In-Vitro Diagnostics (IVD) Market Segmentation by Product (Reagents & Kits, Instruments, and Services); by Technology (Immunoassay Systems, DNA Analytics/Sequencing, Molecular Diagnostics, Hematology, Tissue Diagnostics, Microbiology, and Others); by Application (Oncology, Cardiology, Autoimmune Diseases, Neurology, Infectious Diseases, Gastroenterology, and Others); and by End-User (Hospitals & Clinics, Research Institutes, Diagnostics Laboratories, and Others)-Global Demand Analysis & Opportunity Outlook 2021-2031
21 Oct 2022
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
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Global In-Vitro Diagnostics (IVD) Market Highlights Over 2021 - 2031
The global in-vitro diagnostics (IVD) market is estimated to garner a revenue of USD 135167.7 Million by the end of 2031 by growing at a CAGR of 4.6% over the forecast period, i.e., 2022 – 2031. Moreover, in 2021, the market generated a revenue of USD 87236.4 Million. The growth of the market can be attributed to the rising incidences of chronic diseases as well as different types of infectious diseases, such as SARS-CoV2, HIV, AIDS, tuberculosis, and pneumonia among others, and therefore the need for diagnostic procedures that can help treat these diseases. According to the statistics by the World Health Organization (WHO), more than 15 million people between the ages of 30 and 69 years are known to die each year from non-communicable diseases (NCD). In addition to this, the rising cases of the COVID-19 pandemic, which according to the WHO reported 515192979 confirmed cases and 6254140 deaths as of 5:13pm (CEST), 9 May 2022, which has driven the need for IVD kits and reagents for the accurate and rapid diagnosis of the viral infection are also anticipated to contribute to the market growth.
The growth of the market can also be attributed to the rising healthcare expenditure globally and the surge in research and developments in the field of medical sciences. Additionally, the shift in preferences towards point-of-care (PoC) diagnosis over conventional diagnosis procedures, backed by numerous benefits of PoC diagnosis, such as convenience of use, low operational costs and quick analytical results, are also expected to boost the market growth in the coming years.
Global In-Vitro Diagnostics (IVD) Market Regional Synopsis
Regionally, the global in-vitro diagnostics (IVD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is projected to garner the largest revenue of USD 57175.9 Million by the end of 2031, up from a revenue of USD 36988.2 Million in the year 2021. The growth of the market in the region can primarily be attributed to the presence of a strong healthcare network in the region, rising awareness for in-vitro diagnostics among the individuals as well as healthcare service operators, along with the surge in concern for different types of chronic diseases in the region, especially in the United States. According to the statistics by the Centers for Disease Control and Prevention (CDC), out of 10 adults, 6 adults were known to have a chronic disease in the United States. Furthermore, out of 10 adults, 4 adults were known to have at least 2 or more such diseases in the nation.
On the other hand, the market in Europe is projected to garner the second-largest revenue of USD 36508.8 Million by the end of 2031, up from a revenue of USD 23292.1 Million in the year 2021. The market in the region is further segmented by country into Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe. The market in Germany is projected to garner the second largest revenue of USD 9017.7 Million by the end of 2031, up from a revenue of USD 5613.4 Million in the year 2021.
