Top 5 Prominent Companies Shaping the In Vitro Diagnostics Market

 The global in vitro diagnostics market in terms of revenue was estimated to be worth $115.8 billion in 2022 and is poised to reach $144.7 billion by 2027, growing at a CAGR of 4.6% from 2022 to 2027. Growth in the market is driven by growing demand for point-of-care devices and rapid diagnostic testing, increasing prevalence of chronic diseases, and increasing willingness to pay for preventive care testing. However, an unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.

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The prominent players in the IVD market are.

1.Roche diagnostics

Roche is a global pioneer in IVD focused on developing novel products with advanced research capabilities. The combined strengths of diagnostics & automation and growing expertise in personalized healthcare help the company acquire a prominent market share. The company’s differentiated product portfolio in infectious diseases, tissue diagnostics, oncology, and diabetes management, makes the company a leading player in the IVD market. Being a research-driven biotechnology company, Roche Diagnostics extensively invests in R&D. For instance, the company’s R&D expenditure accounted for USD 14.99 billion in 2021.

 

2.Danaher corporation

Danaher Corporation has established itself as a strong player in the IVD market. The company offers a wide array of products and services sold regularly through direct sales channels to a diverse customer base in more than 60 countries. As a multibillion-dollar global conglomerate, Danaher generates a large proportion of its sales in North America, Europe, and Asia/Australia.

During 2021, the Diagnostics segment experienced higher year-over-year sales for molecular diagnostics tests for COVID-19. Moreover, in 2021, core sales in the segment’s clinical lab business increased year-over-year across all major geographies, driven primarily by increased demand in the chemistry and immunoassay product lines. Additionally, in the same year, core sales in the molecular diagnostics business grew yearly in both developed and high-growth markets, contributing significantly to overall segment core sales growth. Sales in 2021 for the company’s diagnostics segment by region included-- 44% in North America, 19% in Western Europe, 5% in other developed markets, and 32% in high-growth markets.

3.ABBOTT LABORATORIES, INC.

Abbott Laboratories is a leading player in the IVD market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. The company has a strong product portfolio, and its FDA- and CE-approved products have helped it gain a sizable share of the IVD market. Abbott is presently focusing on developing next-generation instrument platforms, such as the PLEX-ID platform and other advanced patient self-testing technologies.

4.SIEMENS HEALTHINEERS

Siemens Healthineers is among the leading players in the IVD market. The company has a strong presence and scale and is directly represented in more than 70 countries worldwide, with primary production sites in the US, China, and Germany. Siemens provides a comprehensive array of IVDs spanning a breadth of test settings, from centralized reference and hospital laboratories to clinical and physician office laboratories. The company’s diagnostics business model is based on long-term contracts that include an initial instrument placement followed by ongoing reagent sales, which results in a predictive and resilient revenue stream.

In FY 2022, the company’s revenue increased notably across all segments on a comparable basis: Imaging by 5.8%, Varian by 6.5%, Advanced Therapies by 5.7%, and Diagnostics by 6.6%, including around USD 1.77 billion from rapid COVID-19 antigen tests.

5.SYSMEX CORPORATION

Sysmex’s business centers on IVD, especially hematology, urinalysis, and immunochemistry products. The company’s business spans over 190 countries. In IVD, Sysmex Corporation holds the 7th rank globally, the only top-10 company headquartered in Asia. Sysmex is a global leader in hematology products, holding more than 50% of the global hematology market.