IVD Market Size, Share, Growth, and Industry Analysis, By Type (Immuno Diagnostics, Chemistry Diagnostics, Molecular Diagnostics, POCT, & Others), By Application (Diabetes, Infectious Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing, Pharmacogenomics, HIV/AIDS, & Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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IVD MARKET REPORT OVERVIEW

The global IVD Market size was USD 7.01 billion in 2023 and the market is projected to touch USD 9.41 billion by 2032, exhibiting a CAGR of 2.7% during the forecast period.

The IVD marketplace is centered on instruments and reagents for clinical applications used for the analysis, diagnosis, and, further, the observation of various diseases or pathophysiological conditions from body fluids. The technology has been hugely adoptable due to advanced diagnostic development, frequent prevalence of chronic diseases, and the need for accurate medications. The COVID-19 pandemic has also catalyzed this growth, primarily by increasing diagnostic tests, especially on COVID-19 tests. However, the marketplace has some hitch; rules are pretty rigid, and superior diagnostic attracts high charges and reimbursement issues.

North America is believed to be in the commanding position in the IVD market owing to a more standardized and advanced healthcare system and a strong emphasis on R&D. Europe succeeds in this and has an excessive presence in markets of countries like Germany and the United Kingdom. The Asia-Pacific vicinity will grow fast in the subsequent years due to surging health needs and rising trends of chronic diseases. Current prominent players in this industry are Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Danaher Corporation, and Thermo Fisher Scientific. They occupy their leadership positions through sheer innovation of different products and forming other partnerships.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Increased Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global outbreak of the COVID-19 pandemic triggered a high demand for diagnostic tests and screening tests for the virus through PCR, Antigen, and Antibody tests. The need for quicker and more customized testing platforms resulted in advancing and developing new and better IVD products.

The pandemic also disrupted the global supply chain. Thus, IVD test manufacturers were affected due to shortages in raw materials, reagents, and other components that are so vital in the making of these tests. Some rules were eased, but others were changed to be cumbersome for firms seeking to produce new tests in the market gingerly.

LATEST TRENDS

"Home-Based Testing in IVD to Drive Market Growth"

People are increasingly knowledgeable about their healthcare alternatives, seeking methods to manage their health proactively. Home-primarily based tests provide easier entry to diagnostic testing, potentially bypassing prolonged sanatorium visits and appointments. For certain situations, home trying out offers a stage of privateness that could attract a few people. Home checks cast off the desire to travel to healthcare centers, releasing valuable time. Some domestic assessments use much less invasive pattern collection strategies than traditional clinical checking out. Individuals can pick to take exams at their convenience, fitting them into their schedules.

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IVD MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Immuno Diagnostics, Chemistry Diagnostics, Molecular Diagnostics, POCT, & Others.

• Immuno Diagnostics: Utilizes antigen-antibody interactions to discover unique proteins or biomarkers in organic samples, assisting with analyzing diverse illnesses and infectious and autoimmune problems.
• Chemistry Diagnostics: In this context, the assessment of chemical additives in the physical fluids such as glucose or electrolytes to uncover metabolic characteristics and come across abnormalities.
• Molecular Diagnostics: PCR/DNA sequencing is used to identify genetic cloth and mutations, which is invaluable in identifying infections, cancer, and genetic disorders.
• POCT: It makes it feasible for diagnostic checking out at or close to the vicinity of the patient, with quick end results to assist in accelerating medical decision-making.
• Others: Encompasses specialized diagnostic assessments, which include hematology, microbiology, and coagulation tests, addressing a large spectrum of scientific conditions past the primary diagnostic categories.

By Application

Based on application the global market can be categorized into Diabetes, Infectious Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing, Pharmacogenomics, HIV/AIDS, & Others.

