The in vitro diagnostics market is likely to thrive at an average CAGR of 4.8% between 2023 and 2033. The market is anticipated to cross a market share of US$ 129.9 billion by 2033 while it is valued at US$ 81.3 billion in 2023.
- Advanced medical science and complex diseases are fueling the demand for enhanced IVD tests. Furthermore, new healthcare awareness programs are pushing the agenda of better diagnostics for the finest treatment.
- Used for testing samples such as blood and saliva through concentration measuring and marker detection, in vitro diagnostic devices and solutions are anticipated to simplify diagnostic practices and shape them according to future health threats.
- Higher research and development along with the integration of the laboratory sector with diagnostic testing to aid public health is fueling the demand for in vitro diagnostic solutions.
- Advanced screening tools with enhanced efficiency and better digital monitoring are expected to make diagnostic procedures easy and smooth. Thus, the in vitro diagnostics market size is likely to expand during the forecast period.
- The growth of a common awareness around health and health risks is forcing people to keep a check on their health and optimize the latest tools for so.
- Microfluidic technologies are the leading sect that is expected to add significant advancements in in-vitro diagnostics solutions.
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Key Points
- The United States market leads the space in terms of market share. The market is expected to cross a value of US$ 51.9 billion by 2033. The regional market is expected to thrive at a CAGR of 4.4% between 2023 and 2033.
- The Indian in vitro diagnostics market leads in terms of CAGR. It thrives at a steady CAGR of 8.8% during the forecast period. The market is likely to reach a value of US$ 5.6 billion by 2033. Asian economies like India and China building their healthcare infrastructure by advancing them with the latest diagnostics solutions for early detection and faster prevention.
- Clinical chemistry is likely to thrive in the technology-type category as it covers massive diagnostic operations along with the prevention of life-threatening cancers. It is expected to thrive at a CAGR of 4.2% during the forecast period.
- The infectious disease segment tops the application category with a CAGR of 4.6% between 2023 and 2033. The growth is attributed to higher consumption.
Competitive Landscape
The key competitors focus on developing efficient, faster, and effective detection technology. Key competitors also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market are: Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott, Thermo Fisher Scientific
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For Instance:
- Roche diagnostics has introduced its in vitro diagnostics (IVDs) that are to cover conditions and infections through blood tissue and urine. Furthermore, advanced diagnostic tools are launched by the company.
- Thermo Fisher Scientific has introduced its testing categories such as advanced instruments and automation technology, disease diagnostic, quality controls, and quality assurance software.
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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