April 23, 2024
In Vitro Diagnostics IVD Market

The Rising Geriatric Population Anticipated To Open Up The New Avenue For In Vitro Diagnostics IVD Market

The In Vitro Diagnostics IVD Market is estimated to be valued at US$ 80682.76 Mn or 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 Overview:

The in vitro diagnostics (IVD) market refers to tests that can detect diseases, conditions, or infections. It includes all medical devices and consumables that are used to perform diagnostic testing on various clinical specimens like blood, urine, stool, etc. outside a living body in a controlled laboratory environment. IVD products range from basic diagnostic tests to sophisticated genetic tests. They help identify wide range of health issues related to infectious diseases, chronic diseases, cancer, cardiac disorders, and more. IVD tests aid doctors in disease diagnosis, treatment selection, monitoring treatment response and recurrence as well as disease prevention.

Market Dynamics:

Rising Geriatric Population – Growing geriatric population increases the risk of various chronic and infectious diseases. According to the UN Population division, the world’s population aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. Increasing demand for diagnosis and management of chronic conditions in older adults will boost the IVD market growth over the forecast period.

Technological Advancements – Continuous innovations are bringing various new and advanced IVD technologies such as point-of-care testing, molecular diagnostics, and companion diagnostics. Development of automated, sensitive and specific IVD tests will augment the market expansion during the forecast period.
Segment Analysis
The in vitro diagnostics (IVD) market can be segmented based on product & service, technology, application, end user, and region. Based on product & service, the IVD market is dominated by reagents & kits segment owing to their recurring nature and high consumption. Reagents & kits are used in various diagnostic tests and form an essential component of the diagnostics process, hence driving the growth of this segment.

PEST Analysis

Political: Regulations such as CLIA in the US encourage the use of IVD testing. Stringent regulations ensure test accuracy and safety.
Economic: Rising healthcare costs in developing nations increases demand for affordable IVD solutions. Point-of-care testing allows early diagnosis and treatment, avoiding expensive hospital stays.
Social: Growing awareness about early detection of diseases drives the demand for IVD products. Lifestyle diseases and aging population worldwide present a large diagnostic market.
Technological: Automation, miniaturization, and digitalization are important trends in IVD technologies. Advanced immunoassay tests, PCR, and companion diagnostics see increased uptake.

Key Takeaways

The Global In Vitro Diagnostics IVD Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing burden of chronic and infectious diseases. The market size for 2023 is US$ 80682.76 Mn.

The Asia Pacific region is projected to be the fastest growing as well as the dominating regional market due to rising healthcare expenditure, increasing per capita incomes, and growing medical tourism in countries like India and China.

Regional analysis related content (Write regional analysis in 150 words explanation fastest growing and dominating region.)

Key players operating in the in vitro diagnostics (IVD) market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMerieux 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. Key players are focused on product launches, partnerships, and expansion strategies to strengthen their geographic presence.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it