Global In-Vitro Diagnostics Market – Size, Outlook, Trends and Forecast (2024

Global In-Vitro Diagnostics Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

In-Vitro diagnostics is an indispensable tool in clinical practice for diagnosing and monitoring of diseases with samples originated from human specimens including blood or tissues etc., as well as providing the predicting treatment response. Rapid in-vitro diagnosis testing allows individuals to identify the disease in early stages, instead of advanced-stage therapies which are associated with increased usage of the healthcare resources. The benefits concerning in-vitro diagnostics include improved patient outcome, reduced healthcare spending, protecting consumer safety, more efficient and others.

Global In-Vitro Diagnostics Market Size & Growth:

The Global In-Vitro Diagnostics Market size is projected to reach approximately $ XX Billion by the end of 2024 with a CAGR close to X% from $XX Billion in 2018 during the forecast timeline 2018-2024. The Key factors that drive the growth of the market include increasing adoption of point-of-care testing, growing number of private diagnostic centres, increasing government expenditure on healthcare, rising incidence of chronic lifestyles & infectious diseases, growing adoption of new technologies and others. Major restraints for the In-Vitro Diagnostics include rising healthcare costs, unclear reimbursement policies, stringent regularity policies and others.

Innovations and developments in in-vitro diagnostics allow the individuals to perform pregnancy tests easily from home by placing urine samples on test sticks. These tests are accurate, less time consuming and cost-efficient. Increase in incidence of chronic diseases and rising investments for the advancement of healthcare sector by the government along with growing number of public and private diagnostic centres are key factors driving the market growth of in-vitro diagnostics market.

Global In-Vitro Diagnostics Market Share:

Various parameters divided the Global In-Vitro Diagnostics market. By the Technology, they are divided into immunodiagnostics, clinical chemistry, molecular diagnostics, haematology, clinical microbiology,

Global In-Vitro Diagnostics Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

coagulation & hemostasis and other technologies. As the immunodiagnostics segment was again categorised into the rapid test, western blot, radioimmunoassay, and others. The clinical chemistry segment was again categorised into the liver panel, electrolyte panel, thyroid function panel, basic metabolic panel, and others. The molecular diagnostics segment was again categorised into microarray, hybridisation, DNA sequencing, and others. Among them, Immunodiagnostics has the largest market share owing to the increasing demand for personalised medicines and growth in ageing population along with changes in demographics & lifestyles.

By product & Service, they are divided into instruments, reagents & kits, services and data management software. Among them, Reagents & Kits segment has accounted for largest market share and is also expected to be the fastest growing market during the forecast period owing to rising number of IVD tests performed and its increased accessibility towards wide-range of reagents.

By the Application, they are divided into cardiology, infectious diseases, diabetes, oncology/cancer, autoimmune diseases, HIV/AIDS, drug testing and other applications. Among them, infectious diseases have the largest market share owing to rise in the incidences of various disorders such as tuberculosis, hepatitis, and hospital-acquired infections fueled the demand for IVD techniques whereas oncology/cancer segment is expected to register highest CAGR during the forecast period owing to the growing incidence of cancer form that simulates the early detection of the disease.

By the End-User, they are divided into hospitals, point-of-care testing, laboratories, academic institutions, patient self-testing and others. Among them, laboratories have the largest market share owing to unavailability of complex tests in hospitals and commercial clinics.

By Geography, North America has the largest market share owing to the rising prevalence of chronic lifestyle and increasing

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Global In-Vitro Diagnostics Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

acceptance of personalised medicine along with growing adoption of technologically advanced products in that region. Asia-Pacific is expected to have fastest market growth owing to improving infrastructure and growing economies in countries such as India & China.

Global In-Vitro Diagnostics Market Trends:

DxONE has invented an automated end-to-end software solution which increases operational efficiency by automatically recording, tracking and monitoring the laboratories consumables.
Companion Diagnostics has the potential to enable the selection of the correct drug dose at the appropriate time of a patient’s treatment course thereby reducing the overall therapy cost

Global In-Vitro Diagnostics Market Research Reports:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.

Regional and Global Diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

Identify the latest developments, market shares and strategies that are employed by the major market players, such as

Abbott Laboratories, INC
Biomerieux SA
Beckton, Dickinson, and Company
Bio-Rad Laboratories, INC
Alere, INC

Along with these companies, there were many other companies considered/cited in the report while analysing the Global In-Vitro Diagnostics market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.

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