Growth Drivers and Challenges Impacting the Growth of the Global In-Vitro Diagnostics (IVD) Market
Increasing Incidences of Chronic Diseases and Infectious Diseases
Surge in Healthcare Expenditure
Shift Towards Point-of-Care Diagnosis
Operational Barriers Faced During Conduction of Diagnostic Tests
Dynamic Regulatory Landscape
Global In-Vitro Diagnostics (IVD) Market Segmentation Synopsis
The global in-vitro diagnostics (IVD) market is segmented by product into reagents, instruments, and services. Out of these, the reagents segment is projected to garner the largest revenue of USD 112156.4 Million by the end of 2031, up from a revenue of USD 71786.2 Million in the year 2021. By technology, the market is segmented into immunoassay systems, DNA analytics/sequencing, molecular diagnostics, hematology, tissue diagnostics, microbiology, and others. Out of these, the immunoassay systems segment is projected to garner the largest revenue of USD 39262.8 Million by the end of 2031, up from a revenue of USD 24754.4 Million in the year 2021. By application, the market is segmented into oncology, cardiology, autoimmune diseases, neurology, infectious diseases, gastroenterology, and others. Out of these, the infectious diseases segment is projected to garner the largest revenue of USD 33944.8 Million by the end of 2031, up from a revenue of USD 21378.2 Million in the year 2021. By end-user, the market is segmented into hospitals & clinics, research institutes, diagnostics laboratories, and others. Out of these, the hospitals & clinics segment is projected to garner the largest revenue of USD 64709.2 Million by the end of 2031, up from a revenue of USD 42162.6 Million in the year 2021.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global in-vitro diagnostics (IVD) market that are included in our report are Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, Qiagen GmbH, bioMerieux SA, Danaher Corporation, Bio Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Exact Sciences Corporation, Becton, Dickinson and Company, and others.
Latest Developments in the Global In-Vitro Diagnostics (IVD) Market:
March 30th, 2021: Becton, Dickinson and Company announced that it has received emergency use authorization (EUA) by the United States Food and Drug Administration (FDA) for its BD Veritor System for Rapid Detection of SARS-CoV-2 & Flu A+B, a new rapid antigen test that can detect SARS-CoV-2, influenza A and influenza B in a single test.
December 23rd, 2020: Sysmex Corporation announced that it has received marketing approval for the HISCL IFN-λ3 Assay Kit. This test kit is designed in determining the exacerbation risk in positive patients of SARS-CoV-2.
Key Reasons to Buy Our Report
The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
The report includes detailed company profiles of the major players dominating the market.
We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
The increasing incidences of chronic diseases and infectious diseases, along with the surge in healthcare expenditure, and the shift towards point-of-care diagnosis are anticipated to drive the growth of the market during the forecast period.
The market is anticipated to attain a CAGR of 4.6% over the forecast period, i.e., 2022 – 2031.
The operational barriers faced during conduction of diagnostic tests, along with dynamic regulatory landscape are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of in-vitro diagnostics (IVD) market in future?
The market in North America is projected to garner the largest revenue of USD 57175.9 Million by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, technology, application, end-user, and by region.
Which segment captures the largest market size in product segment in the in-vitro diagnostics (IVD) market?
The reagents segment is projected to garner the largest revenue of USD 112156.4 Million by the end of 2031 and display significant growth opportunities.
