Throughout the forecast period, the in vitro diagnostics market is expected to grow at a stable CAGR of 4.8%. In 2023, the market is worth US$ 81.3 billion, and by 2033, it is expected to be worth US$ 129.9 billion. The urgency to deliver care locally to patients has resulted in likely promote a rise in the proportion of testing performed outside of the traditional laboratory in the coming years. Over the last two decades, the list of tests that can be conducted with Point of Care testing devices has grown significantly.
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According to the research report on the in vitro diagnostics market, consumers are becoming more conscious of the importance of regular health checkups. As a result, as one of the most recent methods of detecting problems, the demand for improved in vitro diagnostics is increasing. The key to every diagnostic procedure is to examine blood and urine samples before diagnosing and monitoring them in the lab. In addition, the incorporation of modern automation and instrumentation, as well as quality controls and quality assurance software, is expected to revolutionise the market in the future. The government is boosting its investment in microfluidic technology in order to improve in vitro diagnostic solutions.
Key Takeaways
- The frequency of age-related diseases is anticipated to surge dramatically as the world’s elderly population grows increasingly. Biomarkers are also expected to have a lot of clinical value and interest in the medical business because they can help with illness screening, treatment, and medication.
- The easy accessibility of biomolecular tools and the incorporation of biomarkers are projected to aid in the creation of a new variety of condition-specific tests, giving rise to new in-vitro diagnostics products.
- The IVD industry is predicted to be characterized by fierce competition. As competitors try to maintain their presence within the global landscape with meticulous research and development in the field, the in-vitro diagnostics market adoption is fast evolving with automation, AI, and advanced data analytics.
- In order to fulfill the changing demand for in-vitro diagnostics from several providers including clinical laboratories and point-of-care diagnostic centers, companies have begun to automate diagnostic testing.
- With the introduction of quick POC technology, several facilities were able to streamline workflows and reduce personnel requirements in order to process a larger sample load. In addition to that, diagnostic testing and laboratory industries have combined together to help public health efforts, provide data for testing, and develop new transformational diagnostic technologies.
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Competitive Landscape
Biomarkers and essays for specific diseases are being rapidly developed over the projection period. The integration of biomarkers and the availability of biomolecular tools are anticipated to help the development of a new set of condition-specific tests, thereby expanding the in-vitro diagnostics industry reach. In addition to that, the development of new biomarkers for diagnosing several diseases, particularly cancer, has revolutionized medicine. Biomarkers have become more effective in illness identification thanks to advances in sequencing technology and a better understanding of genetics. As a result, demand for precision medicine is likely to rise, providing considerable potential prospects for in-vitro diagnostics market size growth.
More Insights into the In Vitro Diagnostics Market
The global in vitro diagnostics market is separated into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America is anticipated to dominate the global in vitro diagnostics market during the forecast period attributing to the well-established healthcare infrastructure in the region and increased healthcare awareness among patients, as well as Obama’s Affordable Care Act (ACA), technological advancements, and a recovering American economy.
Owing to the surge in healthcare expenditure and the incidence of diabetes in the region, Asia-Pacific is predicted to expand at the quickest rate throughout the projection period. Several chronic diseases within a large patient population contribute to the Asia-Pacific market’s growth.
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Key Segments
By Product & Service:
- Reagents
- Instruments
- Services & Software
By Technology:
- Immunodiagnostics
- Hematology
- Molecular diagnostics
- Tissue diagnostics
- Clinical chemistry
- Others
By Application:
- Infectious diseases
- Cancer
- Cardiac diseases
- Immune system disorders
- Nephrological diseases
- Gastrointestinal diseases
- Others
By End User:
- Standalone laboratories
- Hospitals
- Academics & Medical Schools
- Point-of-Care
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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