The in vitro diagnostics (IVD) market involves the use of reagents, instruments, and systems to perform tests on samples like blood, urine, and tissue that have been extracted from the human body. IVD products enable the diagnosis of conditions like infectious diseases, diabetes, cancer, and cardiac disorders. Commonly used IVD technologies include clinical chemistry, immunodiagnostics, molecular diagnostics, microbiology, and hematology. The integration of advanced technologies like automation, microfluidics, and biosensors is enhancing efficiency, accuracy, and speed of diagnoses.
In-vitro diagnostics market is estimated to be valued at USD 118.98 Bn in 2024 and is expected to reach USD 182.82 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Growth in the geriatric population and rising In Vitro Diagnostics IVD Market Trends for rapid, decentralized diagnostic services are fueling market expansion. Furthermore, advances in molecular diagnostics aimed at detecting genome mutations and specific gene expressions are poised to revolutionize disease management.
Key Takeaways
Key players operating in the in vitro diagnostics market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., Becton Dickinson and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray Inc., Nittobo Medical Co. Ltd., Medical and Biological Laboratories Co. Ltd., Miraca Holdings Inc., Mizuho Medy Co. Ltd., and Thermo Fischer Scientific Inc, Diasorin, Agilent Technologies, Inc, Grifols SA.
The COVID-19 pandemic highlighted key opportunities for scaling up testing capacities and telehealth. Growing demand for point-of-care testing and home testing products are fueling market revenues. Meanwhile, advances in molecular diagnostic techniques like whole genome sequencing, polymerase chain reaction (PCR), and microarray analysis are enabling early-stage disease detection.
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