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In Vitro Diagnostics (IVD) Market Overview:
The global in vitro diagnostics (IVD) market size was valued at $67,111 million in 2019, and is projected to reach $91,093 million at a CAGR of 4.8% from 2020 to 2027.
In vitro diagnostics (IVD) are medical devices, which require use of assays and reagents to diagnose a medical condition. Moreover, these instruments analyze body fluids and tissue samples collected from a patient. In addition, there are various types of in vitro diagnostic instruments that work on different techniques such as immunodiagnostics, tissue diagnostics, hematology, and molecular diagnostics. Furthermore, in vitro diagnostics are employed in diagnosis of various medical conditions such as infectious diseases, cancer, cardiac disorders, and nephrological disorders. Moreover, use and handling of in vitro diagnostics require technical expertise and thus, instruments are used in specialized medical facilities to carry out diagnosis. For instance, IVD products are used in facilities such as standalone laboratories, hospitals, and point-of care.
The major factor that contributes to the in vitro diagnostics market growth of the in vitro diagnostic market include surge in number of in vitro diagnostic tests, which is attributable to rise in incidences of chronic and infectious diseases. Furthermore, growth in geriatric population, which is prone to immunological disorders, is another major factor that boosts the growth of the market. Moreover, rise in use of personalized medicines in treatment of various chronic diseases such as cancer also fuels the growth of the market. In addition, increase in technological advancements associated with in vitro diagnostic products, technologies, and software & services boosts the market growth. However, stringent government regulations and unfavorable reimbursement policies are anticipated to restrict the growth of the in vitro diagnostics market. On the contrary, high growth rates exhibited by developing economies present lucrative opportunities for key players in the in vitro diagnostics market during the forecast period.
In Vitro Diagnostics (Ivd) Market Segmentation
The report segments the market into product & service, technique, application, end user, and region. On the basis of product & service, the market is segmented into reagents, instruments, and services & software. On the basis of technique, it is categorized into immunodiagnostics, hematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and others. In addition, the immunodiagnostics segment is further divided into enzyme-linked immunosorbent assay (ELISA), rapid tests, enzyme-linked immunospot (ELISPOT), radioimmunoassay (RIA), and western blot. Moreover, the ELISA segment is further divided into chemiluminescence immunoassay (CLIA), fluorescence immunoassay (FIA), and colorimetric immunoassay (CI). Similarly, the molecular diagnostics segment is divided into polymerize chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), hybridization, DNA diagnostics, microarray, and others.
The clinical chemistry segment is further divided into basic metabolic panel, liver panel, lipid profile, thyroid function panel, electrolyte panel, specialty chemicals, and others.
On the basis of application, the market is segmented into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and others. On the basis of end users, it is categorized into standalone laboratories, hospitals, academics & medical schools, point-of-care, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Segment Review
On the basis of product & service, the reagents segment acquired major in vitro diagnostics market share of the market. The growth of this segment is attributed to the fact that reagents are a vital part of every in vitro diagnostic test. Hence, the aforementioned factors contribute to the growth of this segment. In addition, the instruments segment is expected to grow at the fastest CAGR during the forecast period, owing to rise in focus of key players toward launching of new instruments.
By application, the market is segmented into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and others. The infectious diseases market has the highest potential, owing to increase in incidences of HIV-AIDS, hepatitis, and other infectious diseases.
North America is expected to be the leading regional market for in vitro diagnostics during the forecast period, owing to its well-penetrated healthcare system and higher healthcare awareness among patients, including Obama’s Affordable Care Act (ACA) act, change in technology, and rebounding American Economy. Furthermore, other factors such as easy availability of devices, rise in awareness related to use of these products, and presence of a large number of geriatric populations suffering from various chronic diseases also contribute to the growth of the market. Moreover, the presence of a large number of key players in North America is another major factor that drives the in vitro diagnostics market growth. In addition, Asia-Pacific is expected to register fastest growth during the forecast period, owing to surge in healthcare expenditure and rise in prevalence of diabetes in the region. Other factors such as a huge patient base of other chronic diseases that require IVD testing also boost the growth of the market in Asia-Pacific.
