In Vitro Diagnostics(IVD) Market Robustly Flourishing: Expected to Reach USD 102.4 Billion in 2027
Published | 06 March 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global In-Vitro Diagnostics(IVD) market reached USD 82.3 billion in 2020 and is further projected to reach USD 102.4 billion by 2027, growing at a CAGR of 3.2% during 2021-2027 (forecast period). The growth of the global IVD market has been positively impacted by the growing demand for POC IVD devices. The recently introduced IVD instruments/devices are highly effective and easy to use, which is boosting their adoption among healthcare professionals. Also, some over-the-counter diagnostics devices, such as glucose monitoring kits, available in the market are highly preferred by elderly people, which in turn is reducing the frequency of hospital admissions.
Technological advancements in IVD tools driving the market growth
The increasing application of immunoassay in the detection of infectious microbes, such as viruses, bacteria, and fungi, through detection of their toxins is expected to grow at a lucrative rate in the coming years. The greatest market share can also be attributed to the growing prevalence of chronic diseases, such as HIV, and the advent of instruments with higher precision.
Clinical chemistry is the practical application of biochemistry and is used for diagnostics and therapeutic purposes to analyze body fluids. Serum, plasma, and urine are the most frequently tested samples in pathology. It is anticipated that the growing use of licensed blood-gas analyzers to track respiratory conditions would drive the growth of the IVD market. For example, in March 2020, Siemens Healthineers AG earned U.S. FDA approval for the blood gas analyzer called Rapidpoint 500e, which obtained the CE-IVD mark in August 2019. Likewise, in March 2020, Abbott launched a molecular point-of-care test to detect novel coronavirus in as little as five minutes.
Growing prevalence of chronic and infectious diseases in geriatric population augmenting market growth
The growth of the IVD market would be positively influenced by the growing geriatric population in developed as well as emerging regions. With the exponential growth of the geriatric population globally, it is predicted that the incidence of age-related diseases will increase significantly. According to The Organization for Economic Cooperation and Development (OECD), the number of older people living in the US in 2019 was 54 million. Huge and increasing geriatric populations also exist in other developed economies around the world. For example, in Japan, followed by Germany, the ratio of the elderly population to the active population is the largest. Japan's total population is about 126 million, with older people accounting for more than 28 percent of the population.
Major growth in demand coming from hospital segment
Based on end-users, the market has been segmented into: hospitals, point-of-care testing, laboratories, and academic institutes. It is anticipated that the hospital segment would dominate the market during the forecast period. This is due to increasing hospital admissions, which call for diagnostic interpretation by doctors for further care. Most of the diagnostic centers collaborate with hospitals; thus, hospitals have their own diagnostic setup. Additionally, it is expected that the ongoing expansion of healthcare infrastructure would boost existing hospital facilities. The demand for hospital-based IVDtests is thus growing.
Home care refers to compassionate care provided by licensed healthcare practitioners at home, or patients' self-care. The majority share of the home care market is accounted for by self-care devices. It is more convenient as it minimizes hospital visits. With a higher CAGR over the forecast period, the home care segment is projected to see the highest growth due to the growing geriatric population and increasing demand for in vitro diagnostic devices for home care. Other end-users of IVDinclude laboratories, outpatient care facilities, colleges, and academic institutions, especially in emergency situations and research institutes. POC tests are also conducted by such healthcare facilities to track or diagnose diseases. Due to lower costs and faster results, high acceptance of these tests by the above-mentioned entities is expected to drive the growth of the market.
Reagent segment occupies the largest market share
The growth of this segment can be attributed to the growing demand for rapid, accurate, and sensitive devices.The increasing use of such devices in in-vitro diagnostics research, along with increased demand for self-testing, point-of-care products, and an increase in the number of reagent-related R&D initiatives are expected to support market development. Additionally, equipment and machines also referred to as analytical tools, help simplify the diagnostics process and bring reagents and samples together. Nowadays, commercial kits and robots are also used to help identify and measure infectious microorganisms, blood antigens and viral load in polymerase chain reaction (PCR) laboratories.
Global IVD Market: Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It is anticipated that North America will account for the largest revenue share in the market due to the local presence of major market players. Additionally, the need for better diagnostics devices is being propelled by increasing disease prevalence and increased customer awareness. The market is projected to witness the highest growth over the forecast period in the Asia-Pacific as it consists of several emerging economies. Increased awareness about healthcare and the growing need for early diagnosis among patients in the area, along with a high prevalence of chronic diseases are expected to fuel the market.
The leading players include Abbott, Danaher, Siemens Healthineers AG, Roche Diagnostics, Sysmex Corporation, QIAGEN, Quidel Corporation, Quest Diagnostics, Agilent Technologies, and Bio-Rad Laboratories.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global IVD market size & forecast. The report promises to provide recent technology trends of the global in-vitro diagnostic market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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