Meticulous Research®, a leading global market research firm, has published its latest report titled “In Vitro Diagnostics (IVD) Market—Global Opportunity Analysis and Industry Forecast (2024-2031).” The study highlights the significant growth trajectory of the global in vitro diagnostics (IVD) market, which is expected to register a robust compound annual growth rate (CAGR) of 5.3%, reaching an estimated $116.28 billion by 2031.
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Market Growth Drivers The projected expansion of the IVD market is primarily driven by key factors including the increasing prevalence of chronic diseases and aging populations, the rise of infectious diseases, growing research funding, and heightened awareness of the importance of early disease diagnosis. Additionally, the surging demand for point-of-care (POC) diagnostics, which offer faster and more accessible diagnosis, along with increasing healthcare expenditures, are further propelling market growth. The growing adoption of personalized medicine and advances in genomics and proteomics technologies present lucrative opportunities for market participants.
Opportunities and Challenges While developing countries offer significant growth potential due to the increasing demand for healthcare infrastructure, the market faces challenges. Regulatory hurdles and stringent technical requirements for high- and moderate-complexity tests, along with inconsistent results in rapid IVD testing, are expected to limit growth. Moreover, the evolving regulatory landscape presents ongoing challenges for manufacturers and providers alike.
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Key Players in the Global IVD Market Prominent companies driving innovation and growth in the IVD market include:
- Abbott Laboratories (U.S.)
- Becton, Dickinson and Company (U.S.)
- bioMérieux SA (France)
- Bio-Rad Laboratories, Inc. (U.S.)
- Danaher Corporation (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- QIAGEN N.V. (Netherlands)
- Siemens Healthineers AG (Germany)
- Thermo Fisher Scientific Inc. (U.S.)
- and many more.
These industry leaders are continuously engaged in strategic initiatives such as product launches, collaborations, and mergers to strengthen their positions within the market. For instance, in May 2022, QIAGEN launched the therascreen EGFR RGQ PCR Kit, an advanced IVD test designed to identify EGFR mutations, demonstrating the company’s commitment to developing cutting-edge diagnostic solutions.
Market Segmentation and Future Outlook The report provides detailed segmentation of the IVD market by offering, technology, application, diagnostic approach, and end user, allowing for a comprehensive view of market dynamics and opportunities.
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- By Offering: Reagents and kits are anticipated to account for 81.1% of the market in 2024, largely due to their recurring use in diagnosing chronic diseases and the growing availability of self-testing kits, particularly in emerging economies.
- By Technology: Molecular diagnostics is expected to dominate the market, holding a 23.1% share in 2024, driven by the increasing demand for precise diagnostics, especially for infectious diseases.
- By Application: The infectious diseases segment will lead with a 37.8% market share, supported by rising government initiatives promoting early disease detection and an increase in global infectious disease outbreaks.
- By Diagnostic Approach: Lab testing will maintain the largest share, reflecting the availability of skilled personnel and a wide range of diagnostic tests.
- By End User: Hospitals and clinics will dominate with the largest market share, attributed to advancements in laboratory automation, well-equipped systems, and governmental efforts to enhance healthcare infrastructure.
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Regional Insights Geographically, North America is poised to retain its leadership position, commanding 37.5% of the market in 2024. Factors such as the high incidence of chronic and infectious diseases, strong adoption of advanced diagnostic technologies, and increased healthcare funding are driving this regional dominance.
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