.

Key Takeaways

The global In Vitro Diagnostics Ivd Market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing penetration of decentralized clinical laboratory testing and point-of-care testing.

Regional analysis: North America holds the largest share in the global IVD market due to continuous technological advancements and growing demand for personalized medicine in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare awareness, growing medical tourism industry and increasing healthcare expenditure in emerging countries like China and India.

Key players operating in the In Vitro Diagnostics Ivd Market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd. Key players focus on product innovation and expansion in developing markets to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it