In-vitro Diagnostics Market - By Product (Reagents & Kits, Instruments), By Test (Clinical Chemistry, Immunoassay, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Pharmacogenom

In-vitro Diagnostics Market - By Product (Reagents & Kits, Instruments), By Test (Clinical Chemistry, Immunoassay, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Pharmacogenomics), By End-user (Hospitals, Diagnostic Laboratories) & Forecast, 2023 - 2032

In-vitro Diagnostics Market is anticipated to grow significantly from 2023 to 2032, owing to the constant improvements in the healthcare infrastructure and the increasing number of government and privately owned pathology labs. Besides, growing initiatives taken by the governments, such as funding diagnostic centers and supporting the development of newer, technologically advanced in-vitro devices, are expected to favor industry expansion during the estimated timeframe.

Overall, the in-vitro diagnostics industry is segmented in terms of product, test, application, end-use, and region.

Based on product, the instruments segment will grow exponentially during 2032 owing to the increasing application of diagnostic instruments in the healthcare sector. Diagnostic testing is widely used to detect several conditions and for routine health checkups. Moreover, the rapidly expanding healthcare market and constantly surging investments in healthcare will further contribute to segmental growth. For the record, the US health spending increased by 2.7% in 2021, reaching a whopping USD 4.3 trillion.

By test, the clinical chemistry segment will showcase considerable growth during 2023-2032. The mounting use of clinical chemistry in drug discovery and development will support the industry expansion. In addition, introduction to automation in the in-vitro diagnostic devices will also positively influence segmental growth.

Considering the application, the diabetes segment is anticipated to be valued at over USD 21 billion by 2032. Increasing initiatives and funding for diabetes prevention and management will drive the in-vitro diagnostics market. Early diagnosis and detection of diabetes can result in managing the disease better and offer enhanced patient outcomes.

In terms of end-use, the academic & research institutes segment will exhibit over 2.5% CAGR during the forecast time. In vitro diagnostics (IVD) is crucial in academic and research institutes as it empowers scientists and researchers to study and analyze biological samples in a controlled environment. Besides, the increasing number of research and development projects, along with the budding use of molecular diagnostics in analyzing drug safety and sensitivity in academic and research institutes, will further augment segmental growth.

Regionally, the Europe in-vitro diagnostics market is estimated to be valued at over USD 32 billion by 2032. Increasing efforts made by public and private organizations to spread awareness regarding point-of-care molecular diagnostics will contribute to the regional market growth. Besides, the rising technological innovations across medical diagnostic devices will further boost market growth.