IN VITRO DIAGNOSTICS IVD MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant region in the global in-vitro diagnostics market and is expected to hold 43.8% of the market share in 2024. The large presence of leading IVD companies such as Thermo Fisher Scientific, Abbott Laboratories, and Becton Dickinson has enabled the region to evolve considerably over the years in terms of innovation and product offerings. With some of the most stringent regulatory guidelines enforced by authorities such as the U.S. FDA, North American companies have set the benchmark for producing high-quality diagnostics products. Most new diagnostic technologies and platforms are commercialized first in this region, allowing companies to gain large market share before expanding globally. In addition, favorable reimbursement policies for diagnostic tests make the region highly lucrative.

The Asia Pacific region, on the other hand, is emerging as the fastest growing market. Several factors are contributing to this rapid growth like improving healthcare infrastructure, rising medical tourism, and growing investments by foreign players looking to tap the opportunities in developing economies. Country-level analyses indicate China and India will spearhead growth due to their huge patient populations and increasing healthcare expenditures. Both nations are working to reduce their dependence on imports and promote local manufacturing of IVD devices and reagents. Several global companies have established manufacturing facilities as well as research centers in these countries. Meanwhile, other Asian economies like South Korea, Japan, Singapore, Malaysia and Thailand offer attractive business environments and act as manufacturing and export hubs to cater to the demand across Asia and other regions.