In Vitro Diagnostics Market Trends: Rising Demand for Point-of-Care Testing and Personalized Medicine Solutions

The global In Vitro diagnostics market size is expected to reach USD 101.58 billion by 2030, and is projected to grow at a CAGR of 4.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing automation in IVD systems has led to an increase in their efficiency, accuracy, and error-free diagnoses. Therefore, there has been an increasing adoption of automated IVD systems by laboratories and hospitals on a large scale. This is a primary factor which has led to its market growth. In addition, several key players are innovating and launching new products, leading to market growth.

The growth in the prevalence of chronic and infectious diseases has led to the increasing demand for in vitro diagnostics. Post-pandemic, there have been several healthcare initiatives implemented by the government as well as non-government organizations to improve healthcare systems including diagnostic and laboratory tests. These initiatives are proving to be advantageous for the in vitro diagnostics leading to its market growth. In addition, the increasing geriatric population globally and the growing awareness regarding early testing and regular health checkups have also led to the growth of the market.

The report “In Vitro Diagnostics (IVD) Market Size, Share & Trends Analysis Report By Product (Instruments, Reagents), By Test Location, By End-use (Hospitals, Laboratory), By Application (Diabetes, Oncology), By Technology, By Region, And Segment Forecasts, 2024 - 2030” is available now to Grand View Research customers and can also be purchased directly

The market is witnessing an increasing number of innovations in molecular diagnostics and immunoassay testing for multiple disease diagnoses. Veracyte collaborated with Illumina to launch new molecular tests for decentralized IVD applications in 2023. The players are specifically working on the development of Prosigna breast cancer and Percepta nasal swab tests. The Prosigna test calculates the recurrence risk score for the cancer, where the score ranges between 0 to 100. In addition, Abbott received U.S. FDA clearance for its new laboratory Traumatic Brain Injury (TBI) blood test in the U.S. in March 2023. Furthermore, the increase in the number of approvals of IVD tests developed for life-threatening diseases can create new opportunities in the untapped market.

In Vitro Diagnostics Market Report Highlights:

• In terms of product, the reagents segment held the largest share of 65.88% of the overall revenue in 2023. The segment is expected to retain its dominance, growing at the fastest CAGR from 2024 to 2030 owing to the extensive R&D initiatives undertaken by major players to develop novel reagents and test kits.
• Based on technology, the coagulation segment is expected to grow at the fastest CAGR from 2024 to 2030. The growth of the segment can be attributed to the increasing prevalence of cardiovascular diseases, blood-related disorders, and autoimmune diseases.
• In terms of end use, the hospitals segment held the largest revenue share in 2023 due to the growing number of hospitalizations that need support from faster diagnostics. Moreover, the ongoing development of healthcare infrastructure and favorable initiatives taken by government bodies are anticipated to enhance the existing hospital facilities. Thus, the demand for hospital-based IVD tests is increasing.
• In terms of test location, the homecare segment is expected to grow at the fastest CAGR from 2024 to 2030 due to the increasing reliability of these tests and the patient-centric approaches of manufacturers.
• Based on application, the oncology segment is anticipated to grow at the fastest CAGR over the forecast period. The increasing incidence of cancer coupled with a high mortality rate is increasing the demand for cancer biomarker tests at an early stage.
• North America dominated the global market with a revenue share of 42.28% in 2023. The North America market is driven by various factors, such as the rising incidence of chronic diseases, the presence of strong players, the increasing number of novel test launches, and supportive government funding.

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