Growth in the IVD market is driven by changing
disease emergence patterns, the growing prevalence of chronic & infectious
diseases, and increasing investments from private players. However, an
unfavorable reimbursement scenario is expected to restrain the growth of this
market during the forecast period.
The report In Vitro
Diagnostics Market is
projected to reach USD 138.4 billion by 2027 from USD 117.8 billion in 2022, at
a CAGR of 3.3%.
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Market Segmentation:-
The instruments segment is expected to reach the
highest CAGR during the forecast period
Based on product & service, the IVD market is
segmented into reagents & kits, instruments, services, and data management
software. The instruments segment is to register the highest growth during the
forecast period. The high growth in this market is attributed to the technological
advancements in diagnostic analyzers. Market players are focused on innovating
and launching IVD analyzers with inbuilt software and technology that aids in
faster diagnostic results.
The hematology segment to register the highest
growth during the forecast period
Based on technology, the IVD market is segmented
into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics,
hematology, microbiology, coagulation & hemostasis, urinalysis, and other
technologies. The hematology segment is to register the highest CAGR during the
forecast period. The growth in this market is attributed to the increasing
adoption of point-of-care (POC) testing for hematology diagnostics. Moreover,
with the increased demand for hematology testing, market players are introducing
innovative point-of-care testing solutions and instruments to aid in faster
testing.
The oncology segment to register the highest growth
during the forecast period
Based on application the IVD market is segmented
into infectious diseases, diabetes, oncology, cardiology, drug
testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other
applications. The oncology segment is expected to register the highest CAGR
during the forecast period. The increasing government and private funding
initiatives for cancer research for early prevention and cure of cancer are
expected to increase the adoption of IVD tests for the oncology segment.
The hospital laboratories segment accounted for the
largest share of the in vitro diagnostics market
Based on end users, the IVD market is segmented into
hospital laboratories, clinical laboratories, academic institutes, POC
(point-of-care) testing centers, patients, and other end users. In 2021,
hospital laboratories accounted for the largest share of the IVD market. With
the rising prevalence of diseases and hospital admissions worldwide, hospital
laboratories conduct the maximum number of IVD tests daily. IVD tests help
physicians in decision-making and curating accurate treatment plans for their
patients.
Regional Analysis:
Asia Pacific region to register the highest CAGR
during the forecast period
The high growth rate of this segment can be
attributed to the rising healthcare spending by a larger population base,
healthcare infrastructure modernization, and the growing penetration of
cutting-edge clinical laboratory technologies in the region. Moreover,
government efforts to increase awareness about early disease detection, and
regular health check-ups to further drive the market growth in the region.
Recent
Developments:
- In November 2022, Thermo Fisher
Scientific (US) launched the rapid RT-PCR Accula Flu A/Flu B Test designed
to enable healthcare providers to detect and differentiate influenza A and
B in about 30 minutes.
- In October 2022, Thermo Fisher
Scientific (US) entered a definitive agreement to acquire The Binding Site
Group, a global leader in specialty diagnostics. The Binding Site provides
specialty diagnostic assays and instruments to improve the diagnosis and management
of blood cancers and immune system disorders
- In September 2022, Sysmex
Corporation (Japan) launched the UF-1500 Fully Automated Urine Particle
Analyzer (UF-1500) for urine sediment testing. The UF-1500 inherits the
high levels of functionality and usability of the UF-5000 Fully Automated
Urine Particle Analyzer (UF-5000).
- In August 2022, Al-Futtaim Health
(Dubai) and Abbott Laboratories (US) entered into a strategic partnership
to improve the standards of advanced laboratory diagnostics in Dubai.
- In February 2022, Sysmex
Corporation (Japan) opened a new subsidiary, Sysmex LLC, in Saudi Arabia.
With this local subsidiary providing direct sales, Sysmex aims further to
reinforce its sales and service structure in Saudi Arabia.
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Top Key Players:
Prominent players in the in vitro diagnostics market
include Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott
Laboratories (US), Siemens Healthineers AG (Germany), and Thermo Fisher
Scientific, Inc (US). Other players in this market include, Sysmex Corporation
(Japan), Becton, Dickinson and Company (BD, US), Bio-Rad Laboratories, Inc.
(US), QIAGEN N.V. (Netherlands), bioMérieux SA (France), Agilent Technologies,
Inc. (US), DiaSorin S.p.A (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Devyser
(Sweden), PerkinElmer Inc. (US), Chembio Diagnostics, Inc. (US),
SurModics, Inc. (US), Accelerate Diagnostics, Inc. (US), and Merck KGaA
(Germany).
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