In Vitro Diagnostics Market by Product & Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Specimen (Blood, Saliva), Test Type, Application (Oncology, Autoimmune, CVD, Infectious Diseases) - Global Forecast to 2029

In Vitro Diagnostics Market by Product & Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Specimen (Blood, Saliva), Test Type, Application (Oncology, Autoimmune, CVD, Infectious Diseases) - Global Forecast to 2029

The global in vitro diagnostics market is projected to reach USD 119.4 billion by 2029 from USD 85.2 billion in 2024, at a CAGR of 6.9% during the forecast period. With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases is expected to increase significantly. Chronic conditions that include diabetes, cancer, and cardiovascular disease are more common in old age. As these diseases need to be continuously monitored and managed, there is an increasing need for diagnostic tests. Also, due to a weakened immune system, people get increasingly susceptible to several infectious diseases. Effective treatment of infectious diseases depends on early detection, which made possible by IVD tests. Hence, this factor is significantly inducing growth of the IVD market.

“Molecular diagnostics (MDx) segment is projected to witness highest growth rate in the in vitro diagnostics market, by technology, during the forecast period.”

Based on the technology the IVD market is bifurcated into immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and chromatography & mass spectrometry. The molecular diagnostics (MDx) segment is estimated to register the highest growth rate during the forecast period. Growth in this market is majorly driven by the rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing applications of molecular diagnostic technologies in pharmacogenetics and point-of-care testing.

“Endocrinology segment is projected to register highest growth rate in the in vitro diagnostics market, by application, during the forecast period.”

The IVD market is bifurcated into infectious diseases, oncology, endocrinology, cardiology, blood screening, genetic testing, autoimmune diseases, allergy diagnostics, drug monitoring & testing, bone & mineral disorders, coagulation testing, blood group typing, and other applications. The endocrinology segment is expected to grow at the highest rate within the in vitro diagnostics market. Technological advancements, the increasing incidence of diabetes and thyroid disorders, changing lifestyles, and the availability of home tests to control these medical conditions are the major drivers for the growth of the IVD market for endocrinology applications.

“Asia Pacific: The fastest-growing region in vitro diagnostics market.”

The global IVD market is segmented into North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC Countries. The Asia Pacific market is estimated to witness the highest growth rate during the forecast period. The rising healthcare spending, rapidly growing geriatric populations, and increasing disposable income make this region a lucrative market for growth opportunities.

The break-up of the profile of primary participants in the IVD market:

By Company Type: Tier 1 - 42%, Tier 2 - 30%, and Tier 3 – 28%

By Designation: C-level - 46%, D-level - 23%, and Others - 31%

By Region: North America - 23%, Europe - 45%, Asia Pacific – 28.3%, Latin America- 3%, Middle East & Africa – 0.8%, GCC Countries – 1.3%

The key players in this market are Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers (Germany), Sysmex Corporation (Japan), Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), Qiagen N.V. (Netherlands), QuidelOrtho Corporation (US), DiaSorin S.p.A. (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Revvity (US), Griffols (Spain), Werfen (Spain), Devyser (Sweden), Chembio Diagnostics, Inc. (US). Surmodics, Inc. (US), Menarini Silicon Biosystems (Italy), SpeeDx Pty. Ltd. (Australia), GENSPEED Biotech GmbH (Austria), Accelerate Diagnostics, Inc. (US), Merck KGaA (Germany), Caris Life Sciences, Inc (US), Cellabs (Australia), J. Mitra & Co. Pvt. Ltd. (India), Epitope Diagnostics (US), Boster Biological Technology (US), Enzo Biochem (US), Genetic Signatures (Australia), Savyon Diagnostics (Israel), Trivitron Healthcare (India), mdxhealth (Belgium), Creative Diagnostics (US), InBios International, Inc. (US), Maccura Biotechnology Co., Ltd. (China), Vela Diagnostics (Singapore), and ARKRAY, Inc. (Japan)

Research Coverage:

This research report divided the in vitro diagnostics market by test type (PoC tests and laboratory tests), by technology (molecular diagnostics, immunoassays, coagulation & hemostasis, clinical chemistry, urinalysis, chromatography & mass spectrometry, microbiology, and hematology), by product & services (instruments, reagents & kits, and data management software and services), specimen (urine, saliva, blood, serum, and plasma, and other specimens), by end user (pharmaceutical & biotechnology companies, hospital & clinics, blood banks, academic institutes, clinical laboratories, home care settings, and other end users), by application (endocrinology, cardiology, blood screening, blood group typing, autoimmune diseases, bone & mineral disorders, oncology, coagulation testing, genetic testing, infectious diseases, allergy diagnostics, drug monitoring & testing, and other applications), and by region (Latin America, the GCC Countries, Europe, Middle East & Africa, Asia Pacific, and North America)

The report's coverage includes comprehensive details about the key factors impacting the growth of the IVD market, including opportunities, challenges, opportunities, and restraints. To offer insights into their business overview, products offered, significant strategies, acquisitions and partnerships, product launches, and recent developments related to the IVD market, a thorough analysis of the major industry players has been conducted. This study examines the competitive landscape of emerging in vitro diagnostics startups.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall in vitro diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers: (Increasing geriatric population and subsequent rise in chronic & infectious diseases, and Emergence of rapid PoC diagnostics), restraints (Unfavorable reimbursement scenario for IVD market), opportunities (Introduction of disease-specific biomarkers and tests, and Growth opportunities in emerging markets), and challenges (Operational barriers to the IVD market) influencing the growth of the in vitro diagnostics market.

Product Development/Innovation: Detailed insights on research & development activities, and new product launches and approvals in the in vitro diagnostics market.

Market Development: Comprehensive information about lucrative markets – the report analyses the in vitro diagnostics market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the IVD market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers (Germany), Thermo Fisher Scientific, Inc. (US) among others in the IVD market strategies.