Global In Vitro Diagnostics Market - Forecasts from 2024 to 2029

The global in-vitro diagnostics market is anticipated to expand at a CAGR of 6.11% throughout the forecast period, from US$103.415 billion in 2024 to a total market value of US$139.084 billion in 2029.

The in vitro diagnostic (IVD) market growth is ascribed to various components, like the rising predominance of infectious and persistent ailments. Rising utilization of point-of-care diagnostics and inventive technological progressions related to in-vitro diagnostics product profiles will surge market growth. Rising awareness among the general population for disease prevention and the adoption of personalized medications and treatment procedures will expand the industry in the coming years.

Additionally, with the fast increment in cancer cases, there will be a rise in the requirement for symptomatic and diagnostic courses for detecting and preventing cancer at an early stage, which can develop the in vitro diagnostics industry in the forecasted period. World Health Organization reported in February 2024 that the number of new cancer cases was 20 million in 2022 worldwide and is predicted to rise by 77% by 2025, with more than 35 million new cases to be recorded. This expansion is credited to population aging, population rise, and changes in exposure to risk variables, such as tobacco, alcohol, air pollution, and obesity.

GLOBAL IN-VITRO DIAGNOSTICS MARKET DRIVER:

• The increased prevalence of chronic and infectious diseases, as well as an aging population, is expected to boost the market expansion.

The increasing geriatric population in developed and developing countries would positively contribute to the IVD market. The predominance of age-related disorders is anticipated to rise significantly as the world's aging population develops quickly. The aging population is increasing and growing in other industrialized economies globally. Japan, for instance, has the most elevated proportion of the elderly population to the productive population, followed by Germany. The American Medical Association reported that by 2030, it is anticipated that 60% of individuals aged 65 and over will have more than one chronic illness. Subsequently, the worldwide predominance of diverse diseases is expected to grow as the geriatric population increases. This is regarded as a major driver for IVD market expansion.

Additionally, the global burden of chronic diseases like cardiovascular diseases (CVDs), diabetes, respiratory illness, and cancer has been increasing rapidly. In-vitro diagnostic tests will empower the early diagnosis and discovery of these illnesses by using biomarkers and detecting disorders advancement by physiological changes. The rise in chronic illness can be due to numerous components majorly lifestyle-related, like unhealthy diet, use of tobacco, growing alcohol consumption, and inactive life.

In addition, as per the International Diabetes Federation's (IDF) latest report of November 2023, 537 million adults, i.e., 1 in each 10, were living with diabetes in 2021, with the number expected to rise to 643 million by 2030 and 783 million by 2045. 44% of adults stay undiagnosed, which is approximately 1 in 2, with the larger part having type 2 diabetes. Over 3 in 4 diabetes patients live in low and middle-income nations, and 541 million adults have a high chance of developing type 2 diabetes. Moreover, the rising focus of healthcare organizations and governments on preventative measures for controlling the increasing burden of chronic illness will additionally propel market growth in the predicted period.

GLOBAL IN-VITRO DIAGNOSTICS MARKET RESTRAINT:

• Unfavorable reimbursement can hinder the market growth.

Inadequate reimbursement is a substantial barrier to the IVD market development. A couple of years ago, Medicare in the US changed how it repaid several IVD tests, including molecular diagnostics. Few molecular pathology tests do not have their claim Healthcare Common Procedure Coding System (HCPCS) codes, so they are charged utilizing unlisted codes instead. Medicare Administrative Contractors (MACs) set an installment sum for their nearby purviews on such occasions. These changes will likely harm the molecular and hereditary testing industry within the United States, constraining the IVD market's expansion.

Global In-Vitro Diagnostics Market Geographical Outlook

• The North American region is expected to hold a substantial market share.

North America is anticipated to be the biggest market for in vitro diagnostics amid the projected period, and it is likely to proceed to do so due to its well-developed healthcare framework and rising healthcare mindfulness among patients. Other components that contribute to the market's development include the availability of devices, expanded knowledge about their utilization, and the presence of many populations suffering from diverse chronic conditions. Another component driving the in vitro diagnostics market development is the presence of many major companies in North America. Moreover, due to an increase in healthcare expenditure, the rate of diabetes in the region is expected to extend at the highest rate throughout the projection period. Conceivable factors, such as the huge populace of patients with other chronic illnesses that necessitate IVD testing, are fueling the regional market's expansion.

Global In-Vitro Diagnostics Key Market Developments:

• May 2023- Thermo Fisher Scientific and Pfizer agreed to expand local access to next-generation sequencing (NGS)-based testing for lung and breast cancer patients in over 30 countries, including Latin America, Africa, the Middle East, and Asia. The collaboration aims to bring rapid NGS testing to decentralized labs closer to patients' treatment sites. Thermo Fisher works by detecting local labs by employing its NGS technology, ensuring they have the required infrastructure, trained workforce, and quality control measures. At the same time, Pfizer operates to provide affordable patient access to NGS tests and increase healthcare providers' awareness of innovative testing.
• May 2023- Siemens Healthineers introduced two high-volume hematology test systems, the Atellica Hema 570 Analyzer and the Atellica Hema 580 Analyzer, which clear out labor barriers in hematology testing. These analyzers execute complete blood counts (CBC), among the most performed diagnostic tests in laboratories. They provide connectivity, intuitive interfaces, automation, and integrated rules-based testing to interpret complex patient results efficiently. These solutions address the requirement for high-volume hematology testing and deliver critical data reliably.
• May 2023- Hologic Inc., a global leader in women's health, announced a collaboration with NFL cornerback Kelee Ringo, who was drafted recently, and his mother Tralee Hale, a breast cancer survivor, to raise awareness among women about the importance of making yearly mammograms and other critical health screenings a primacy.

Market Segmentation:

The Global In-Vitro Diagnostics market is segmented and analyzed as below:

By Technique

• Immunoassay
• Molecular Diagnostics
• Hematology
• Others

By Application

• Infectious diseases
• Autoimmune diseases
• Drug Testing
• Oncology
• Others

By End-User

• Diagnostic Laboratories
• Hospitals and Clinics
• Research Laboratories and Institutes

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• Australia
• Taiwan
• Thailand
• Indonesia
• Others