The global in vitro diagnostics market size was valued at $67 billion in 2019, and is expected to reach $91 billion by 2027, registering a CAGR of 4.8% from 2019 to 2027. The reagents segment acquired the major share of in vitro diagnostics market. The growth of this segment is attributed to the fact that reagents are a vital part of every in-vitro diagnostic test.
Growing adoption of advanced diagnostic techniques such as digital pathology, which uses digital instruments for diagnosis, portable point-of-care testing devices for HIV & pregnancy, use of non-invasive procedures over conventional techniques, increasing incidences of cancer, cardiac, urological, and infectious diseases and rising count of technological breakthroughs such as automated instruments and instruments with high throughput are major factors boosting the market growth. Increasing disposable income and progressing healthcare spending capacity would further boost the market growth during the forecast period. However, a lack of structured regulatory frameworks & reimbursement policies can hinder the market growth.
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High demands for immunochemistry-based tests amongst physicians, rise in chronic diseases, low-cost tests in the market, and widespread healthcare awareness are the driving factors for the growth of immunodiagnostic and clinical chemistry technique market. Blood testing is projected to be the fastest growing segment, owing to its frequent application and inherent convenience of using blood samples.
The standalone laboratory segment occupied a major share of the in vitro diagnostics market, owing to the fact that standalone laboratories employee highly skilled laboratory technicians who can perform complex in vitro diagnostic tests. Thus, these medical facilities receive a greater number of patient samples for in vitro diagnostic testing, which fuels the growth of the market. The point-of-care segment is expected to grow at a significant CAGR, owing to surge in adoption of novel and advanced in vitro diagnostic tests which can be used in home care setting for diagnosis of various chronic diseases such as diabetes.
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Key Findings of the In Vitro Diagnostics Market:
The reagents segment accounted for more than half of the share of the global in vitro diagnostics market in 2019.
The instruments segment is expected to grow at the highest CAGR from 2020 to 2027.
The infectious diseases segment accounted for around one-thirds share of the global in vitro diagnostics market in 2019.
Europe accounted for around one-fifth share of the global market in 2019.
Asia-Pacific is expected to provide lucrative growth opportunities from 2019 to 2027.
North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of diagnostic techniques among physicians and patients. However, the Asia-Pacific region is expected to grow rapidly during the forecast period, owing to increasing healthcare expenditure, improving hospital infrastructure, and increasing adoption of technologically advanced diagnostic techniques.
The key companies profiled in this report include F. Hoffmann-La Roche AG, Abbott Laboratories, Danaher Corporation, Johnson and Johnson, Sysmex Corporation, Becton Dickinson and Company, bioMrieux, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Siemens AG, and Alere Inc.
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