Global IVD Reagents Market to Reach USD 55.3 Billion by 2029: Key Drivers and Trends Unveiled | Valuates Reports

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Dec 04, 2024, 13:12 ET

BANGALORE, India, Dec. 4, 2024 /PRNewswire/ -- In Vitro Diagnostic (IVD) Reagents Market is Segmented by Type (Immune Diagnosis, Clinical and Biochemical, Molecular Diagnosis, POCT), by Application (Laboratory, Hospital).

The Global In Vitro Diagnostic (IVD) Reagents revenue was USD 38370 Million in 2022 and is forecast to a readjusted size of USD 55320 Million by 2029 with a CAGR of 5.3% during the forecast period (2023-2029).

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Major Factors Driving the Growth of IVD Reagents Market:

The IVD reagents market is thriving, driven by the rising prevalence of chronic and infectious diseases, growing focus on preventive healthcare, and advancements in molecular diagnostics. Key end-users, including hospitals and POCT settings, ensure sustained demand for high-quality reagents. Regional markets, led by North America and Asia-Pacific, reflect diverse healthcare needs and evolving diagnostic practices. As manufacturers innovate with specialized reagents and regulatory frameworks support quality assurance, the global IVD reagents market is poised for sustained growth, meeting the demands of a dynamic healthcare landscape.

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TRENDS INFLUENCING THE GROWTH OF IVD REAGENTS MARKET:

Point-of-care testing (POCT) is a key factor driving the growth of the IVD reagents market, providing rapid diagnostic solutions at the patient's bedside or in remote locations. IVD reagents used in POCT devices enable timely decisions for critical conditions such as sepsis, cardiac issues, and infectious diseases, reducing the burden on centralized laboratories. The increasing demand for decentralized testing, particularly during public health emergencies like the COVID-19 pandemic, has propelled the adoption of POCT. Portable and user-friendly devices like glucose meters and lateral flow tests rely on high-quality IVD reagents for accurate results. Additionally, POCT has gained traction in rural and resource-limited settings, addressing the need for accessible healthcare. As the focus on quick and accurate diagnostics grows, coupled with rising healthcare expenditures, the contribution of POCT to the IVD reagents market is set to expand further.

Immune diagnosis is a significant growth driver for the in vitro diagnostics (IVD) reagents market, addressing the rising need for accurate detection and monitoring of autoimmune diseases, infectious diseases, and allergies. IVD reagents used in immune diagnostics enable clinicians to identify specific antibodies and antigens, offering high precision in disease identification. The increasing prevalence of conditions like rheumatoid arthritis, lupus, and asthma has fueled the demand for reliable diagnostic tools. Immunoassay-based reagents, including ELISA kits, have become standard in laboratories and healthcare settings due to their efficiency and reproducibility. Additionally, advancements in biomarker discovery and the integration of immune diagnostics in personalized medicine have further bolstered market growth. With the growing emphasis on early disease detection and preventive healthcare, immune diagnostics continues to expand its role in healthcare, driving the adoption of IVD reagents globally.

Hospitals play a crucial role in driving the growth of the IVD reagents market as primary hubs for diagnostic testing and patient care. The growing demand for routine diagnostics and specialized testing in hospitals necessitates a consistent supply of high-quality IVD reagents. These reagents are indispensable in clinical laboratories for applications ranging from hematology and microbiology to immunology and molecular diagnostics. The increasing prevalence of chronic diseases, coupled with the rising number of hospital admissions, has further driven the adoption of IVD reagents. Additionally, hospitals often invest in automated and high-throughput diagnostic systems that utilize IVD reagents to ensure quick and reliable results. With the focus on improving patient outcomes and meeting regulatory compliance standards, the demand for IVD reagents in hospital settings continues to rise, contributing significantly to the market's growth.

The increasing prevalence of chronic diseases, including diabetes, cardiovascular diseases, and cancer, is a major driver of the IVD reagents market. These conditions require regular monitoring and diagnostics, ensuring sustained demand for IVD reagents. Biomarker-based tests, enabled by high-quality reagents, support early detection and disease management, improving patient outcomes. The aging population and sedentary lifestyles further exacerbate chronic conditions, fueling the need for advanced diagnostic tools.

The emphasis on preventive healthcare has driven demand for IVD reagents as they facilitate early disease detection and screening programs. Routine diagnostics and health check-ups increasingly rely on reagent-based assays to identify risk factors and asymptomatic conditions. Governments and organizations promote preventive measures through awareness campaigns and subsidies, further boosting the market.

Molecular diagnostics, particularly PCR-based tests, have gained prominence in disease detection and personalized medicine. IVD reagents used in these assays enable precise analysis of genetic material, supporting applications in oncology, infectious diseases, and pharmacogenomics. The growing adoption of molecular diagnostics has significantly driven demand for specialized reagents, supporting market growth.

Furthermore, public awareness of infectious diseases and the need for timely diagnostics have driven demand for IVD reagents. Outbreaks like COVID-19 and rising cases of tuberculosis, HIV, and hepatitis underscore the importance of reliable diagnostic tools. Reagent-based tests enable early detection and containment, ensuring market growth.

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IVD REAGENTS MARKET SHARE:

North America is the largest market, with a share about 40%, followed by Europe, and Japan, both have a share over 35 percent.North America leads due to advanced healthcare infrastructure, high prevalence of chronic diseases, and robust R&D investments. Europe follows closely, supported by government initiatives and a growing emphasis on preventive care.

Asia-Pacific is the fastest-growing region, driven by expanding healthcare access, rising disposable incomes, and a growing burden of chronic and infectious diseases. Emerging markets in Latin America and the Middle East are also gaining traction, benefiting from improving healthcare infrastructure and increased diagnostic awareness. Each region's unique dynamics contribute to the global expansion of the IVD reagents market.

In terms of product, POCT is the largest segment, with a share of about 30%. And in terms of application, the largest application is Hospital, followed by Laboratory, etc.

Global In Vitro Diagnostic (IVD) Reagents key players include Roche, Danaher, Sysmex Corporation, Mindray Medical, etc. Global top four manufacturers hold a share over 20%.

Key Companies:

Roche
Danaher
Abbott Laboratories
Thermal Fisher
Sysmex Corporation
Biomerieux
Siemens AG
Ortho Clinical Diagnostics
BD
Bio Rad
Myriad Genetics
Hologic Inc
Qiagen NV
Mindray Medical
Wondfo
KHB
Da An Gene
Leadman
BioSino

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