Global In Vitro Diagnostics (IVD) Market Segmentation, By Technique (Immunodiagnostics, Hematology, Molecular Diagnostics Tissue Diagnostics, In vitro diagnostics (IVD), Others), Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, Others), End-User (Standalone Laboratory, Hospitals, Academic and Medical Schools, Point of Care, Others), Product and Service (Reagents, Instruments, and Software and Services) – Industry Trends and Forecast to 2031.
In Vitro Diagnostics (IVD) Market Analysis
Devices are used in specialised medical facilities to carry out diagnostics since the application and management of the IVD market require technical competence. To diagnose illnesses, disorders, and infections, in vitro diagnostics (IVD) refers to the reagents, tools, and software used to analyse specimens taken from the human body, such as blood, urine, stool, tissues, and other physiological fluids. Other IVD device types employ various techniques, including immunodiagnostics, tissue diagnostics, haematological, and molecular diagnostics.
In Vitro Diagnostics (IVD) Market Analysis Size
Global in vitro diagnostics (IVD) market size was valued at USD 123.12 billion in 2023 and is projected to reach USD 181.90 billion by 2031, with a CAGR of 5.00% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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In Vitro Diagnostics (IVD) Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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Siemens (Germany), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), CANON MEDICAL SYSTEMS CORPORATION (Japan), Hitachi Ltd. (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health (U.S.), Konica Minolta Business Solutions India Private Limited. (Japan), Hologic, Inc. (U.S.), SouthwestMedical (U.K.), TOSHIBA CORPORATION (Japan), Sanrad Medical Systems Private Limited (India), ONEX Corporation (Canada), Shimadzu Corporation (Japan), ESAOTE SPA (Italy)
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Market Opportunities
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In Vitro Diagnostics (IVD) Market Definition
The tests used in in vitro diagnostics are carried out on a person's blood or tissue sample. They assist in keeping a close eye on the patient's health and are used to accurately test for and diagnose diseases or any underlying issues. These diagnostic procedures can assist in determining the optimal course of treatment for each individual.
In Vitro Diagnostics (IVD) Market Dynamics
Drivers
- Increasing awareness of medicine
Rising awareness of customised medicine and expanding use of point-of-care testing are two other main reasons propelling the in vitro diagnostics/IVD market, among others. Fully automated devices and laboratory automation are also important aspects accelerating market expansion.
- Rise in the importance of companion diagnostics
In addition, the market for in vitro diagnostics and IVDs will see increased growth possibilities in emerging nations, a rise in the importance of companion diagnostics, and a rise in condition-specific markers and tests over the anticipated period of 2024–2031.
- Rise in the Infectious disease
The rise in the prevalence of chronic and infectious diseases is a primary factor driving the IVD market's expansion. Chronic diseases like diabetes, cancer, cardiovascular disease, and tuberculosis are becoming more common in the contemporary business environment. Additionally, there has been a marked increase in the number of individuals with infectious disorders such STDs, respiratory illnesses, and gastrointestinal conditions (sexually transmitted diseases). The market for IVDs is driven by the demand for diagnostic tools, which is anticipated to rise as these diseases become more prevalent.
Opportunities
The growth of the market is anticipated to be fuelled by the creation of automated IVD systems for labs and hospitals to give quick, precise, and error-free diagnosis. The market is expanding as a result of the increasing number of IVD products being introduced by major companies.
Restraints/Challenges
In vitro diagnostics/IVD market growth in the forecast period will be further hampered by changing regulatory environments and rising operational barriers associated with performing diagnostic tests. However, increasing unfavourable reimbursement scenarios and constant government regulation updates are the main factors among others that will restrain market growth.
This in vitro diagnostics (IVD) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the in vitro diagnostics (IVD) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on In Vitro Diagnostics (IVD) Market
The COVID-19 pandemic is expected to have a favourable effect on the worldwide IVD industry in 2020. The number of COVID-19 cases and diagnoses increased significantly during the pandemic, as did the demand for newly created emergency use approved IVD tests used for COVID-19 detection, which positively impacted the market.
In Vitro Diagnostics (IVD) Market Scope
The in vitro diagnostics (IVD) market is segmented on the basis of technique, application, end-user and product and service. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technique
- Immunodiagnostics
- Hematology
- Molecular Diagnostics
- Tissue Diagnostics
- In vitro diagnostics (IVD)
- Others
Application
- Infectious Diseases
- Cancer
- Cardiac Diseases
- Immune System Disorders
- Nephrological Diseases
- Gastrointestinal Diseases
- Others
End-User
- Standalone Laboratory
- Hospitals
- Academic
- Medical Schools
- Point of Care
- Others
Product and Service
- Reagents
- Instruments
- Software and Services
In Vitro Diagnostics (IVD) Market Regional Analysis
The in vitro diagnostics (IVD) market is analysed and market size insights and trends are provided by country, technique, application, end-user and product and service as referenced above.
The countries covered in the in vitro diagnostics (IVD) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the in vitro diagnostics (IVD) market due to rising favourable government regulations, well-established diagnostic infrastructure.
Asia-Pacific is the expected region in terms of growth in vitro diagnostics (IVD) market due to rising presence of a large number of target populations along with improving healthcare infrastructure in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
In Vitro Diagnostics (IVD) Market Share
The in vitro diagnostics (IVD) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to in vitro diagnostics (IVD) market.
In Vitro Diagnostics (IVD) Market Leaders Operating in the Market Are:
- Siemens (Germany)
- General Electric (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Hitachi Ltd. (Japan)
- FUJIFILM Holdings Corporation (Japan)
- Carestream Health (U.S.)
- Konica Minolta Business Solutions India Private Limited (Japan)
- Hologic, Inc. (U.S.)
- SouthwestMedical (U.K.)
- TOSHIBA CORPORATION (Japan)
- Sanrad Medical Systems Private Limited (India)
- ONEX Corporation (Canada)
- Shimadzu Corporation (Japan)
- ESAOTE SPA (Italy)
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