by The global in vitro diagnostics IVD market is estimated to be valued at US$ 80682.76 Mn or billions in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
In vitro diagnostics products are medical devices and reagents used to examine biological samples like tissue and blood to diagnose diseases. They help detect conditions like cancer, infectious diseases, cardiac disorders and various other illnesses faster and more accurately.
Market key trends:
Rising prevalence of chronic and infectious diseases along with growing geriatric population globally is anticipated to drive the market growth during the forecast period. According to the World Health Organization, chronic diseases accounted for approximately 60% of all deaths globally in 2016. Furthermore, increasing adoption of point-of-care testing and home based testing devices is expected to propel the market growth owing to benefits like real-time test results and convenience. Expanding applications of companion diagnostics for selection of targeted therapies will further supplement the in vitro diagnostics market growth in coming years.
SWOT Analysis
Strength: The in vitro diagnostics (IVD) market is witnessing increasing adoption of point-of-care testing and decentralized testing methods. This provides quick diagnosis and real-time monitoring of diseases.
Weakness: High costs associated with development and commercialization of IVD products increase the financial risks for companies. Stringent regulatory processes also delay product launches.
Opportunity: Growing prevalence of chronic and infectious diseases globally is driving the demand for advanced diagnostics. Additionally, there is an increase in demand for rapid, accurate, and economical testing methods.
Threats: Intense competition from local and regional players poses pricing pressures on established brands. Alternative diagnostics techniques like biochips also threaten the growth of traditional IVD products.
Key Takeaways
The Global In Vitro Diagnostics (IVD) Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of chronic diseases. The growing geriatric population prone to immune system disorders and cancers further augment the market growth.
Regional analysis: North America dominates the global IVD market owing to advancements in diagnosis and presence of major market players in the US. Asia Pacific is expected to exhibit fastest growth during the forecast period, led by China and India due to growing healthcare infrastructure, rising healthcare expenditure, and increasing disease awareness.
Key players operating in the in vitro diagnostics (IVD) market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMerieux S.A., Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd. Major players are focusing on product launch and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
