Market Overview:
The in vitro diagnostics (IVD) market comprises reagents, instruments, and software used for in vitro diagnostic procedures. IVD helps in diagnosis of diseases based on tests performed on samples such as blood, urine, and tissue, taken from human body. It provides important information about patient's health which helps physicians to diagnose, treat and prevent diseases accurately. IVD helps reduce healthcare costs by facilitating early detection and evaluation of diseases.
The In Vitro Diagnostics Ivd Market is estimated to be valued at US$ 76,621.8 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The IVD market is witnessing high growth owing to evolution of minimal invasive diagnostics. Minimally invasive diagnostics refers to tests that involve collecting small amount of samples such as blood, urine or tissue with minimal pain and discomfort to patients. These tests provide quick results with high accuracy. Growing demand for easy and painless diagnostic tests is fuelling adoption of minimal invasive diagnostics. For instance, liquid biopsy tests help detect cancer by analyzing DNA extracted from blood instead of performing invasive tissue biopsy. Rising prevalence of chronic diseases and growing awareness about early disease diagnosis is accelerating demand for minimal invasive IVD products. Key players are investing in R&D to develop new generation minimal invasive diagnostics to better serve patients and healthcare providers demand.
Porter’s Analysis
The threat of new entrants is moderate in the in vitro diagnostics IVD market. Large capital investments are necessary to build production facilities for IVD products and to gain approvals. However, emerging players already present in adjacent business lines such as reagents, diagnostic platforms and consumables can enter the market through mergers and acquisitions.
The bargaining power of buyers is high due to the strong buying power of large hospitals, diagnostic centers and governmental organizations. Buyers can negotiate for better prices and demand for continual product upgrades.
Bargaining power of suppliers is moderate as suppliers of raw materials, reagents and components operate in a fragmented industry landscape with no dominant suppliers.
The threat of new substitutes is low as there are no perfect substitute technologies available that can replace IVD procedures.
Competitive rivalry is intense as the IVD market is consolidated with major players competing on the basis of technology, product portfolio expansion and geographic footprint.
SWOT Analysis
Strengths: Established brands and infrastructure of top players, technological advancements enabling miniaturization and multiplexing, growing demand for point-of-care testing.
Weaknesses: High R&D costs, stringent regulations, dependence on reagent sales for revenue.
Opportunities: Emerging economies presenting significant growth potential, increasing demand for molecular diagnostics, upgradation of healthcare facilities.
Threats: Price erosion due to competition, risk of product recalls, and presence of local players offering low-cost alternatives.
Key Takeaways
The global in vitro diagnostics IVD market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing shift towards personalized medicine and point-of-care testing.
North America is expected to dominate the IVD market throughout the forecast period due to high adoption of advanced diagnostic techniques and presence of leading market players in the region. The Asia Pacific region is estimated to exhibit the fastest growth during 2023-2030 driven by expansion of private healthcare sector, rising medical tourism and increasing healthcare spending in China and India.
Key players operating in the in vitro diagnostics IVD market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd. Major players are investing in R&D to launch novel products and expand their geographic presence through partnerships and mergers & acquisitions to gain a competitive edge in this highly competitive landscape.
