Global IVD market to reach $118.44 billion in 2028

The global in-vitro diagnostics market size is expected to reach USD 118.44 Billion at a steady revenue CAGR of 4.4% in 2028, according to latest analysis by Emergen Research. In-vitro diagnostics market revenue growth is due to increased investment in research & development in genomics and proteomics industry.

Surge in geriatric population, prevalence of sedentary lifestyle that result in chronic diseases and rise in infectious diseases is driving the growth of the market. Increase in prevalence of target diseases such as gastrointestinal diseases, diabetes, cardiac disorders, cancer, and infectious diseases is contributing to in-vitro diagnostic market growth positively.

Rising incidence of surgical procedures is expected to fuel market growth. Increased awareness about personalized medicine and adoption of point-of-care testing is also contributing to in-vitro diagnostics market growth. However, strict regulatory framework and inadequate reimbursement policy will impede market growth. Moreover, shortage of skilled professionals to perform diagnostic tests effectively and lack of training programs are also hampering adoption of in-vitro diagnostics products.

Advancement in technology has led to increased availability of over-the-counter tests for better treatment. It adds significant value to medical diagnosis and treatment processes, thus improving the well-being of the public. Another factor driving the market growth is development of next generation sequencing (NGS). NGS along with data analysis algorithm allow researchers and clinicians to uncover cancer pathways, hidden aspects of antibiotic resistance, and rare chronic diseases. It offers speed and accuracy and reduces time to diagnose. PR Newswire