In-vitro Diagnostics Market to Reach USD 157.02 Billion by 2030; Rising Investments and Government Support to Develop and Innovate Medical Devices to Boost Market Growth

The in-vitro diagnostics market size touched USD 94.67 billion in 2022 and is predicted to reach USD 97.12 billion in 2023. The market is anticipated to touch USD 157.02 billion by 2030, recording a CAGR of 7.1% over 2023-2030.

Fortune Business Insights™ displays this information in its latest report titled “In-vitro Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, and Others), By Setting (Laboratories and Point-of-Care), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, and Others), By End-user (Clinical Laboratories, Hospitals, Physician’s Offices, and Others), and Regional Forecasts, 2023-2030”.

In-Vitro Diagnostics (IVD) refer to medical devices that are used to perform a wide variety of diagnostic tests using biological samples, such as blood, tissues, and urine. These tests can help doctors identify chronic infectious, autoimmune, and several other diseases, which can help them in creating effective treatment therapies. Around 70% of clinical decisions are based on the accuracy of these tests.

Molecular Diagnostics Extensively Used During COVID-19 Pandemic to Diagnose SARS-CoV-2 Virus

While an extensive range of tests and techniques are used to identify various chronic ailments, the COVID-19 pandemic was instrumental in boosting the usage of molecular diagnostics. The techniques and tests used in this type of diagnostic solution played a key role in identifying the SARS-CoV-2 virus. Since it was important to keep track of the blood glucose and troponin levels of patients hospitalized for COVID-19 treatment, the sales of test kits and consumables increased during this period, boosting the in-vitro diagnostics market growth.

Rising Investments and Government Support to Develop and Innovate Medical Devices to Boost Market Growth

Government associations, organizations, and agencies promoted the use of in-vitro diagnostics by starting a vast range of awareness initiatives, thereby driving the market growth. Moreover, the growing cash inflow from governments and other public bodies to conduct research on various technologies is boosting the development of futuristic medical devices.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/in-vitro-diagnostics-ivd-market-101443

Competitive Landscape

Inorganic Growth Strategies Adopted by Companies to Expand Market Presence

Key market participants, such as Sysmex Corporation, Shimadzu Corporation, Becton, Dickinson, and Company (BD), Seegene Inc., Siemens Healthineers AG, DiaSorin S.p.A., Quest Diagnostics Incorporated, Quidel Corporation, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, and Abbott, are implementing inorganic growth & expansion strategies to cement their position in the market. For example, in March 2021, F. Hoffmann-La Roche Ltd. entered into a definitive merger agreement with GenMark Diagnostics Inc. This deal was expected to help Roche gain access to GenMark’s advanced technologies to test a wide range of pathogens using a single patient’s sample.

Notable Industry Development:

• June 2022 - Agilent Technologies, Inc. launched its IVDR-compliant Class A products such as instruments, kits, and reagents. These products span the entire portfolio, from qPCR and NGS preparation instruments to staining instruments, H&E stains, and conjugated secondary antibody reagents.

List of the Companies Profiled in the Report:

• F. Hoffmann-La Roche Ltd (Switzerland)


• Abbott Laboratories (U.S.)


• Thermo Fisher Scientific Inc. (U.S.)


• Sysmex Corporation (Japan)


• Siemens Healthineers AG (Germany)


• BD (Becton, Dickinson, and Company) (U.S.)


• Seegene Inc. (Republic of Korea)


• DiaSorin S.p.A. (Italy)


• Quest Diagnostics Incorporated (U.S.)


• Bio-Rad Laboratories, Inc. (U.S.)

Further Report Findings

• North America is expected to dominate the global in-vitro diagnostics market share during the forecast period. Some of the leading factors boosting the region’s growth include the growing presence of reputed companies, such as Thermo Fisher Scientific Inc., Abbott, Danaher Corporation, and Becton, Dickinson and Company, well-established infrastructure for diagnostics, supportive government regulations, and usage of technologically advanced diagnostic techniques.


• Europe is projected to account for the second-largest market share. Some of the major factors contributing to the region’s notable growth include well-established medical infrastructure, rising expenditure on healthcare, and a large percentage of patients suffering from infectious diseases and various types of cancers.


• The molecular diagnostics segment held a leading share of the market in 2022 due to the growing demand for molecular diagnosis to treat infectious ailments. Due to the onset of the COVID-19 pandemic across the world, the SARS-CoV-2 virus that causes this infection was identified with the help of Real-Time Quantitative Reverse Transcription PCR (qRT-PCR). Moreover, constant research on this method to make it more advanced is still going on, leading to the production of advanced products.


• The clinical laboratories segment dominated the market in 2022 due to the higher number of diagnostics procedures being carried out at these medical centers. Additionally, the availability of advanced technologies and equipment in these laboratories increases the diagnosis test volume, which will ultimately contribute to the segment's growth during the forecast period.

Table of Segmentation