1. Market Definition
2. Assumptions & Acronyms
3. Research Methodology
4. Executive Summary
5. Market Dynamics
6. Value Chain Analysis
7. Regulatory & Standards Landscape
8. Industry Risk Analysis
9. Pricing Analysis by Product
10. Impact of COVID-19 on the Global In-Vitro Diagnostics (IVD) Market
11. Patent Analysis
12.Analysis on End-User of Global In-Vitro Diagnostics (IVD) Market
14.Industry Growth Outlook
15. Competitive Feature Analysis
16.1. Market Share Analysis, 2021
16.2. Company Names
188.8.131.52. Detailed Overview
184.108.40.206. Assessment of Key Offering
220.127.116.11. Predictive Strategies & Positioning vs. Current Positioning
18.104.22.168. Analysis on Growth Strategies
22.214.171.124. Exhaustive Analysis on Key Financial Indicators
126.96.36.199. Recent Developments
16.2.2. Siemens Healthcare GmbH
16.2.3. F. Hoffmann-La Roche Ltd.
16.2.4. Eisai Co., Ltd.
16.2.5. Kyowa Kirin Co., Ltd.
16.2.6. Sysmex Corporation
16.2.7. Qiagen GmbH
16.2.8. bioMerieux SA
16.2.9. Danaher Corporation
16.2.10. Bio Rad Laboratories, Inc.
16.2.11. Thermo Fisher Scientific Inc.
16.2.12. Exact Sciences Corporation
16.2.13. Becton, Dickinson and Company
17. Global In-Vitro Diagnostics (IVD) Market
17.1. Market Overview
17.2. By Value (USD Million)
17.3. Market Segmentation Analysis 2021-2031
17.3.1. By Product
188.8.131.52. Reagents & Kits
184.108.40.206.1. Semi-Automated Instruments
220.127.116.11.2. Fully Automated Instruments
17.3.2. By Technology
18.104.22.168. Immunoassay Systems
22.214.171.124. DNA Analytics/Sequencing
126.96.36.199. Molecular Diagnostics
188.8.131.52. Tissue Diagnostics
17.3.3. By Application
184.108.40.206. Autoimmune Diseases
220.127.116.11. Infectious Diseases
17.3.4. By End-User
18.104.22.168. Hospitals & Clinics
22.214.171.124. Research Institutes
126.96.36.199. Diagnostics Laboratories
17.3.5. By Region
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
18.104.22.168. Middle East & Africa
18.North America In-Vitro Diagnostics (IVD) Market
18.1. Market Overview
18.2. By Value (USD Million)
18.3. Market Segmentation Analysis 2021-2031
18.3.1. By Product
22.214.171.124. Reagents & Kits
126.96.36.199.1. Semi-Automated Instruments
188.8.131.52.2. Fully Automated Instruments
18.3.2. By Technology
184.108.40.206. Immunoassay Systems
220.127.116.11. DNA Analytics/Sequencing
18.104.22.168. Molecular Diagnostics
22.214.171.124. Tissue Diagnostics
18.3.3. By Application
126.96.36.199. Autoimmune Diseases
188.8.131.52. Infectious Diseases
18.3.4. By End-User
184.108.40.206. Hospitals & Clinics
220.127.116.11. Research Institutes
18.104.22.168. Diagnostics Laboratories
18.3.5. By Country
22.214.171.124. United States
19.Europe In-Vitro Diagnostics (IVD) Market
19.1. Market Overview
19.2. By Value (USD Million)
19.3. Market Segmentation Analysis 2021-2031
19.3.1. By Product
19.3.2. By Technology
19.3.3. By Application
19.3.4. By End-User
19.3.5. By Country
126.96.36.199. United Kingdom
188.8.131.52. Rest of Europe
20. Asia Pacific In-Vitro Diagnostics (IVD) Market
20.1. Market Overview
20.2. By Value (USD Million)
20.3. Market Segmentation Analysis 2021-2031
20.3.1. By Product
20.3.2. By Technology
20.3.3. By Application
20.3.4. By End-User
20.3.5. By Country
184.108.40.206. South Korea
220.127.116.11. Rest of APAC
21.Latin America In-Vitro Diagnostics (IVD) Market
21.1. Market Overview
21.2. By Value (USD Million)
21.3. Market Segmentation Analysis 2021-2031
21.3.1. By Product
21.3.2. By Technology
21.3.3. By Application
21.3.4. By End-User
21.3.5. By Country
18.104.22.168. Rest of Latin America
22. Middle East & Africa In-Vitro Diagnostics (IVD) Market
22.1. Market Overview
22.2. By Value (USD Million)
22.3. Market Segmentation Analysis 2021-2031
22.3.1. By Product
22.3.2. By Technology
22.3.3. By Application
22.3.4. By End-User
22.3.5. By Country
22.214.171.124. South Africa
126.96.36.199. Rest of Middle East & Africa
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- Siemens Healthcare GmbH
- F. Hoffmann-La Roche Ltd.
- Eisai Co., Ltd.
- Kyowa Kirin Co., Ltd.
- Sysmex Corporation
- Qiagen GmbH
- bioMerieux SA
- Danaher Corporation
- Bio Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Exact Sciences Corporation
- Becton, Dickinson and Company