In-vitro Diagnostics Market size is expected to cross USD 105 Million by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of in-vitro diagnostics was over USD 70 Million. The growth of the market can be attributed to the rising demand for PoC and home tests, and laboratory-based tests as these are more dependable due to their higher accuracy, providing them an advantage in the market. Moreover, the increase in hospitalizations that need support from quicker diagnostics. Hence, it is projected that the continued expansion of the healthcare infrastructure would improve the current hospital facilities. As a result, there is a growing need for IVD testing performed in hospitals. Hospitals purchase the majority of IVD equipment and use it extensively. Because IVD tests yield quicker and more precise findings, approximately 6,093 hospitals in the U.S. was predicted to depend constantly on IVD assistance for essential decision-making in 2022.
The FDA will give home-based molecular diagnostic testing priority in 2021. The release of BATM Advanced Communications Ltd.'s molecular diagnostics self-test kit for COVID-19 detection was announced in March 2021. Furthermore, these tests provide a reduced threat of replacements by enabling early disease detection. All these factors are estimated to boost market growth. Additionally, the number of routine check-ups has been increasing as a result of the aging population and increasing understanding of early detection, as the majority of deaths from infections and chronic illnesses affect people over 75. According to the Office for Budget Responsibility in the UK, healthcare expenses have increased at an exponential rate, putting financial strain on countries that are rapidly aging. Therefore, this expenditure is estimated to have a favorable impact on the in-vitro diagnostics market and industry.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 70 Million |
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Forecast Year Market Size (2033) |
~ USD 105 Million |
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Regional Scope |
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Product Type (Instruments, Reagents & Consumables)
The global in-vitro diagnostics market is segmented and analyzed for demand and supply by product type into reagents & kits, instruments, and services. The faster detection of chronic diseases and genetic disorders is most likely to drive the growth of this segment. Based on application, it is segmented into infectious diseases, cardiology, oncology, gastroenterology and others. The oncology segment is expected to grow in the forecast period, owing to the growing cases of cancer worldwide. According to the WHO data, over 10 million deaths were caused by cancer in 2020.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Test |
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By Application |
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The North America in-vitro diagnostics market is projected to hold the largest market share by the end of 2033. The market in North America is driven by the increasing requirement of genetic testing for personalized health care, diabetes, and cancer. According to the International Diabetes Federation (IDF), it was estimated that around 32.2 million people in the U.S., were suffering from diabetes in 2021. On the other hand, the market in the Asia Pacific region is also expected to be the fastest-growing regional market during the forecast period, with driving factors such s, the presence of stabilizing economies, the rapid growth of the middle-class population, and rapid urbanization.
Abbott Laboratories received US FDA clearance for the Freestyle libre 2 iOS application for use with compatible iPhones.
Roche Diagnostics launched the Cobas pulse system, a blood glucose management solution with mobile digital health capabilities to improve patient care.
Author Credits: Radhika Gupta, Shivam Bhutani
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