The global in vitro diagnostics market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum in vitro diagnostics market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
Key Benefits For Stakeholders
Key Market Segments
By Product & Service
By Technique
By Application
By End User
By Region
In Vitro Diagnostics (IVD) Market Overview:
The global in vitro diagnostics (IVD) market size was valued at $67,111 million in 2019, and is projected to reach $91,093 million at a CAGR of 4.8% from 2020 to 2027.
In vitro diagnostics (IVD) are medical devices, which require use of assays and reagents to diagnose a medical condition. Moreover, these instruments analyze body fluids and tissue samples collected from a patient. In addition, there are various types of in vitro diagnostic instruments that work on different techniques such as immunodiagnostics, tissue diagnostics, hematology, and molecular diagnostics. Furthermore, in vitro diagnostics are employed in diagnosis of various medical conditions such as infectious diseases, cancer, cardiac disorders, and nephrological disorders. Moreover, use and handling of in vitro diagnostics require technical expertise and thus, instruments are used in specialized medical facilities to carry out diagnosis. For instance, IVD products are used in facilities such as standalone laboratories, hospitals, and point-of care.
The major factor that contributes to the in vitro diagnostics market growth of the in vitro diagnostic market include surge in number of in vitro diagnostic tests, which is attributable to rise in incidences of chronic and infectious diseases. Furthermore, growth in geriatric population, which is prone to immunological disorders, is another major factor that boosts the growth of the market. Moreover, rise in use of personalized medicines in treatment of various chronic diseases such as cancer also fuels the growth of the market. In addition, increase in technological advancements associated with in vitro diagnostic products, technologies, and software & services boosts the market growth. However, stringent government regulations and unfavorable reimbursement policies are anticipated to restrict the growth of the in vitro diagnostics market. On the contrary, high growth rates exhibited by developing economies present lucrative opportunities for key players in the in vitro diagnostics market during the forecast period.
In Vitro Diagnostics (Ivd) Market Segmentation
The report segments the market into product & service, technique, application, end user, and region. On the basis of product & service, the market is segmented into reagents, instruments, and services & software. On the basis of technique, it is categorized into immunodiagnostics, hematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and others. In addition, the immunodiagnostics segment is further divided into enzyme-linked immunosorbent assay (ELISA), rapid tests, enzyme-linked immunospot (ELISPOT), radioimmunoassay (RIA), and western blot. Moreover, the ELISA segment is further divided into chemiluminescence immunoassay (CLIA), fluorescence immunoassay (FIA), and colorimetric immunoassay (CI). Similarly, the molecular diagnostics segment is divided into polymerize chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), hybridization, DNA diagnostics, microarray, and others.
The clinical chemistry segment is further divided into basic metabolic panel, liver panel, lipid profile, thyroid function panel, electrolyte panel, specialty chemicals, and others.
On the basis of application, the market is segmented into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and others. On the basis of end users, it is categorized into standalone laboratories, hospitals, academics & medical schools, point-of-care, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Segment Review
On the basis of product & service, the reagents segment acquired major in vitro diagnostics market share of the market. The growth of this segment is attributed to the fact that reagents are a vital part of every in vitro diagnostic test. Hence, the aforementioned factors contribute to the growth of this segment. In addition, the instruments segment is expected to grow at the fastest CAGR during the forecast period, owing to rise in focus of key players toward launching of new instruments.
By application, the market is segmented into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and others. The infectious diseases market has the highest potential, owing to increase in incidences of HIV-AIDS, hepatitis, and other infectious diseases.
North America is expected to be the leading regional market for in vitro diagnostics during the forecast period, owing to its well-penetrated healthcare system and higher healthcare awareness among patients, including Obama’s Affordable Care Act (ACA) act, change in technology, and rebounding American Economy. Furthermore, other factors such as easy availability of devices, rise in awareness related to use of these products, and presence of a large number of geriatric populations suffering from various chronic diseases also contribute to the growth of the market. Moreover, the presence of a large number of key players in North America is another major factor that drives the in vitro diagnostics market growth. In addition, Asia-Pacific is expected to register fastest growth during the forecast period, owing to surge in healthcare expenditure and rise in prevalence of diabetes in the region. Other factors such as a huge patient base of other chronic diseases that require IVD testing also boost the growth of the market in Asia-Pacific.
The global in vitro diagnostics market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum in vitro diagnostics market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
Key Benefits For Stakeholders
Key Market Segments
By Product & Service
By Technique
By Application
By End User
By Region
