(PharmaNewsWire.Com, August 05, 2024 ) The report "In Vitro Diagnostics Market by Product & Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Specimen (Blood, Saliva), Test Type, Application (Oncology, Autoimmune, CVD, Infectious Diseases) - Global Forecast to 2029", is projected to reach USD 119.4 billion by 2029 from USD 85.2 billion in 2024, at a CAGR of 6.9% during the forecast period. Growth in the IVD market is mainly driven by the growing awareness of early diasease diagnosis, emergence of rapid PoC technologies, and rising adoption of automated analyzers. Introduction of disease-specific biomarkers and tests, and growth opportunities in emerging economies also contribute to the growth of the IVD market. However, an unfavorable reimbursement scenario is expected to restrain the growth of this market during the forecast period.
In 2023, the immunoassays segment held the largest share of the in vitro diagnostics market by technology segment.
Based on technology, the IVD market is broadly segmented into immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and chromatography & mass spectrometry. The immunoassays segment accounted for the largest share of the IVD market. The large share of this segment can be attributed to the high adoption and preference for immunodiagnostic techniques over other diagnostic methods and the ability of these tests to provide rapid results with minimal sample preparation needs.
In 2023, the laboratory tests segment held the largest share of the in vitro diagnostics market by test type segment.
By test type, the IVD market has been segmented into laboratory tests and PoC tests. In 2023, the laboratory tests segment accounted for the largest market share in the IVD market. The large share of this segment is attributed to the rising incidence of infectious diseases, the growing focus on early disease detection, and the increasing trend of automation. Advancements in diagnostic technologies play a crucial role in supporting the market growth of the lab tests segment.
In 2023, the infectious diseases segment held the largest share of the in vitro diagnostics market, by application segment.
Based on application, the in vitro diagnostics market is segmented into infectious diseases, oncology, endocrinology, cardiology, blood screening, genetic testing, autoimmune diseases, allergy diagnostics, drug monitoring & testing, bone & mineral disorders, coagulation testing, blood group typing, and other applications. The infectious diseases segment accounted for the largest share in the IVD market. The large share of this segment can be attributed to the rising prevalence of infectious & multi-drug-resistant infectious diseases and the growing need for effective diagnostic tools for these diseases.
North America dominates the global IVD market.
By region, the IVD market is segmented into six major regions—North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the GCC Countries. In 2023, North America accounted for the largest share in the IVD market. The market in North America is well established, with the US being a major market in this region. Growth in the North American market is mainly driven by the region's increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure. Initiatives taken by different government associations are also anticipated to boost the market growth in the coming years.
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