In Vitro Diagnostics Market by Product and Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Infectious Disease), End User (Hospitals, Clinics) - Forecast to 2027

In Vitro Diagnostics Market by Product and Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Infectious Disease), End User (Hospitals, Clinics) - Forecast to 2027

The in vitro market is projected to reach USD 144.7 billion by 2027 from USD 115.8 billion in 2022, at a CAGR of 4.6%. The growing adoption of point-of-care devices and rapid tests for early disease diagnosis, and the rising government initiatives & funding for preventive cure with early diagnosis and treatment drive growth in the market.

The reagents & kits segment accounted for the largest share of the market

On the basis of product and service, the IVD market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of the IVD market in 2021. The recurring use of reagents in various handheld and complex laboratory IVD instruments for disease testing and monitoring is a major factor driving the growth of this segment.

The immunoassay/immunochemistry segment accounted for the largest share of the IVD technology market

Based on technology, the IVD market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The immunoassay/immunochemistry segment accounted for the largest share of the IVD technologies market in 2021. Immunoassays are mostly preferred for immunodiagnostic techniques over other diagnostic methods due to the ability of these tests to provide rapid results, and simplistic sample preparation needs with minimal human intervention.

The infectious disease segment accounted for the largest share of the IVD market

On the basis of application, the IVD market is segmented based on application into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other applications. In 2021, the infectious diseases segment accounted for the largest share of the IVD market. The large share of this segment can be attributed to the growing need for effective diagnostic tools for the rising prevalence of multi-drug-resistant infectious diseases.

Point-of care testing to register the highest growth during the forecast period

Based on end users, the IVD market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing centers, patients, and other end users. Point-of-care segment to register the highest CAGR during the forecast period. The growth in this market is attributed to the increasing need for testing and early disease diagnosis of diseases in remote locations. Moreover, the technological advancements in the point-of- care testing, make them more reliable and accurate driving the growth of this market.

APAC is expected to grow at the highest CAGR during the forecast period

The IVD market in the Asia Pacific region is projected to register the highest CAGR during the forecast period. Growth in this region can be attributed to the rising demand for better healthcare services, rapid development in the healthcare infrastructure of emerging markets, and the growing government initiatives on preventive care methods.

A breakdown of the primary participants for the in vitro diagnostics market referred to for this report is provided below:

By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%

By Designation: C-level–35%, Director Level–25%, and Others–40%

By Region: North America–45%, Europe–30%, Asia Pacific–20%, Latin America – 3%, Middle East & Africa – 2%

The prominent players in the global in vitro diagnostics market are Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Sysmex Corporation (Japan), Thermo Fisher Scientific, Inc (US), Becton, Dickinson and Company (BD, US), Bio-Rad Laboratories, Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), bioMérieux SA (France), Agilent Technologies, Inc. (US), Chembio Diagnostics, Inc. (US), DiaSorin S.p.A (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Devyser (Sweden), PerkinElmer Inc. (US), Surmodics, Inc. (US), Menarini Silicon Biosystems (Italy), SpeeDx Pty. Ltd. (Australia), GENSPEED Biotech GmbH (Austria), Accelerate Diagnostics, Inc. (US), Merck KGaA (Germany), and Caris Life Sciences Inc. (US).

Research Coverage

The report analyzes the market for various in vitro diagnostics products & services and their adoption pattern. It aims at estimating the market size and future growth potential of the in vitro diagnostics market and different segments such as by technology, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, services, and recent developments.

Reasons to Buy the Report

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.

This report provides insights on the following pointers:

Market Penetration: Comprehensive information on the service portfolios offered by the top players in the global in vitro diagnostics market.

Service Development/Innovation: Detailed insights on the upcoming trend, and service launches in the global in vitro diagnostics market.

Market Development: Comprehensive information on the lucrative emerging regions by product & services, technology, application, end users, and region.

Market Diversification: Exhaustive information about new products & services, growing geographies, and recent developments in the global in vitro diagnostics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global in vitro diagnostics market.