In vitro diagnostics are medical devices and services used to analyze specimens taken from the human body to detect diseases or other conditions through examinations of biological markers. Examples of in vitro diagnostics include blood glucose test strips, pregnancy tests, and diagnostic tests for conditions such as HIV. The growing prevalence of chronic diseases along with rising focus on early disease detection is driving the demand for in vitro diagnostics.
The global in vitro diagnostics 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 Opportunity:
The opportunity for early disease detection is expected to drive significant growth in the in vitro diagnostics market over the forecast period. In vitro diagnostics allows for the detection of diseases in early stages. Early detection of diseases enhances treatment effectiveness and outcomes. For example, early detection of cancer through diagnostic tests increases survival rates as timely intervention becomes possible. According to the World Health Organization (WHO), early detection results in more treatment options, better treatment outcomes, and is associated with survival rates as high as 90% for some cancers. Thus, the ability of in vitro diagnostics to facilitate early disease detection presents lucrative opportunities for players in this market. As awareness regarding benefits of early screening increases, demand for advanced diagnostic tests is likely to surge over the coming years.
Porter's Analysis
Threat of new entrants: The In Vitro Diagnostics Ivd market requires substantial investment for R&D which limits the threat of new entrants. Established players hold strong brand recognition and distribution channels.
Bargaining power of buyers: Individual consumers have low bargaining power as they have limited influence over price setting due to standardized medical products. However, large healthcare organizations and government agencies have higher bargaining power.
Bargaining power of suppliers: The In Vitro Diagnostics Ivd market has few major suppliers for key raw materials and components used for manufacturing which gives them strong bargaining power over players.
Threat of new substitutes: There exists a low threat of substitution in the In Vitro Diagnostics Ivd market as products are indispensible for disease diagnosis and healthcare applications.
Competitive rivalry: The market is highly competitive with major players competing on the basis of product quality, reliability, customer support and pricing.
SWOT Analysis
Strength: Established brand recognition, distribution channels and infrastructure of major players like Siemens Healthineers, Sysmex Corporation etc. Growing demand due to increasing prevalence of chronic and infectious diseases.
Weakness: High dependency on reimbursement policies especially in developing nations. Stringent regulatory approval process which increases costs.
Opportunity: Untapped growth potential in emerging markets of Asia Pacific and Latin America. Expanding point of care diagnosis segment.
Threats: Threat from alternative disease detection methods and technologies. Economic slowdowns affecting healthcare budgets.
Key Takeaways
The global In Vitro Diagnostics Ivd market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 76,621.8 Mn by 2024 registering a CAGR of 5.3%.
North America currently dominates the global market owing to presence of advanced healthcare infrastructure and rising incidence of chronic conditions in the region. The US accounts for the largest share led by favorable reimbursement policies and adoption of technologically advanced devices.
Europe is the second largest In Vitro Diagnostics Ivd market supported by growing elderly population and increasing funding for R&D of IVD products within countries like Germany, UK and France.
Asia Pacific is poised to be the fastest growing regional market during the projection period with China and India as major revenue generators. This can be attributed to rising healthcare expenditure, expanding diagnostics industry and emergence of regional key players.
Key players operating in the In Vitro Diagnostics Ivd market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., 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 compete based on product suite, brand value, pricing and strong distribution channels.
In-Vitro Diagnostics Industry Research Report, By Product & Services (Reagents & Kits, Instruments, Data management software), By Applications (Infectious Diseases,Non-infectious diseases), By End User– Global Forecast Till 2023In vitro diagnostics (IVD) are medical devices used for conducting medical testing of samples taken out of the human or animal body such as blood, urine and tissue.
In its recently published analysis, MRFR also asserts that the market would register a double digit CAGR by the end of assessment period of 2023.Extensive demand for IVD owing to growing demand, ease of use and growing healthcare diagnostic use is a key driving force behind the market.IVD comprises a large and important segment of the healthcare sector and is experiencing rapid spurts of growth owing to technological advancements, greater satisfaction owing to better detection and accuracy, growing demand for treatment monitoring, and explosive availability of over the counter IVD kits.However, the restrictive legal framework in nations like Germany favouring the generic, IUD products and the shift to sensor-based products is constraining the market growth.
The centralized public procurement in many countries is reducing market competition and increasing uncertainty in the industry.Major Players:Players leading the global IVD market include Danaher Corporation, Thermo Fisher Scientific, Grifols S.A, Ortho Clinical Diagnostics, Abbott Laboratories, Qiagen N.V., Sysmex Corporation, BioMérieux S.A, DiaSorin S.p.A, F. Hoffmann-La Roche AG, Siemens AG, Bio-Rad Laboratories Inc., Becton Dickinson and Company, among others.Global In-Vitro Diagnostics (IVD) Market – SegmentsThe report is segmented into three dynamics to widen the scope of understanding,By Product & Services : Reagents & Kits, Instruments, Data Management Software among others.By Technology : Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology among others.By Application : Infectious Diseases, Non-Infectious Diseases among others.By End-use : Hospitals, Laboratories, Academic Institutes among others.By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.Browse More Information @ https://www.marketresearchfuture.com/reports/in-vitro-diagnostics-market-1165 Global In-Vitro Diagnostics (IVD) Market – Regional AnalysisNorth America dominates the global IVD market owing to factors such as excellent reimbursement, large healthcare expenditure and compulsory screening regulations.The IVD market in Europe is growing owing to large medical device industry and growing healthcare expenditure.
However, the European market is exhibiting low CAGR growth owing to saturation of the market and the falling price of IUD products.
Germany followed by Italy, France, Spain and the U.K. accounted for the largest markets in Europe.The Asia Pacific IVD market is expected to emerge as the largest market owing to large population.
China, Japan and India are expected to dominate the Asia Pacific market owing to growing economy and manufacturing activities.
At an estimated value of over USD 72.02 billion in 2019, the Global In Vitro Diagnostics (IVD) Market is predicted to thrive at a CAGR of 4.1% and valued at over USD 112.05 billion over the forecast year 2020-2030.In vitro diagnostics (IVD) are the tests for detecting disease and infections.
It is done on samples such as tissue or blood taken from the human body.
The in vitro diagnostics is experiencing a significant popularity in healthcare sector due to its efficacy in diagnosing numerous medical conditions such as infectious diseases, cardiac disorders, cancer, and nephrological disorders.Access Full Description of this report at:- https://www.nextmsc.com/report/in-vitro-diagnostics-ivd-market Top Companies: Abbott Laboratories, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, BioMérieux SA, Sysmex Corporation, Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Thermo Fisher Scientific, Inc and others.The global In vitro diagnostics (IVD) market share is segmented on the basis of product & service, technique, application, end user, and geography.
As per the application, the market is divided into infectious diseases, cancer, immune system disorders, cardiac diseases, nephrological diseases, gastrointestinal diseases, and others.
On the basis of end user, the market is segmented into standalone laboratory, academic & medical schools, hospitals, point of care, and others.
Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.Request sample copy of this report at:- https://www.nextmsc.com/in-vitro-diagnostics-ivd-market/request-sample In terms of geography, North America held major share of the market in 2019.
