DUBLIN--(BUSINESS WIRE)--The "In Vitro Diagnostics Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Overall world revenue for the In Vitro Diagnostics Market will surpass US$100 billion in 2024
The In Vitro Diagnostics Market Report 2024-2034: This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.
Technological Advancements Propelling Industry Growth
The surge in precision, portability, and affordability of diagnostic technologies is significantly driving growth in the market. The global adoption of innovative in-vitro diagnostic (IVD) tests is gaining momentum, fuelled by the introduction of advanced and highly accurate clinical laboratory tests. For instance, in June 2023, Japan's Ministry of Health, Labour, and Welfare granted approval for Toray Industries, Inc.'s Toray APOA2-iTQ, a diagnostic tool for pancreatic cancer.
Likewise, in March 2023, the U.S. FDA approved Abbott's pioneering blood test for Traumatic Brain Injury (TBI). The successful approval and deployment of such cutting-edge IVD tests for critical health conditions are poised to unlock substantial commercial opportunities, positioning companies at the forefront of this evolving landscape. This trend underscores the importance of investing in research and development to remain competitive and responsive to emerging healthcare needs.
Segment Analysis
In 2024, the reagents segment is projected to hold over 50% of the market share, and is expected to maintain its dominance with the highest compound annual growth rate (CAGR) projected from 2024 to 2034. This growth trajectory is driven by extensive research and development initiatives undertaken by major industry players to innovate novel reagents and diagnostic kits.
A noteworthy example is BD's market authorization in February 2023 for the BD Onclarity HPV Assay, which is used in conjunction with the ThinPrep Pap Test in the United States. Such advancements underscore the increasing emphasis on research and development aimed at enhancing rapid cancer diagnostics and precision medicine solutions, allowing companies to capitalize on specialized and lucrative niches within the in-vitro diagnostics (IVD) sector.
Additionally, in March 2023, QIAGEN entered into a collaboration with Servier to develop a companion diagnostic test for TIBSOVO, designed for treating acute myeloid leukaemia. This partnership exemplifies the industry's heightened focus on precision medicine, which is driving demand for innovative reagents and consumables.
As the field of precision medicine continues to evolve, the need for novel products is expected to grow, positioning the reagents segment as a critical catalyst for market expansion. Companies that invest in this area will be well-positioned to lead in the competitive landscape of IVD solutions.
Key Questions Answered
- How is the in vitro diagnostics market evolving?
- What is driving and restraining the in vitro diagnostics market?
- How will each in vitro diagnostics submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each in vitro diagnostics submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading in vitro diagnostics markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the in vitro diagnostics projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of in vitro diagnostics projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the in vitro diagnostics market?
- Where is the in vitro diagnostics market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, and restraints), Porter's Five Forces Analysis, PEST Analysis and recent developments.
In Vitro Diagnostics Market Dynamics
In Vitro Diagnostics Market Driving Factors
- Increasing Prevalence of Chronic Diseases
- Rising Demand for Personalized Medicine
- Advancements in Diagnostic Technologies
- Growing Adoption of Point-of-Care Testing
- Expanding Healthcare Infrastructure in Emerging Economies
- Rising Awareness About Early Disease Detection
- Government Initiatives Supporting Healthcare Reforms
Market Restraining Factors
- High Costs of Advanced Diagnostic Tests
- Stringent Regulatory Frameworks
- Limited Accessibility in Low-resource Regions
- Shortage of Skilled Professionals for Handling IVD Devices
- Reimbursement Challenges for Novel Diagnostic Tests
Market Opportunities
- Integration of AI and Machine Learning in Diagnostics
- Expansion into Untapped Markets in Developing Regions
- Growing Demand for Home-based Diagnostics
- Development of Advanced Biomarkers
- Increasing Collaborations Between Diagnostic Companies and Healthcare Providers
- Rising Focus on Preventive Healthcare Strategies
- Growth in Molecular Diagnostics and Genetic Testing
Leading Companies
- QIAGEN
- BD
- BioMerieux SA
- F. Hoffmann-La Roche, Ltd.
- Quidel
- Ortho Corporation
- Abbott
- Agilent Technologies, Inc.
- Thermofisher Scientific, Inc.
- Siemens Healthineers AG
- Bio-Rad Laboratories, Inc.
- Danaher
- Sysmex Corporation
- Charles River Laboratories
- Quest Diagnostics Incorporated
- Illumina, Inc.
- Hologic
- Revvity
- Exact Sciences
Segments Covered in the Report
Product
- Instruments
- Reagents & Kits
Test
- Clinical Chemistry
- Immunoassay/Immunochemistry
- Molecular Diagnostics
- Hematology
- Urinalysis
- Others
Application
- Cardiology
- Diabetes
- Oncology
- Infectious Diseases
- Nephrology
- Autoimmune Diseases
- Drug Testing/Pharmacogenomics
- Others
End-users
- Academic & Research Institutes
- Diagnostic Laboratories
- Hospitals
- Others
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
MEA
- GCC
- South Africa
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/q40krp
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