“In vitro Diagnostics (IVD) Market to Reach Valuation of USD 141.1 Billion by 2028 –Rising Incidence of Chronic Diseases Drives the Market”

In terms of revenue, the Global In Vitro Diagnostics (IVD) Market is expected to reach USD 141.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.30% from 2022 to 2028.

Diagnostic tests on bodily fluids, feces, and tissue samples are performed with the help of In Vitro Diagnostics (IVD). The IVD tests are used to detect and monitor infectious diseases, autoimmune diseases, and other medical problems to evaluate medication therapy. In addition, in vitro diagnostics tests have an impact on roughly 70% of clinical choices, as reported by the British In-vitro Diagnostic Association. However, the NHS spends less than 1% of its budget each year on developing new and improved IVD product portfolios.

Market expansion has been propelled by factors such as rising demand for point-of-care IVD devices and expanding acceptance of these devices. This is bolstered further by the fact that major companies are pouring more money into R&D to create groundbreaking new products and investigate novel uses for IVD methods. For instance, Thermo Fisher Scientific Inc. released the Renvo Rapid PCR Test for detecting SARS-CoV-2 infections in the air in February 2022. AerosolSense Sampler samples are put through this analysis. The expansion of the in vitro diagnostics industry is expected to benefit from product introductions like these.

Key Developments in the Industry:

· According to BD, the U.S. FDA granted Emergency Use Authorization (EUA) for a new, quick antigen test that may simultaneously detect SARS-CoV-2, influenza A, and influenza B in March 2021.

· The collaboration between BD and Scanwell Health to develop an at-home, quick test for SARS-CoV-2 utilizing a BD antigen test and the Scanwell Health mobile app was announced in February 2021.

· Sysmex Corporation and Japan-based ThinkCyte Inc. signed a joint development and investment agreement authorized in May 2021. This is for the commercialization of artificial intelligence-based cell analysis technology.

Market Dynamics:

Numerous ailments, including genetic, cardiovascular, and neurological conditions, are becoming more and more common. For example, the World Health Organization (WHO) states that cardiovascular diseases (CVDs), which account for 17.9 million fatalities annually, are the leading cause of death worldwide. This has increased public awareness of early diagnosis and increased routine diagnosis, which has contributed to the market's overall growth. Furthermore, the market's quick expansion is further supported by the release of the novel, improved IVD products.Additionally, the prevalence of various ailments, including hypertension, diabetes, cardiovascular, liver, and kidney disorders, which are predicted to rise significantly, is higher in the aging population. According to a Knoema article, 9.5% of people worldwide were 65 years of age or older in 2021. This is expected further to boost the global market during the anticipated time frame.

Additionally, it is anticipated that the development of disease-specific biomarkers and tests would present a number of chances for market expansion. As they are particularly helpful in the screening, diagnosis, and treatment of diseases, biomarkers have significantly increased in clinical usefulness and attention in the medical sector. Markers in the diagnosis process can influence staging, grading, and the first therapy choice. They choose new therapies, keep an eye on recurring disorders, or monitor the therapy. Genomic, proteomic, and molecular pathology technological advances have aided in the introduction of disease-specific biomarkers with potential clinical usefulness.

A new range of condition-specific tests is anticipated to be developed with the assistance of biomarker integration and the accessibility of biomolecular tools, opening up new potential for the IVD market. The identification of novel biomarkers for the early detection of many diseases, particularly cancer, has transformed medicine. In addition, the effectiveness of biomarkers in diagnosing diseases has risen as a result of developments in sequencing technology and a better understanding of genetics. Due to the rising need for precision medicine, in vitro diagnostics market participants should have significant growth prospects.

During the forecast period, the In Vitro Diagnostics (IVD) market in North Americais anticipated to develop at the quickest rate.The presence of major corporations in the area, including Abbott, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, and Danaher Corporation, as well as appropriate and supportive government regulations, well-established diagnostic infrastructure, and adoption of technologically advanced diagnostic techniques, are some of the key factors influencing the region's highest share.

Europe is predicted to hold the second-largest market share for in vitro diagnostics. Due to rising healthcare costs, a solid infrastructure, and a sizable population of people with cancer and infectious diseases, Europe maintains a sizable portion of the market.

The Global In Vitro Diagnostics (IVD) Market is Segmented as follows:

• Products & Services
  • Reagents & Kits
  • Instruments
  • Services
  • Data Management Software
• Technology
  • Immunoassay/ Immunochemistry
  • Clinical Chemistry
  • Molecular Diagnostics
  • Hematology
  • Microbiology
  • Coagulation & Hemostasis
  • Urinalysis
  • Other Technologies
• Application
  • Infectious Diseases
  • Diabetes
  • Oncology
  • Cardiology
  • Drug Testing/ Pharmacogenomics
  • Autoimmune Diseases
  • HIV/AIDS
  • Nephrology
  • Other Applications
• End User
  • Hospital Laboratories
  • Clinical Laboratories
  • Point-of-care Testing Centers
  • Academic Institutes
  • Patients
  • Other End Users
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global In Vitro Diagnostics (IVD) Market is:

Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton Dickinson & Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), QIAGEN N.V. (Netherlands)

The Global In Vitro Diagnostics (IVD) Market Scope can be Tabulated as below: