Revolutionizing In Vitro Diagnostics: A Look into the Future of IVD Quality Control
In Vitro Diagnostics And IVD Quality Control Industry | Forecast 2030
In Vitro Diagnostics And IVD Quality Control Industry Data Book - In Vitro Diagnostics & IVD Quality Control Market
The global In Vitro Diagnostics (IVD) and IVD quality control markets combine to account for USD 112.79 billion in revenue in 2021, which is expected to reach USD 114.73 billion by 2030, growing at a cumulative rate of 0.2% over the forecast period. The combination bundle is designed to provide a holistic view of these highly dynamic market spaces.
Access the Global In Vitro Diagnostics And IVD Quality Control Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
In Vitro Diagnostics & IVD Quality Control Industry Data Book Coverage Snapshot
Markets Covered
- In Vitro Diagnostics & IVD Quality Control Industry USD 112.79 Billion in 2021 0.2% CAGR (2022-2030)
- In Vitro Diagnostics Market Size USD 111.67 Billion in 2021 0.2% CAGR (2022-2030)
- IVD Quality Control Market Size USD 1.12 Billion in 2021 2.0% CAGR (2022-2030)
In Vitro Diagnostics Quality Control Market Growth & Trends
The global in vitro diagnostics quality control market size is expected to reach USD 1.39 billion by 2030, registering a CAGR of 2.12% from 2023 to 2030, according to a new report by Grand View Research, Inc. The continually evolving technology-oriented changes in the diagnostics field and the growing requirement to ensure patient safety necessitate the execution of quality assurance programs in several medical domains including point-of-care devices and radiology.The patients rely on self-testing in vitro diagnostics (IVD) devices for long-term disease management and hence it is important for such IVD devices to be checked for quality in terms of result reproducibility and validity to guarantee patient safety.
The rising number of certified clinical laboratories offering dependable IVD-based diagnostic services directly correlates with increased patient confidence, thus driving market growth. Some of the key pathogens routinely diagnosed using multiplex PCR, but not limited to, are HIV, HSV (meningitis and encephalitis), H. influenza, S. pneumonia (respiratory tract infections), N. gonorrhea, C. trachoma (genital infections), G. lambardia, C. parvum (diarrheal diseases), and Leishmaniaspp (Leishmaniasis).In addition to assessments, amendments to the regulatory framework are made intermittently to enhance the present standards with the main objective of safeguarding the qualitative superiority of the diagnostic services rendered to patients.
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In Vitro Diagnostic Market Growth & Trends
The global in vitro diagnostics market size is expected to reach USD 106.16 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of -2.8% over the forecast period driven by the increasing geriatric population, COVID-19 pandemic, and technological advancements in diagnostics that are supporting its adoption. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be one of the high-impact rendering drivers. Technological advancements were further accelerated by the launch of COVID-19 IVD diagnostics and enhanced the adoption of instruments and consumables for technologies, such as PCR. Competitors in the market are increasingly adopting agreement and partnership strategies to maintain a constant flow of business for manufacturers & diagnostics for users.
These agreements are also a result of the harsh price containment strategies for government laboratories, which lowers the price in government settings. For instance, in April 2021, the Italian subsidiary of Seegene, Inc. received a USD 108.25 million tenders for public procurement for the supply of extraction reagents, as well as 7.15 million SARS-CoV-2 diagnostic tests. However, it increases the multiparty nature and complexity of the supply chain. The high prevalence of cancer and Cardiovascular Diseases (CVDs) globally is anticipated to drive diagnostic innovation to facilitate early diagnosis and meet the constantly evolving needs of consumers. Novel technologies, such as plasmonic PCR, are anticipated to commercially enter the market during the forecast period, influencing the business of existing products adversely.
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Competitive Landscape
- Hoffmann-La Roche Ltd., Siemens Healthcare GmbH, and Abbott Laboratories were some of the other major competitive players in 2021. Siemens Healthcare GmbH offered its services in 17 countries, with 48 production facilities. Furthermore, acquisitions and partnerships can increase the market share held by these companies. For instance, in October 2019, Siemens Healthineers GmbH announced a 10-year strategic partnership with Dallah Health Company for providing access to the latest technologies, such as computer tomography, angiography, magnetic resonance imaging, and ultrasound equipment. Additionally, these players are large and established and hence can innovate to sustain a competitive edge. This in turn offers the leading players to capitalize on consolidation opportunities in the market.
- Una Health Ltd.
- Diachel Diagnostics S.A.
- BHR Diagnostics Pvt. Ltd.
- MD Doctors Direct GmbH
- Axon Lab AG
- Rafer, S.L.
- CTK Biotech, Inc.
- Diagnostic BioSystems
- Scientific Equipment Company
- Stat Services Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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