According to the new market research report "In-Vitro Diagnostics/IVD Market by Product and Service (Instrument, Kits), Technology (Immunoassay, MDx, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases) End User (Hospitals) - Global Forecast to 2026", published by MarketsandMarkets™, the global IVD Market is projected to reach USD 113.1 billion by 2026 from USD 98.2 billion in 2021, at a CAGR of 2.9% during the forecast period.
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The global IVD market is projected to reach USD 113.1 billion by
2026 from USD
98.2 billion in 2021, at a CAGR of 2.9% during the forecast
period. The growth of the In-Vitro Diagnostics/IVD Market is mainly driven by
the rising geriatric population and the subsequent growth in the prevalence of
chronic and infectious diseases, increasing adoption of fully automated and POC
instruments in developed regions, growing awareness regarding diseases
diagnosis in developing regions, and growing R&D investments by industry
players to launch new IVD products. Also, the development of disease-specific
markers and tests is expected to offer potential growth opportunities to market
players in the coming years. However, the unfavorable reimbursement scenario is
expected to restrain the growth of this market during the forecast period.
In this report, the IVD market is segmented based on
product & service, technology, application, end user, and region.
"Reagents
& kits segment accounted for the largest share in the In-Vitro
Diagnostics/IVD Market."
Based on product and service, the In-Vitro
Diagnostics Market is segmented into reagents & kits, instruments,
services, and data management software. The reagents & kits segment
accounted for the largest share of 68.1% of the market in 2020. Accessibility
to a wide range of reagents and the need for reliable, specific, and faster
detection of chronic diseases and genetic disorders in the early stages are
expected to drive the growth of this segment.
"Oncology
segment is expected to witness the fastest growth in the forecast period."
Based on application, the In-Vitro Diagnostics
Market is segmented into infectious diseases, diabetes, Oncology, cardiology,
drug testing/ pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology and
other applications. In 2020, infectious diseases accounted for 34.1% of the IVD
market. The large share of this segment can be attributed to the rising
prevalence of infectious diseases and multi-drug-resistant infectious diseases
and the growing need for effective diagnostic tools for these diseases.
However, the oncology segment is projected to grow at the highest CAGR of 6.6%
during the forecast period. The increasing number of cancer cases across the
globe, the growing demand for personalized medicine, and the availability of
funding for cancer research are the major factors driving the market growth.
"Immunoassay/immunochemistry
account for the largest share in the IVD market."
Based on technology, the In-Vitro Diagnostics Market
is segmented into immunoassay/immunochemistry, clinical chemistry, molecular
diagnostics, hematology, microbiology, coagulation and hemostasis, urinalysis
and other technologies. The immunoassay/immunochemistry segment accounted for
31% of the IVD technologies market in 2020. The growing preference for these
technologies in clinical diagnostics over conventional methods and the ability
of immunoassay/immunochemistry technologies to offer faster results with high
sensitivity and accuracy are contributing to the growth of this market segment.
"Hospital
laboratories accounted for the largest share of IVD market in 2020"
Based on the end user, the In-Vitro Diagnostics
Market is segmented into hospital laboratories, clinical laboratories, academic
institutes, POC (point-of-care) testing centers, patients, and other end users.
In 2020, hospital laboratories accounted for the largest share of 47% of the
market, followed by clinical laboratories (23.8%) and POC testing centers
(13%). Many diagnostic tests are carried out in hospitals. The acquisition of
smaller physician practices and groups by hospitals is becoming a noticeable
trend in the US healthcare industry; the continuation of this trend will
support the market for hospital laboratories.
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"North America accounted
for the largest share of the IVD market in 2020"
The In-Vitro Diagnostics Market is divided into five
major regions— North
America, Europe, Asia Pacific, Latin America,
and the Middle
East & Africa. In 2020, North America accounted
for the largest share of 39.8% of the market, followed by Europe (28%), Asia Pacific (22.9%), Latin America (6.5%),
and the Middle
East & Africa (2.9%). The In-Vitro
Diagnostics/IVD Market in North
America is well established, with the US being the major
market in this region. Growth in the North American market is mainly driven by
the increasing per capita healthcare expenditure and technologically advanced
healthcare infrastructure in the region. Initiatives taken by different
government associations are also anticipated to boost market growth in the
coming years.
Key
Market Players:
Roche Diagnostics (Switzerland), Siemens Healthineers
(Germany),
Danaher Corporation (US), Abbott (US), and Thermo Fisher Scientific (US) are
the leading players in this market. Other players in this market are Johnson
& Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories
(US), Sysmex Corporation (Japan),
bioMérieux (France),
DiaSorin (Italy),
Ortho Clinical Diagnostics (US), and QIAGEN N.V. (Netherlands).
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