In vitro diagnostics (IVD) are tests conducted using samples collected from the human body such as blood, urine, stool etc. to detect diseases, conditions, or infections. IVD products range from instruments, reagents, and consumables used to perform various diagnostic tests in hospitals, clinics, laboratories, and home care settings. They play a vital role in disease diagnosis, health monitoring, and treatment of various medical conditions. The growing prevalence of chronic and infectious diseases globally has increased the demand for clinical laboratory testing, propelling the in vitro diagnostics market. The global in vitro diagnostics (IVD) industry has witnessed rapid technological advancements with the introduction of new assays, automation in laboratories, development of advanced molecular diagnostics (MDx) tests and point-of-care (POC) diagnostics. The rising awareness about benefits of early disease diagnosis through routine medical check-ups has further augmented the market growth.
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 in vitro diagnostics market is the growing demand for rapid point-of-care (POC) diagnostics. Point of care diagnostics helps in quick diagnosis and treatment of diseases as the tests can be performed near the site of patient care without requirement of central lab. This saves crucial time and allows fast clinical decision making. The convenience of self-testing and immediate results have increased popularity of POC IVD devices globally. Moreover, increasing investments by manufacturers in development of advanced molecular diagnostics (MDx) for conditions like cancer and infectious diseases is another important trend witnessed in the market. MDx tests are more sensitive and specific than traditional diagnostic methods and thus growing penetration of these tests is expected to drive the overall IVD industry.
Porter’s Analysis
Threat of new entrants: The In Vitro Diagnostics Ivd market requires high initial investments in R&D, manufacturing and regulatory approvals which makes the threat of new entrants moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many existing players in the market providing a variety of IVD products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute components.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives to IVD products for disease diagnosis and health monitoring.
Competitive rivalry: The market is dominated by few major players and competition among them is high.
Key Takeaways
The global In Vitro Diagnostics Ivd market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
The North America region currently dominates the market with the highest share due to established healthcare infrastructure and technological advancements in the region. Asia Pacific region is expected to grow at the fastest rate owing to rising healthcare expenditure and growing incidence of chronic and infectious diseases in developing countries of China and India.
Key players operating in the market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., 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.
The key players are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in 2022 Roche Diagnostics launched cobas prime Pre-analytical System to standardize laboratory workflows.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.