• Diabetes: Among the diagnostic tests, glucose, and Hemoglobin Aic are used to diagnose diabetes and its management and evaluation of complications arising from the disease.
• Infectious Diseases: Integrative of detecting a pathogen in biological samples for diagnostics and management of infections such as bacterial, viral, and fungal infections such as flu, TB, and coronavirus illnesses.
• Oncology/Cancer: Biomarkers, mutations, and analysis diagnose and describe cancer, assist in managing and judging the cancer ailment, and assist in remitting the cancer condition.
• Cardiology: Screening tests show the condition of the functioning or otherwise of the heart and whether or not it has heart disease through the levels of biomarkers of Troponin, cholesterol, and natriuretic peptides.
• Nephrology: It places more focus on evaluating the kidney features and the existence of a sickness related to the kidneys, which consists of serum creatinine, blood urea nitrogen (BUN), and a urine exam.
• Autoimmune Diseases: Can directly or indirectly identify unusual immune dysfunctions through a ‘compass’ and can distinguish autoantibodies and other related biomarkers of autoimmune diseases, including lupus and rheumatoid arthritis.
• Drug Testing: Commonly employed in clinical laboratories, at work, and in sports areas where organic samples are tested for the existence of medicine or its by-products.
• Pharmacogenomics: Searches into gene variations that could help determine a subject's reaction to pills to achieve individualized medicine and desired manipulations of drugs’ effectiveness.
• HIV/AIDS: Has screening of third-generation HIV enzyme or chemiluminescence immunoassays involving HIV antibodies, fourth-generation HIV enzyme or chemiluminescence immunoassays involving HIV antibodies, and antigens and polymerase chain reaction-based assays for HIV viral RNA for HIV diagnosis and antiretroviral therapy.
• Others: Endorses several screening tests for metabolic disorders, genetic disorders, and hematological disorders, amongst others, which do not fall under the headings of common illnesses and diseases.

DRIVING FACTORS

"Increasing Chronic Diseases and Technological Advancements to Boost the Market"

One of the key driving factors in the global IVD market growth is the increasing chronic diseases and technological advancements in urban areas. The rising occurrence of situations consisting of diabetes, cancer, and cardiovascular diseases drives the call for diagnostic checks. Innovations in diagnostic technologies, molecular diagnostics, and point-of-care trying out, decorating, and taking a look at accuracy and velocity are fueling the marketplace boom. Expanding healthcare budgets, especially in growing regions, enhance admission to superior diagnostic answers.

"Increasing Awareness and Aging Population to Expand the Market"

Another driving factor in the global IVD market is the awareness and aging population offered by these products. Rising knowledge about the significance of diagnosing diseases in their early stages promotes the application of diagnostic tests for preventive purposes. The population of the elderly is rising across the globe, and with that, the incidence of age-related ailments, hence the need for diagnostic testing. The change towards personalized medicine elevates the demand for biomarker-based diagnostic assays, more specifics of which can be seen in the oncology and pharmacogenomic fields.

RESTRAINING FACTOR

"High Costs and Security Concerns to Potentially Impede Market Growth"

One of the key restraining factors in the global IVD market is the high costs and security concerns of these products. The expensive nature of current diagnostic technology can restrict their adoption, mainly in low-profit areas. The increasing use of digital diagnostics raises concerns about patient information privacy and cybersecurity, potentially slowing adoption. Inconsistent repayment regulations and coverage boundaries can restrict access to diagnostic tests, affecting market increase.

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IVD MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Presence of a Large Consumer Base"

North America has emerged as the most dominant region in the global IVD market share due to several factors. North America holds the most significant share of the IVD market, driven by the presence of advanced healthcare infrastructure, excessive healthcare expenditure, and a strong recognition of R&D activities. The place's dominance is also attributed to the early adoption of revolutionary diagnostic technology and the growing call for customized medicinal drugs. Europe follows North America regarding marketplace percentage, with immense contributions from international locations like Germany, the United Kingdom, and France. The Asia-Pacific vicinity is predicted to witness the fastest growth, fueled by the increasing healthcare needs of its large populace and the growing prevalence of persistent sicknesses.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The In Vitro Diagnostics (IVD) market is drastically inspired by key industry gamers who are pivotal in riding marketplace dynamics and advancing diagnostic improvements. These key players possess sizeable worldwide distribution networks and contemporary technologies, providing healthcare companies with entry to an extensive range of diagnostic answers. Their robust presence inside the marketplace and hooked-up reputations have contributed to an extended agreement amongst healthcare professionals, driving the adoption of their products. Moreover, these enterprise leaders usually put money into studies and improvement, introducing innovative diagnostic assessments, systems, and automation solutions that cater to evolving healthcare needs and improve affected person effects. The collective efforts of those fundamental gamers significantly impact the competitive landscape and future trajectory of the IVD marketplace.

List of Market Players Profiled

• Roche Diagnostics (Switzerland)
• Danaher Corporation (U.S.)
• Abbott Laboratories (U.S.)
• Siemens Healthineers (Germany)
• Sysmex Corporation (Japan)
• Thermo Fisher Scientific (U.S.)
• Becton, Dickinson and Company (U.S.)

INDUSTRIAL DEVELOPMENT

June 2024: Abbott Laboratories, a global healthcare organization, released a speedy COVID-19 antigen. Please take a look at it; it is designed for home use. This product expands the right of entry to testing and helps efforts to contain the spread of the virus.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.