The global in vitro diagnostics market size is expected to reach USD 113.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2021 to 2027. The growth is driven by the growing geriatric population and technological advancements in diagnostics that are supporting its adoption.
Technological advancements in terms of accuracy, portability, and cost-effectiveness are expected to be one of the high impact rendering drivers of this market. For instance, in June 2017, Agena Bioscience launched the MassARRAY system integrated with CHIP Prep Module in Europe. The system was marketed as a CE-IVD product under Directive 98/79/EC. Moreover, Real-Time Polymerase Chain Reaction (qPCR) is one of the fastest-growing application segments of the in vitro diagnostics (IVD) market.
The IVD market is highly competitive in nature. Consequently, manufacturers are required to improvise products in terms of specificity, accuracy, precision, speed, and other parameters, in order to gain an advantage over previously marketed products.
A steady rise in consumer awareness about diagnosing infectious diseases and increasing disease prevalence, especially in developing and under-developed countries, are driving the market penetration of the products. For instance, in February 2019, Abbott received CE Mark for DETERMINE HBSAG 2 test for detection and diagnosis of hepatitis B surface antigen.
Organizations promote funding to support R&D and product development exercises pertaining to clinical diagnostics. For instance, Vela Diagnostics received USD 225,000 as Biomedical Advanced Research and Development Authority (BARDA) fund to develop COVID-19 tests. Moreover, the introduction of the American Health Care Act of 2017 is expected to improve the healthcare of the U.S. Rising government initiatives pertaining to the importance of IVD will fuel market growth.
The presence of effective technologies such as molecular diagnostics is expected to reduce the threat of substitutes. Moreover, their contribution in the field of genetic testing is of paramount importance and, therefore, experience a low threat of substitutes. However, high prices of these tests are expected to encourage patients to shift to external substitutes.
Major players in the market are Roche Diagnostics; Becton Dickinson; Abbott Laboratories; Siemens; and bioMerieux, which are well-established. Therefore, local companies and new organizations have little scope to enter the market and ensure sustainability. However, companies such as Danaher Corporation and Hologic have successfully excelled in the market through mergers and acquisitions. The seed capital required is high.
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Molecular diagnostics is expected to witness the fastest growth over the forecast period
High use of reagents in IVD testing, high demand for over-the-counter diagnostic tests, and increase in adoption of these tests in nonmedical facilities, such as home, are some of the factors that are driving the growth, providing it a clinical advantage over other IVD tests
Reagents held the largest market share in 2020 owing to the increasing demand for genetic testing and availability of technologically advanced cancer diagnostic tests in countries with unmet clinical needs, such as India and Middle East & Africa
The growing availability of CE-IVD certified kits globally to diagnose and screen patients during epidemic situations is expected to boost the growth of reagents and instruments segments
Key players are updating their range of testing options for qPCR instruments by undertaking R&D initiatives for the development of kits that target emerging diseases, or by entering into agreements with other kit manufacturing companies
Grand View Research has segmented the global in-vitro diagnostics market based on the product, technology, application, end-use, and region:
In Vitro Diagnostics Product Outlook (Revenue, USD Million, 2016 - 2027)
In Vitro Diagnostics Technology Outlook (Revenue, USD Million, 2016 - 2027)
In Vitro Diagnostics Application Outlook (Revenue, USD Million, 2016 - 2027)
In Vitro Diagnostics End-use Outlook (Revenue, USD Million, 2016 - 2027)
In Vitro Diagnostics Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of In Vitro Diagnostics Market
Bio-Rad Laboratories, Inc.
Becton, Dickinson and Company
Siemens Healthineers AG
F. Hoffmann-La Roche AG
Charles River Laboratories International, Inc.
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