In-vitro Diagnostics Market Size By Product Type (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardio

In-vitro Diagnostics Market Size By Product Type (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), By End-user (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The in-vitro diagnostics market is expected to grow massively by 2030 on account of mounting prevalence of infectious and chronic diseases. In addition, rising demand for point-of-care testing, along with an increasing number of pathology labs and centers, is likely to bolster industry expansion over the forecast timeframe.

During the COVID-19 pandemic, the industry witnessed a positive impact due to the rise in demand for diagnostic testing solutions as well as continuous R&D activities in the field. Furthermore, government organizations like the U.S. Food & Drug Administration (FDA) have actively taken part in promoting the usage of various in vitro diagnostics tests, which aided business growth.

Moreover, major participants in the industry have been focusing on investing in research activities and advancements in in-vitro diagnostics tests to gain a better foothold in the market. For instance, in May 2022, Siemens Healthineers, a leading diagnostics solutions company, implemented the In-Vitro Diagnostic Device Regulation (IDVR) certification in its product portfolio, becoming the first company to ever implement IDVR certification.

The in-vitro diagnostics market has been bifurcated on the basis of application, product type, test type, end-user, and region.

In terms of product type, the in-vitro diagnostics industry has been split into instruments and reagents & kits. The instruments segment was valued at more than $29.5 billion in 2021 as a result of growing number of pathology laboratories and centers with advanced diagnostics machines.

With reference to test type, the market has been categorized into urinalysis, clinical chemistry, hematology, immunoassay/immunochemistry, molecular diagnostics, and others. Among these, the clinical chemistry segment held around 18.1% market share in 2021 attributed to rising adoption of clinical chemistry analyzers to diagnose and monitor a range of diseases, such as diabetes, cancer, cardiac disease, kidney illnesses, and liver diseases.

The in-vitro diagnostics market has been divided based on application into drug testing/ pharmacogenomics, oncology, autoimmune disease, infectious disease, nephrology, diabetes, cardiology, and others. In 2021, the autoimmune disease application segment accumulated over 6.2% market share due to increasing cases of autoimmune diseases such as rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE).

From the end-user perspective, the in-vitro diagnostics industry has been classified into academic & research institutes, hospitals, and diagnostic laboratories. The diagnostic laboratories segment surpassed $40.5 billion in revenue in 2021 driven by rapid adoption of point-of-care testing methods for the detection and diagnosis of several diseases in diagnostic laboratories.

In the regional landscape, the Latin America in-vitro diagnostics market is speculated to grow at a CAGR of over 2.8% from 2022 to 2030. This growth is attributable to surging prevalence of infectious and chronic diseases in the LATAM region.