DUBLIN–(BUSINESS WIRE)–The “Global In-Vitro Diagnostics (IVD) Market by Product & Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Infectious Disease), End-user (Hospitals, Clinics), and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global in-vitro market is projected to reach USD 144.7 billion by 2027 from USD 115.8 billion in 2022, at a CAGR of 4.6%. The growing adoption of point-of-care devices and rapid tests for early disease diagnosis, and the rising government initiatives & funding for preventive cure with early diagnosis and treatment drive growth in the market.
The reagents & kits segment accounted for the largest share of the market
On the basis of product and service, the IVD market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of the IVD market in 2021. The recurring use of reagents in various handheld and complex laboratory IVD instruments for disease testing and monitoring is a major factor driving the growth of this segment.
The immunoassay/immunochemistry segment accounted for the largest share of the IVD technology market
Based on technology, the IVD market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The immunoassay/immunochemistry segment accounted for the largest share of the IVD technologies market in 2021. Immunoassays are mostly preferred for immunodiagnostic techniques over other diagnostic methods due to the ability of these tests to provide rapid results, and simplistic sample preparation needs with minimal human intervention.
The infectious disease segment accounted for the largest share of the IVD market
On the basis of application, the IVD market is segmented based on application into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other applications. In 2021, the infectious diseases segment accounted for the largest share of the IVD market. The large share of this segment can be attributed to the growing need for effective diagnostic tools for the rising prevalence of multi-drug-resistant infectious diseases.
Point-of care testing to register the highest growth during the forecast period
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. Point-of-care segment to register the highest CAGR during the forecast period. The growth in this market is attributed to the increasing need for testing and early disease diagnosis of diseases in remote locations. Moreover, the technological advancements in the point-of- care testing, make them more reliable and accurate driving the growth of this market.
APAC is expected to grow at the highest CAGR during the forecast period
The IVD market in the Asia-Pacific region is projected to register the highest CAGR during the forecast period. Growth in this region can be attributed to the rising demand for better healthcare services, rapid development in the healthcare infrastructure of emerging markets, and the growing government initiatives on preventive care methods.
Market Dynamics
Drivers
Increasing Geriatric Population and Subsequent Rise in Chronic & Infectious Diseases
Gradual Shift from Centralized Testing to Point-of-Care Testing
Growing Awareness of Early Disease Diagnosis in Emerging Economies
Emergence of Rapid POC Technologies and Rising Adoption of Automated Analyzers
Restraints
Unfavorable Reimbursement Scenario
Opportunities
Introduction of Disease-Specific Biomarkers and Tests
Growing Significance of Companion Diagnostics
Growth Opportunities in Emerging Markets
Challenges
Stringent Regulatory & Legal Guidelines
Operational Barriers
Industry Trends
Automation of Clinical Laboratory Techniques
Microfluidics-based POC and Lab-on-a-Chip Diagnostic Devices for Laboratory Testing
Rising Number of Reagent Rental Agreements
Revenue Sources to Shift Toward Technology-based Solutions
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 In-Vitro Diagnostics Market, by Product & Service
7 In-Vitro Diagnostics Market, by Technology
8 In-Vitro Diagnostics Market, by Application
9 In-Vitro Diagnostics Market, by End-user
10 In-Vitro Diagnostics Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
Abbott Laboratories, Inc.
Accelerate Diagnostics, Inc.
Agilent Technologies, Inc.
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
bioMerieux SA
Caris Life Sciences, Inc.
Chembio Diagnostics, Inc.
Danaher Corporation
Devyser
DiaSorin S.p.A.
Genspeed Biotech GmbH
Hologic, Inc.
Illumina, Inc.
Menarini Silicon Biosystems
Merck KGaA
PerkinElmer Inc.
Qiagen N.V.
Quidel Corporation
Roche Diagnostics
Siemens Healthineers
SpeeDx Pty. Ltd.
Surmodics, Inc.
Sysmex Corporation
Thermo Fisher Scientific, Inc.
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