IVD market to reach USD 130.08 billion by 2030

According to a new market research report titled, ‘In vitro diagnostics market by offering (Kits, software), technology (Immunoassay [ELISA], molecular diagnostics [PCR], rapid tests, biochemistry), application (Infectious diseases [HIV], oncology), and diagnostic approach (Lab, OTC) – Global Forecast to 2030,’ published by Meticulous Research®, the global in vitro diagnostics market is expected to reach $130.08 billion at a CAGR of 4.6% from 2023 to 2030.

In vitro diagnostics (IVD) are tests performed on biological samples such as blood, saliva, and other tissues taken from the human body to detect a wide range of diseases. IVD tests are used to screen biological samples to monitor individuals’ health and prevent or diagnose diseases. These consist of various tests based on techniques such as enzyme-linked immunosorbent assay (ELISA), radioimmunoassay, polymerase chain reaction (PCR), isothermal nucleic acid amplification, and next-generation sequencing. These tests can be performed in laboratories, homes, and healthcare facilities.

The rising prevalence of chronic diseases coupled with the increasing geriatric population, rising prevalence of acute and chronic infectious diseases, increasing funding for research activities, growing awareness regarding early disease diagnosis, growing demand for point-of-care (POC) diagnostics and rapid diagnosis, rising healthcare expenditure, and increasing funding for research activities drive the growth of this market. Additionally, emerging economies, an inclination toward personalized medicine, and advancements in genomics & proteomics are expected to offer significant growth opportunities in the market.

The global in vitro diagnostics market is segmented by Offering (Kits & reagents, systems, and software & services), technology (Immunoassays/immunochemistry, biochemistry/clinical chemistry, molecular diagnostics, Point of Care (POC) diagnostics, whole blood glucose monitoring, microbiology, hematology, coagulation/hemostasis, urinalysis, and other technologies), application (Infectious diseases, oncology, diabetes, cardiology, nephrology, autoimmune disorders, and other applications), diagnostic approach (Lab testing, OTC/self-testing, and Point-of-Care testing), and end uUser (Diagnostic laboratories, hospitals & clinics, home healthcare, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on offering, the kits & reagents segment is expected to account for the largest share of the global in vitro diagnostics market in 2023. The large market share of this segment is attributed to the frequent use of assays & kits in the detection of various chronic diseases, the commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, the increase in the volume of testing for infectious disease, especially after the Covid-19 pandemic, and the growing awareness about self-testing kits among the general population.

Based on technology, in 2023, the immunoassays/immunochemistry segment is expected to account for the largest share of the global in vitro diagnostics market. Immunoassay technologies incorporate antigen-antibody reactions for the detection of causative agents. The most common immunoassays preferred are Chemiluminescent Immunoassay (CLIA), Enzyme-linked immunosorbent assay (ELISA), Fluorescent immunoassay (FIA), and Radioimmunoassay (RIA). Immunoassays are cost-efficient and are considered the highly specific method for detecting molecules that are not detectable by other techniques.

Based on application, the infectious diseases segment is expected to account for the largest share of the global in vitro diagnostics (IVD) market in 2023. The large market share of this segment is attributed to the growing prevalence of infectious diseases, high penetration of POC diagnostic testing, and increased demand during the Covid-19 pandemic.

Based on diagnostic approach, in 2023, the lab testing segment is expected to account for the largest share of the in-vitro diagnostics market. The large share of this segment is primarily attributed to its higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program. However, the OTC/self-testing segment is expected to register the highest CAGR during the forecast period. Over-the-counter (OTC)/self-testing kits are diagnostic tests that can be purchased from any pharmacy store and used by the patient. These tests give quick results and can be taken from anywhere. Self-testing can help reduce the burden on health workers and the healthcare system.

Based on end user, in 2023, the diagnostics laboratories segment is estimated to account for the largest share of the in-vitro diagnostics market. The large share of this segment is primarily attributed to the rising laboratory automation, availability of well-equipped systems, lack of skilled labor, growing prevalence of infectious diseases, and rising government initiatives. However, the hospitals & clinics segment is expected to register the highest CAGR during the forecast period. High patient inflow and subsequent increase in the volume of testing carried out in hospitals & clinics support the growth of this segment.

Based on geography, the in vitro diagnostics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global in vitro diagnostics (IVD) market. The rising prevalence of various chronic and infectious diseases, increasing awareness regarding early disease diagnosis, growing adoption of advanced innovative diagnostic products, and increasing funding activities coupled with novel advanced development diagnostic technologies are driving the growth of the in vitro diagnostics (IVD) market in North America.

However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific IVD market are increasing investments by healthcare providers towards diagnostics infrastructure improvement, the growing burden of chronic and infectious diseases, the rising geriatric population, the growing accessibility to healthcare services, and the increasing number of hospitals & clinics.

The key players operating in the global in vitro diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnostica (Brazil), Wiener Laboratorios SAIC (Argentina), Ortho-Clinical Diagnostics, Inc. (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy). Meticulous Research®