Published Date : 07 Apr 2023
The key drivers of the in vitro diagnostics markets expansion are the aging population, the prevalence of infectious and chronic diseases, and the availability of automated in vitro diagnostic technologies that allow hospitals to make precise diagnoses.
The size of the global in vitro diagnostics market is set to hit almost USD 125.78 billion by the end of 2030 and is poised to grow at a CAGR of 4.94% during the forecast period from 2022 to 2030.
Testing carried out on human bodily tissue or blood samples is known as in vitro diagnostics (IVD). In vitro diagnostics (IVD) is the field of medicine that uses reagents, equipment, and software to analyze samples collected from human bodily fluids such as blood, urine, feces, tissues, and other physiological fluids to identify diseases, abnormalities, and infections. There are a few IVD device types that use a variety of methods, such as molecular diagnostics, tissue diagnostics, immunodiagnostics, and hematological diagnostics.
The prevalence of routine check-ups has increased due to the aging population and better knowledge of early detection because most fatal infections and chronic disorders affect people over 75. According to data made public by the United Nations, 900 million people worldwide are above the age of 60. In addition, the World Health Organization predicted that by 2020, there would be fewer children under the age of five than there are individuals over the age of 60. As a result, the market is developing due to the rising older population and the resulting need for tests based on immunoassays.
In Vitro Diagnostics Market Report Scope:
|Market Size in 2023||USD 89.75 Billion|
|Projected Forecast Value in 2030||USD 125.78 Billion|
|Growth Rate||4.94% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Product, By Test Location, By Technology, By Application, By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America is expected to dominate the global market because of the population's high level of healthcare literacy and its sophisticated healthcare infrastructure. The prevalence of a sizable population dealing with a variety of chronic conditions, the accessibility of devices, and the rising awareness of these products' use all contribute to the market's expansion. Both primary and secondary sources were used to calculate the size of the in-vitro diagnostics market in North America. The approach also aims to provide a market overview and prediction for the in-vitro diagnostics market in North America, taking into account all relevant regional segments.
Asia Pacific accounted for the largest revenue share in 2022, and it is anticipated to continue the same pattern over the projection period. In vitro, diagnostic tests are utilized in the diagnosis of infectious disorders, cardiological problems, cancer, diabetes, and others. The rise in diabetes incidence and rising healthcare expenditure in Asia-Pacific have both been linked to the region's growth.
High prevalence of chronic diseases
One of the factors driving the global IVD market is the increase in infectious and chronic diseases. According to the WHO, chronic disorders are a growing global issue that accounts for 60% of all fatalities worldwide. Diabetes, cancer, respiratory problems, and heart disorders are the most common chronic diseases. Because of an increase in unhealthy lifestyles, junk food consumption, and environmental concerns, the prevalence of chronic diseases has grown. Malnutrition, an excessive diet, smoking, drinking, abusing drugs, anxiety, and other detrimental behaviors are examples of unhealthy lives. These behaviors may lead to diseases such as metabolic disorders, joint problems, heart disease, diabetes, and obesity. Thus, these factors are boosting In vitro diagnostics market.
Unfavorable reimbursement procedures
Reimbursement is one of the key elements in determining the success of an IVD product. Payment for medical services is a crucial aspect of the healthcare system, and reimbursement will continue to have a significant influence on both the use of current products and new development. Certain infectious disease pathology tests are invoiced using unlisted codes because they lack a unique Healthcare Common Procedure Coding System (HCPCS) code.
In certain circumstances, the Medicare Administrative Contractors (MACs) decide on a payment sum for respective regional jurisdictions. Similarly, a key barrier to implementing innovative diagnostic procedures in clinical laboratories is a reduction in funding and increased fiscal worries among healthcare institutions.
Technologies advancement in in vitro diagnostic products
When paired with in vitro diagnostics, molecular diagnostics, point-of-care (POC), liquid biopsies, Internet of Things (IoT), and artificial intelligence (AI) technology, these are the technologies that have been most severely influenced by these trends. The IVD industry has benefited greatly in recent years from rapid test kits and other in vitro technological advancements and is expected to continue to do so in the future.
In-vitro diagnostics are used in medicine in several instances. In vitro diagnostic testing has also become more popular globally. This is due to a rise in point-of-care testing public profile. Major corporations, for instance, are concentrating on the introduction of new mobile, handheld, and portable devices that may be utilized outside of a laboratory environment.
In vitro diagnostic equipment is quite expensive
The market expansion of this industry is being hampered by the high cost of in vitro diagnostics equipment and their maintenance. Also, this equipment needed to be operated by trained specialists. As a result, the item requires more maintenance, which slows down the market's expansion as a whole. RT-PCR might cost anything between $15,000 and over $90,000. The main obstacle in this discipline is the limited use of in vitro diagnostics due to cost considerations.
Major Key Players:
By Test Location
By End User
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