In Vitro Diagnostics Market to Reach $138.4 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

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Oct 23, 2023, 10:01 ET

PORTLAND, Ore., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "In Vitro Diagnostics Market by Product and Services (Reagents and Kits, Instruments, Software, and Services), Technique, (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, Others), Application, (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and End User (Standalone Laboratories, Hospitals, Academic and Medical Schools, Point Of Care, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global in vitro diagnostics industry generated $92.5 billion in 2022 and is anticipated to generate $138.4 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.

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In Vitro Diagnostic is a medical procedure that involves the examination, diagnosis, and monitoring of a sample taken from the human body, such as a blood sample, urine sample, or tissue sample, in a laboratory environment. The term "in vitro" is derived from the Greek word "in vitro", which translates to "in glass". IVD covers a broad range of medical tests, from clinical chemistry and immunoassay to molecular diagnostics and microbiology, as well as genetic testing. IVD plays an essential role in the decision-making process of healthcare, as it allows for the early identification of diseases, the monitoring of treatment efficacy, and the improvement of patient outcomes.

Prime Determinants of Growth:

An increase in the prevalence of chronic and infectious diseases, a surge in awareness about early disease diagnosis, and personalized medicine, and a rise in the number of diagnostic laboratories are the factors that drive the growth of the global in vitro diagnostics market. However, stringent regulatory policies are expected to restrict market growth. Moreover, the technological advancement in in vitro diagnostics presents new opportunities in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$92.5 Billion
Market Size in 2032	$138.4 Billion
CAGR	4.1 %
No. of Pages in Report	391
Segments covered	Product and Services, Technique, Application, End User, and Region
Drivers	Increase in prevalence of chronic and infectious diseases
	Surge in awareness about early disease diagnosis and personalized medicine
	Rise in the number of diagnostic laboratories
Opportunities	Technological advancements in IVD
Restraints	Stringent regulatory policies

Economic Downturn Analysis: Impact of Recession in 2023 on the IVD Market:

During a recession, individuals and governments tightened their budgets, leading to reduced healthcare spending. This has affected patients' ability to access and afford in vitro diagnostics products, potentially leading to decreased demand for these products. In addition, economic uncertainty during a recession might cause individuals to delay or avoid non-essential medical visits, including routine check-ups.
However, the rise in research and development activities for in vitro diagnostics and the increase in the prevalence of chronic diseases is experiencing a moderate positive impact from the global recession.

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The reagents and kits segment to maintain its leadership status throughout the forecast period-

Based on product and services, the reagents and kits segment held the largest market share in 2022, accounting for around three-fifths of the global in vitro diagnostics market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its fundamental role in diagnostic testing, continuous demand, adaptability to various applications. However, the instruments segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032. Due to the rise in technological advancements in instruments and the rise in need for accurate and efficient diagnostic testing in healthcare.

The immunodiagnostics segment to maintain its leadership status throughout the forecast period-

Based on technique, the immunodiagnostics segment held the largest market share in 2022, accounting for more than one-fourth of the global in vitro diagnostics market and is estimated to maintain its leadership status throughout the forecast period. Due to a surge in prevalence of chronic and infectious diseases globally, which has driven the demand for diagnostic tests, particularly immunodiagnostics as it offers high sensitivity and specificity, ensuring accurate and reliable test results. However, the molecular diagnostics segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, owing to its crucial role in genomics, infectious disease detection, cancer management, and its application in various healthcare settings.

The infectious diseases segment to maintain its leadership status throughout the forecast period-

Based on application, the infectious diseases segment held the largest market share in 2022, accounting for around half of the global in vitro diagnostics market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rise in prevalence of infectious diseases and the constant threat of emerging infectious diseases, as well as the importance of routine screening for conditions such as hepatitis, norovirus, and COVID-19, RSV. However, the cancer segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032. Due to the surge in number of people suffering from cancer and the need for early detection and precise cancer diagnosis, which drives the demand for advanced cancer diagnostics.

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North America to maintain its dominance by 2032-

Based on region, North America held the largest market share in 2022, garnering around two-fifths of the global in vitro diagnostics market revenue, and is expected to retain its dominance during the forecast period. The growth is attributed to well-developed healthcare infrastructure and the rise in prevalence of chronic diseases promoted the growth of the in vitro diagnostics market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.1% from 2023 to 2032. The high prevalence of the geriatric population with an increase in the need for diagnostic procedures, surge in prevalence of chronic diseases, rise in research and development activities, and surge in healthcare expenditure in the Asia-Pacific region, is expected to drive the growth of the in vitro diagnostics market.

Leading Market Players:

Freenome Holdings, Inc.
Natera, Inc.
Agilent Technologies, Inc.
Exact Sciences Corporation
Illumina, Inc.
F. Hoffmann-La Roche Ltd.
Guardant Health
InterVenn Biosciences
Thermo Fisher Scientific, Inc.
Invitae Corporation
Neogenomics Laboratories

The report provides a detailed analysis of these key players in the global in vitro diagnostics market. These players have adopted strategies such as product launch, acquisition, partnership, product approval, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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