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. There are several types of in vitro diagnostic instruments that offers features such as tissue diagnostics, hematology, immunodiagnostics, and molecular diagnostics. 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.
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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. On the basis of product & service, the market is categorized into Instruments, Reagents, and Software & Services. According to the technique, the market is segmented into immunodiagnostics, hematology, molecular diagnostics, clinical chemistry, tissue diagnostics, and others. 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.
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In terms of geography, North America held major share of the market in 2019. This is attributed to the well-established healthcare system and the healthcare related awareness among people across the region. However, Asia-pacific is expected to witness highest growth rate during the forecast period, due to the surge in healthcare expenditure and rise in prevalence of diabetes in the region. Moreover, massively growing patient base of chronic diseases in the region that require IVD testing is projected to be opportunistic for the market growth.
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