In Vitro Diagnostics Market: Hospitals Segment Held A Significant Revenue Share
In Vitro Diagnostics Industry Overview
The global in vitro diagnostic market size was valued at USD 111.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 0.2% from 2022 to 2030. The growth can be attributed to the increasing adoption of IVDowing to the rise in testing due to the pandemic. The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses is expected to fuel the market growth. The rising number of IVD (in vitro diagnostics ) products being launched by key players is also fueling the growth of the market. IVD products with molecular diagnostic capabilities deliver effective and accurate results.
Gather more insights about the market drivers, restrains and growth of the Global In Vitro Diagnostics market
In May 2021, an ultrasensitive molecular test was developed by the University of California. This test is based on a chip technology that can detect the presence of influenza A and SARS-CoV-2 antigens. The test is under further study for conversion into a Point-of-Care (POC) test. There has been a shift in the industry dynamics, with the increasing number of players focusing on launching tests for home-based testing. Moreover, in 2021, the FDA also prioritized home-based molecular diagnostic tests. In March 2021, BATM Advanced Communications Ltd. announced the launch of its molecular diagnostics self-test kit for the detection of COVID-19. Moreover, these tests enable the early detection of diseases, maintaining a low threat of substitutes. However, the high prices of these tests are expected to encourage patients to shift to external substitutes. Moreover, for the detection of newer infections, such as SARS-CoV-2, the rate of internal substitution is high, which boosts competitive rivalry. The penetration of IVD products from established players is low in regions, such as APAC; this region is highly dominated by local players selling instruments at lower costs. Technological advancements in terms of portability, accuracy, and cost-effectiveness are projected to be among the major drivers of this market.
The rise in the geriatric population and growth in knowledge regarding early testing has led to a surge in the number of regular check-ups, as a majority of deaths due to infections and chronic conditions occur in the population aged over 75 years. As per the Office for Budget Responsibility, U.K., healthcare costs have risen exponentially, which can create economic pressure on rapidly aging nations. However, this expenditure is anticipated to translate positively for the IVD industry, driving the market growth.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
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In Vitro Diagnostics Market Segmentation
Grand View Research has segmented the global in vitro diagnostics market based on product, technology, application, end-use, test location, and region:
IVD Product Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
- Instruments
- Reagents
- Services
IVD Technology Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
- Immunoassay
- Hematology
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation
- Microbiology
- Others
IVD Application Outlook (Revenue, USD Million, 2018 - 2030)
- Infectious Disease
- Diabetes
- Oncology
- Cardiology
- Nephrology
- Autoimmune Disease
- Drug Testing
- Others
IVD End-use Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
- Hospitals
- Laboratories
- Home Care
- Others
IVD Test Location Outlook (Revenue, USD Million, 2018 - 2030)
- Point of Care
- Home Care
- Others
IVD Regional Outlook (Number of Instruments Installed in Thousands, Number of Reagents Sold in Millions; Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- March 2020: Abbott launched the RealTime SARS-CoV-2 assay, a PCR-based test, for the diagnosis of COVID-19, and BioMedomics launched a point-of-care COVID-19 test that can detect antibodies in blood within 15 minutes.
- January 2021: Abbott received FDA approval for its rapid handheld Traumatic Brain Injury (TBI) blood test. The first-of-its-kind test is used for assessing mild TBIs and concussions in patients.
Key Companies profiled:
Some of the key players in the global in vitro diagnostics market include:
- Abbott
- bioMérieux SA
- Quidel Corp.
- Siemens Healthineers
- Bio-Rad Laboratories, Inc.
- Qiagen
- Sysmex Corp.
- Charles River Laboratories
- Quest Diagnostics
- Agilent Technologies, Inc.
- Danaher Corporation
- Becton Dickinson and Company
- Hoffmann-La Roche Ltd.
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