IVD market size to grow by USD 22.17B from 2024-28

The In-vitro Diagnostics (IVD) market size is estimated to grow by USD 22.17 billion at a CAGR of 4.21% between 2023 and 2028. The reagents and kits segment dominated the IVD market, valued at USD 58.86 billion in 2018. These components serve diverse applications, from routine clinical chemistry to specialized molecular diagnostics. For instance, in clinical chemistry, they measure substances like glucose and cholesterol, aiding in diabetes and cardiovascular disease diagnosis. Immunoassay kits detect proteins, hormones, and infectious diseases, driving segment growth and overall IVD market expansion.

Segment overview
Technavio has segmented the market based on type, Product Type (Reagents and kits, Instruments, and Others), Technology (Immunoassay, Molecular diagnostics, Clinical chemistry, Hematology, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

• The reagents and kits segment is poised for significant growth in the forecast period. Reagents are chemicals that react with biological markers to detect or measure target analytes in patient samples. Diagnostic kits offer a complete solution, including reagents, calibrators, controls, and instruments. Valued at USD 58.86 billion in 2018, this segment serves various applications in clinical chemistry and molecular diagnostics. Immunoassay kits detect proteins or hormones, aiding diagnosis of infectious diseases, hormonal disorders, and autoimmune conditions, driving segment growth and overall IVD market expansion.

Geography overview
By geography, the global in-vitro diagnostics market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global in-vitro diagnostics market.

• North America is forecasted to contribute 39% to global market growth. Analysts highlight key drivers, including expanded insurance coverage, increased R&D spending, and a growing elderly population with chronic conditions. Promotions for Point-of-Care (POC) tests for early disease detection also fuel growth. In the US, chronic diseases, a leading cause of death, spur demand for immunodiagnostics. States like Indiana, Ohio, and Illinois show accelerated growth due to rising accredited laboratories and Medicare reimbursements, propelling North American market expansion.

The increasing geriatric population and chronic, and infectious diseases is the key driver for market growth:

Growing global population and rising prevalence of diseases like cancer and diabetes necessitate regular diagnostic testing. Cancer, a leading cause of death, claimed nearly 10 million lives in 2020 according to WHO. Unhealthy lifestyle choices and habits further contribute to the trend of chronic diseases. These factors positively influence market growth, expected to continue during the forecast period.

Market overview:
The in-vitro diagnostics (IVD) market encompasses a broad spectrum of diagnostic tests, including clinical chemistry, immunoassays, molecular diagnostics, hematology, and microbiology. Point-of-care testing is gaining traction for its convenience and rapid results delivery. Coagulation tests, urinalysis, and infectious disease testing remain pivotal for diagnosing various conditions. The market is witnessing significant advancements in molecular diagnostics, including next-generation sequencing and polymerase chain reaction (PCR) techniques. These innovations are enhancing the accuracy and efficiency of diagnostics, particularly in oncology, cardiology, and diabetes diagnostics. Despite emerging technologies, challenges persist in market segmentation and competitive analysis. However, the market’s growth is propelled by increasing demand, emerging technologies, and expanding market opportunities, driving advancements in IVD industry dynamics and market forecast. Technavio