Global In Vitro Diagnostics Market Size, Share, Opportunities, And Trends By Technique (Immunoassay, Molecular Diagnostics, Haematology, Other), By Application (Infectious Diseases, Autoimmune Diseases, Drug Testing, Oncology, Others), By End-User (Diagnostic Laboratories, Hospitals And Clinics, Research Laboratories And Institutes), And By Geography - Forecasts From 2024 To 2029

The global in-vitro diagnostics market was valued at US$91.831 billion in 2022 and is expected to grow at a CAGR of 6.17% over the forecast period to reach a total market size of US$139.600 billion by 2029.

In-vitro diagnostics are tests performed on samples obtained from the human body, such as blood or tissue, to diagnose illnesses or other conditions. They can also be used to track a person's general health status to assist in curing, treating, or preventing diseases. These tests can be carried out at labs, healthcare institutions, or even at home. The tests themselves may be carried out on a wide range of equipment, from simple portable devices to sophisticated laboratory gear. They enable clinicians to accurately diagnose patients and work to provide suitable treatments.

The global IVD market has benefited from increased demand for point-of-care IVD equipment. The newly released IVD instruments and devices are simple to use and extremely efficient, which has increased their appeal among healthcare practitioners. There are also numerous over-the-counter diagnostic kits on the market, such as glucose monitoring kits. The elderly prefer these kits since they minimize hospital visits.

MARKET DRIVER:

• Increased prevalence of chronic and infectious diseases, as well as an aging population:

The growing elderly population in both developed and developing regions would have a positive impact on the IVD market. The prevalence of age-related disorders is projected to rise dramatically as the world's aging population grows rapidly. Geriatric populations are likewise substantial and rising in other industrialized economies across the world. Japan, for example, has the highest ratio of the elderly population to the productive population, followed by Germany. According to the American Medical Association, by 2030, it is expected that 60% of people aged 65 and over will have more than one chronic disease. Therefore, the global prevalence of different disorders is anticipated to rise as the geriatric population grows. This is regarded as a major driver for IVD market expansion.

MARKET RESTRAINT:

• Unfavourable reimbursement

Inadequate reimbursement is a significant roadblock to the IVD market expansion. A few years ago, Medicare in the United States changed the way it reimbursed several IVD tests, including molecular diagnostics. Some molecular pathology tests don't have their own Healthcare Common Procedure Coding System (HCPCS) codes, so they're charged using unlisted codes instead. Medicare Administrative Contractors (MACs) set a payment amount for their local jurisdictions in such instances. These changes are likely to hurt the molecular and genetic testing industry in the United States, thus limiting the IVD market’s growth.

By Geography

North America is projected to be the largest regional market for in vitro diagnostics during the forecast period, and it is likely to continue to do so due to its well-developed healthcare system and growing healthcare awareness among patients. Other factors that contribute to the market's growth include the accessibility of devices, increased knowledge about their usage, and the existence of a significant number of populations suffering from different chronic conditions. Another factor driving the in vitro diagnostics market expansion is the presence of a large number of prominent companies in North America. Furthermore, due to an increase in healthcare expenditure and the incidence of diabetes in the area, Asia-Pacific is anticipated to expand at the highest rate throughout the projection period. Possible factors, such as the large population of patients with other chronic illnesses that necessitate IVD testing, also contribute to the Asia-Pacific market's growth.

Key Development:

• May 2023- Thermo Fisher Scientific and Pfizer have agreed to expand local access to next generation sequencing (NGS)-based testing for lung and breast cancer patients in over 30 countries, including Latin America, Africa, the Middle East, and Asia. The collaboration aims to bring rapid NGS testing to decentralized labs closer to patients' treatment sites. Thermo Fisher will identify local labs using its NGS technology, ensuring they have the necessary infrastructure, trained staff, and quality control measures. Pfizer will work to enable affordable patient access to NGS tests and raise healthcare provider awareness of advanced testing.
• May 2023- Siemens Healthineers has launched two high-volume hematology test systems, the Atellica Hema 570 Analyzer and the Atellica Hema 580 Analyzer, which remove workflow barriers in hematology testing. These analyzers perform complete blood counts (CBC), which are among the most performed diagnostic tests in laboratories. They offer intuitive interfaces, automation, connectivity, and integrated rules-based testing for efficient interpretation of complex patient results. These solutions address the need for high-volume hematology testing and deliver critical information reliably.
• May 2023- A global pioneer in women's health, Hologic Inc. (Nasdaq: HOLX) announced a collaboration with NFL cornerback Kelee Ringo, who was recently drafted, and his mother Tralee Hale, a breast cancer survivor, to raise awareness among women about the significance of making yearly mammograms and other critical health screenings a priority. In the United States, women are more frequently diagnosed with breast cancer.

Global In Vitro Diagnostics Market

Market Segmentation

• By Technique
  • Immunoassay
  • Molecular Diagnostics
  • Hematology
  • Others
• By Application 
  • Infectious diseases
  • Autoimmune diseases
  • Drug Testing
  • Oncology
  • Others
• By End-User
  • Diagnostic Laboratories
  • Hospitals and Clinics
  • Research Laboratories and Institutes
• By Geography 
  • North America 
    • United States
    • Canada
    • Mexico
  • South America 
    • Brazil
    • Argentina
    • Others
  • Europe 
    • Germany
    • France
    • UK
    • Italy
    • Others
  • Middle East and Africa 
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific 
    • China
    • Japan
    • India
    • Australia
    • Taiwan
    • Thailand
    • Indonesia
    • Others