Elevating Healthcare Sector and Diverse Diagnostic Solutions: New Heights Reached by Top 5 In-Vitro Diagnostics (IVD) Companies

In-Vitro Diagnostics (IVD) are instruments used by medical professionals to carry out a wide range of diagnostic tests on biological samplers, such as urine, blood, and tissues. These tests can help doctors identify autoimmune disorders, infectious diseases, and other chronic medical conditions. They also play a vital role in monitoring drug therapies.

The demand for in-vitro diagnostics (IVD) services is expected to rise considerably in the future as the incidence of chronic diseases is increasing at a worrying pace across the world due to various factors. These include rapid changes in lifestyle, chronic stress, poor dietary habits, and physical inactivity.

Fortune Business Insights has stated in its report that the market for in-vitro diagnostics is anticipated to record a valuation of USD 117.60 billion by 2032 and USD 73.99 billion in 2024, recording a CAGR of 6% during the forecast period of 2024-2032. The market also recorded a valuation of USD 74.92 billion in 2023. In terms of the competitive landscape of the global in-vitro diagnostics (IVD) market, the market reflects a semi-consolidated structure. The top 5 in-vitro diagnostics (IVD) companies of the market which dominate are the established that have been present in this market for a long duration.

Here Is A List Of The Top 5 In-Vitro Diagnostics Companies Offering High-Quality In-Vitro Diagnostics Services:

1) F. Hoffmann-La Roche Ltd.

F. Hoffmann-La Roche Ltd. is the most dominant company in the global market offering robust in-vitro diagnostics services and pharmaceutical and diagnostic solutions. It is also well-known for its personalized healthcare solutions, thereby using its prowess in diagnostics and pharmaceuticals to provide a complete suite of innovative products and solutions. The company offers a wide variety of diagnostics solutions and specializes in areas, such as diabetes, oncology, lab testing, and infectious diseases. F. Hoffmann-La Roche Ltd. has its presence in more than 90 countries and operates in nearly 30 R&D facilities for pharmaceuticals and diagnostics. Moreover, the company has 26 production sites across the world.

November 2023: F. Hoffmann-La Roche Ltd. introduced the Elecsys HBeAg quant, an immunoassay that can determine the presence of quantity of the Hepatitis Be antigen (HBeAg) in the human plasma and serum. The product has assisted clinicians in diagnosing and monitoring patients living with chronic or acute hepatitis function. The new launch has helped the company expand its product portfolio for diagnostics.

2) Abbott Inc.

Abbott Inc. is one of the top 5 in-vitro (IVD) diagnostics companies in the healthcare sector as it offers a variety of solutions and products in medical devices, diagnostics, nutrition, and branded generic medicines. It is the second-largest company in the IVD industry. Some of the popular in-vitro diagnostics products offered by Abbott include Alinity m, Alinity ci-series, Vysis CEP 12, Piccolo Xpress, i-STAT system, and Alere Afinion AS100 analyzer. These products have positioned the company as a leader in the field of in-vitro diagnostics. It has presence in rapid testing for infectious diseases, cardiometabolic diseases, and toxicology.

December 2023: Abbott announced that it had received the U.S. FDA’s approval for its futuristic automation solution, GLP systems Track, which provides laboratories with innovative features to cater to the high-volume needs and increase productivity.

3) Siemens Healthineers AG

Siemens Healthineers AG is considered the third-largest company operating in the in-vitro diagnostics industry. The company announced that it had recorded a profit of USD 23.46 billion in 2023. Siemens sells a vast range of services and products that come from its core areas of business, such as laboratory diagnostics, therapeutics & diagnostic imaging, and molecular medicine. It offers its medical solutions, instruments, and services in over 180 nations and has a direct presence in more than 70 countries.

December 2023: Siemens Healthineers AG announced that it had launched digital urine microscopy with its Atellica UAS 60 analyzer to expand its portfolio of in-vitro diagnostic products.

4) Thermo Fisher Scientific Inc.

Thermo Fisher Scientific is one of the key companies operating in this industry and offers products and solutions in four business segments, analytical instruments, life sciences solutions, laboratory products, specialty diagnostics, and biopharma services. The company has a strong customer base of 40,000 within clinical diagnostic labs & hospitals, universities, pharma & biotech companies, and research institutes & government agencies. It also offers its products and services in industrial quality, environmental, and process control settings.

February 2023: Thermo Fisher Scientific announced that it was collaborating with Mylab Discovery Solutions to produce Applied Biosystems TaqPath PCR kits for a wide variety of infectious diseases. These diseases include M. tuberculosis complex, multi-drug-resistant tuberculosis, Hepatitis C virus, Hepatitis B virus, and for genetic analytics. This collaboration came after receiving the licensing rights from the Central Drugs Standards Control Organization (CDSCO).

5) Becton, Dickinson, and Company (BD)

Becton, Dickinson, and Company (BD) is one of the most well-established top 5 in-vitro diagnostics companies offering in-vitro diagnostic solutions. The company recorded revenues worth USD 19.37 billion in 2023. BD caters to a wide range of segments with the help of its diverse product portfolio, such as diabetes management, infusion systems, dialysis equipment, vascular access, anesthesia delivery, surgery, hazardous drug safety, wound care, and various other diagnostic systems. At present, the company has its operations in more than 190 countries across the world and has production facilities in nearly 19 nations.

February 2024: BD announced its collaboration with Camtech Health, a digital health firm that specializes in at-home testing solutions. This collaboration was formed to improve efforts in cervical cancer screening and help BD fortify its global presence.

What is the future of the In-Vitro Diagnostics (IVD) industry?

The IVD industry is expected to display appreciable progress in the future owing to factors, such as robust growth of the healthcare sector and alarming increase in the number of people suffering from chronic diseases. As the global population ages and lifestyle continues to become more hectic and stressful, the incidence of infectious and autoimmune diseases will keep growing across the globe. The top 5 in-vitro diagnostics companies operating in this industry are taking initiatives to enhance the efficiency and performance of their in-vitro diagnostics solutions and improve the quality of patient care. They are also taking part in several partnerships and collaborations to develop novel diagnostics solutions, which will further create a positive impact on this industry’s growth.