Global In Vitro Diagnostics (IVD) Market Analysis & Trends - Industry Forecast to 2030

Global In Vitro Diagnostics (IVD) Market Analysis & Trends - Industry Forecast to 2030

In Vitro Diagnostics (IVD): Market Size

From $124.01 billion in 2024, the global In Vitro Diagnostics (IVD) market is projected to reach $181.96 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 6.6% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include an increasing number of collaborations and agreements, advancements in IVD technology, and the approval and launch of new products.

Global In Vitro Diagnostics (IVD) Market: Market Dynamics

The growing geriatric population in urbanized, as well as mounting regions, will optimistically influence the growth of the IVD market. With the hasty growth in the geriatric population globally, the prevalence of age-associated diseases is expected to increase extensively. Other developed economies around the world also have large and increasing geriatric populations.

For instance, according to the American Thoracic Society, around 1 million individuals in the US seek medical care for pneumonia. Diabetes is another chronic disease that affects the geriatric population since this population is prone to endocrine disorders owing to hormonal imbalance. According to the International Journal of Health Policy and Management, China is one of the countries with the highest prevalence of diabetes.

On the other hand, unfavorable reimbursement scenario is likely to obstruct the profit boundaries. In addition, growing R&D investments and rising awareness regarding disease diagnosis will further boost the in vitro diagnostics (IVD) market.

Impact of COVID-19 on In Vitro Diagnostics (IVD)

The COVID-19 pandemic has led to lockdowns worldwide in order to observe social distancing. These lockdowns had an enormous impact on each business in every industry. Correspondingly, the in-vitro diagnostics market was also affected by the COVID-19 outbreak. For instance, the industry faced the latest challenges such as intervallic supply chains, inconsistent demand of products, and others. Furthermore, the availability of raw material and human resources was also impacted. In addition, the in vitro diagnostics industry has seen a demand for new COVID-19 test kits which is serving as a huge opportunity for the key players in the IVD industry. Thus, the overall impact of the COVID-19 pandemic remained positive for the key players in the in vitro diagnostics industry. On the other hand, few companies are facing a setback owing to lockdown, which has led to a drop in the number of IVD tests performed across the globe. This deleterious impact is being compensated by the rapid demand for newly launched emergency use authorized IVD tests used for COVID-19 detection.

By Product & Services

Reagents & Kits Segment Dominate the Market in 2024

The reagents & kits segment made huge revenue in 2024 and growing its prominence during the forecast period. The prevalence of Covid-19 pandemic has created a surge in the demand for reagents and kits that offer speedy diagnosis and helps to combat the fatal consequences of the virus. Also, the reagents and kits which were developed recently, enable accurate diagnosis as they possess high precision. Moreover, with the increasing burden of chronic diseases worldwide, the demand for in vitro diagnostics rises, this, in turn, surges the demand for reagents used in the various testing platforms.

By Geography

Asia Pacific Region is Leading in the Global Market Place

The Asia Pacific is likely to have a huge demand in the forecast period due to the prevalence of a massive patient population and an increasing appetite for specialized healthcare. Increase in expenditure on healthcare infrastructure construction is predictable to promote business growth. Furthermore, there are high birth rates in nations such as India and China, which also drives the market for in-vitro diagnostics.

List of the Key Players Profiled in the Market Include:

• Abbott Laboratories
• Becton, Dickinson and Company
• bioMerieux SA
• Bio-Rad Laboratories, Inc.
• Danaher Corporation (Beckman Coulter, Inc.)
• F. Hoffmann-La Roche AG
• QIAGEN N.V.
• Siemens AG
• Sysmex Corporation
• Thermo Fisher Scientific, Inc
• Agilent Technologies

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others