In Vitro Diagnostics Ivd Market, By Product (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay, Hematology, Molecular Diagnostics, Microbiology, Coagulation, Others), By Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disorders, Others), By End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI195

Pages :262

Formats :

Excel and PDF

Industry : Clinical Diagnostic

In Vitro Diagnostics Ivd Market Size and Trends

In-vitro diagnostics market is estimated to be valued at USD 118.98 Bn in 2024 and is expected to reach USD 182.82 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

In Vitro Diagnostics Ivd Market Key Factors

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The market is expected to witness positive growth over the forecast period owing to rising geriatric population globally and increasing adoption of point-of-care testing. Demand for in-vitro diagnostic tests is increasing due to rising prevalence of chronic and infectious diseases. Additional factors such as technological advancements in IVF technologies, growing awareness regarding early disease diagnosis, growing demand for personalized medicine will further drive the market growth during this period.

Rising incidence of chronic disorders

The changing lifestyle and dietary patterns prevalent worldwide has led to increase in chronic medical ailments. Conditions like cardiovascular disease, diabetes, cancer are no longer perceived as diseases of affluence but have affected people across socioeconomic classes. Long-term exposure to environmental contaminants and rising levels of stress have further contributed to non-communicable diseases gaining epidemic proportions in many developed and developing regions. Unlike acute illnesses, these long-lasting health issues require constant clinical monitoring and therapy adjustments based on test results. Advanced diagnostic assays aid in prognostication and disease management by identifying biological markers, characterizing the extent or stage of the disease, detecting treatment effectiveness or resistance. These empower physicians to personalize treatment approaches.

/p>Increasing new product launches

Increasing new product launches by key market players is expected to drive the global in-vitro diagnostics market growth. For instance, in June 2022, Streck, a manufacturer of laboratory products, announced the commercialization of the Streck Viral Extraction Kit with partner Ceres Nanosciences, a life sciences company. Streck has developed a virus extraction kit using Nanotrap technology to reduce manual effort and simplify the workflow for isolating SARS-CoV-2 and Influenza A from clinical samples.