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Exploring the Growth of the In Vitro Diagnostic (IVD) Market: Key Trends and Insights
The In Vitro Diagnostic (IVD) market is projected to be valued at USD 95.59 billion in 2024, with expectations to grow to USD 125.61 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.62% during the forecast period from 2024 to 2029
The In Vitro Diagnostic (IVD) market has been experiencing robust growth, fueled by advancements in medical technology, an aging population, and increasing demand for early diagnosis and precision medicine. IVD refers to tests conducted on biological samples such as blood, urine, and tissues to diagnose diseases, monitor health conditions, or predict treatment outcomes. These diagnostic tests are critical in guiding clinical decisions and improving patient care.
Key Drivers of the IVD Market
Technological Advancements Cutting-edge technologies like molecular diagnostics, next-generation sequencing (NGS), and point-of-care (POC) testing are revolutionizing the IVD market. Molecular diagnostics, in particular, allow for the detection of specific genetic markers, enabling early detection of diseases such as cancer and genetic disorders. NGS is enhancing personalized medicine by identifying precise mutations in a patient’s DNA, making treatments more targeted and effective.
Aging Population and Chronic Diseases The global aging population is contributing to the rise in chronic diseases such as diabetes, cardiovascular conditions, and cancer. As these conditions require continuous monitoring and management, the demand for IVD tests has increased. For instance, diabetes patients rely on glucose monitoring systems, which are a significant segment of the IVD market. This trend is expected to drive further growth in the coming years.
Rising Demand for Point-of-Care Testing POC testing, which allows for rapid diagnostic results at the patient’s bedside or in non-laboratory settings, is becoming increasingly popular. This technology enables quicker decision-making, especially in emergency situations, and reduces the need for centralized lab facilities. With advancements in POC technology, tests for conditions like COVID-19, diabetes, and infectious diseases are becoming more accessible and efficient.
Personalized Medicine and Companion Diagnostics The shift towards personalized medicine is one of the most significant trends in healthcare today. Companion diagnostics, a segment of IVD, plays a crucial role in determining the suitability of specific therapies based on a patient’s genetic makeup. This approach not only enhances treatment effectiveness but also minimizes adverse drug reactions, improving patient outcomes.
COVID-19 Impact The pandemic significantly boosted the IVD market, particularly in the areas of molecular diagnostics and POC testing. The urgent need for COVID-19 testing drove innovations in rapid testing kits, which have now become a critical part of pandemic management. As healthcare systems around the world continue to prioritize pandemic preparedness, this surge in demand for infectious disease testing is expected to persist.
Challenges Facing the IVD Industry
Despite the positive growth trajectory, the IVD market faces several challenges:
Regulatory Hurdles: IVD products must undergo stringent regulatory approvals before being brought to market, which can delay commercialization. Different regions have varying regulatory requirements, adding complexity for companies operating globally.
Reimbursement Issues: Securing reimbursement for IVD tests, especially in the case of novel diagnostics, can be a barrier to widespread adoption. In many markets, healthcare systems may be slow to integrate these tests into routine care due to cost concerns.
Data Privacy Concerns: As more IVD tests incorporate digital platforms and patient data, concerns over data security and privacy have risen. Ensuring that patient information is protected is critical to maintaining trust in IVD technologies.
Regional Insights
North America: The largest market for IVD, driven by well-established healthcare infrastructure, high adoption of advanced diagnostic technologies, and favorable government policies supporting innovation.
Europe: Strong growth is anticipated, particularly in molecular diagnostics and cancer testing. Countries such as Germany, France, and the UK are leading in research and development within the field.
Asia-Pacific: The fastest-growing region due to the rising prevalence of chronic diseases, increasing healthcare expenditure, and improving healthcare infrastructure in countries like China and India.
Future Outlook
The future of the IVD market looks promising, with continued advancements in technology and an increasing focus on precision medicine. The integration of artificial intelligence (AI) and machine learning into diagnostic tools is expected to improve the accuracy of tests and allow for the analysis of large datasets in real-time. Additionally, the ongoing emphasis on personalized healthcare will drive demand for companion diagnostics and genetic testing.
With the global healthcare landscape rapidly evolving, the In Vitro Diagnostic market is well-positioned for sustained growth. Companies investing in innovation, regulatory compliance, and expanding access to diagnostics in emerging markets will be the key players shaping the future of this dynamic industry.
Conclusion
The In Vitro Diagnostic market is a vital part of modern healthcare, providing the tools needed for accurate and timely diagnosis of diseases. As new technologies emerge and patient demand for personalized care grows, the IVD industry is set to expand further, offering innovative solutions that enhance healthcare outcomes and improve the quality of life for patients worldwide.
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United States In-Vitro Diagnostics Market will be US$ 56.52 Billion in 2030
In vitro diagnostics (IVD) entails laboratory-based medical assessments performed outside of a living organism, making use of additives extracted from the human body or other resources. Vital for healthcare, IVD aids in disease analysis, treatment, and monitoring with the aid of studying samples like blood, urine, and tissues. It encompasses diverse technologies along with molecular diagnostics,…
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#In Vitro Diagnostics (IVD) Market Size in 2022 : Share#Trends#Opportunities Analysis Forecast Report By 2028 | 181 Pages Report#intellectualmarketinsights
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The Business Research Company offers in vitro diagnostics ivd quality control market research report 2023 with industry size, share, segments and market growth
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The global in vitro diagnostics quality control market size was USD 84.7 Billion in 2020 and is expected to register a CAGR of 19.30% during the forecast period.
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Global In Vitro Diagnostics (IVD) Market Report 2022| Research Analysis with Trends, Segmentation, Share and Forecast by 2030| By R&I
The report is titled as ‘In Vitro Diagnostics Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the In Vitro Diagnostics market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. In Vitro Diagnostics market is expected to grow with significant rate in the near future.
The global In Vitro Diagnostics (IVD) market in 2020 is estimated for more than US$ 70,561.9 Mn and expected to reach a value of US$ 1,03,310.9 Mn by 2028 with a significant CAGR of 4.9%.
Request a Sample Copy of this Report @: https://reportsandinsights.com/sample-request/1256
In Vitro Diagnostics Market Dynamics
In-vitro diagnostics are tests performed in laboratories on biological samples such as blood, urine, tissue, etc. In vitro diagnostic are not only used for diagnosis but also provides useful information on monitoring of disease and treatment. Two-thirds of today’s clinical diagnoses involve in vitro diagnostics, hence are referred to as the backbone of healthcare.
In-vitro diagnostics market has witnessed substantial growth in last decade owing to technological advancements in testing methods as well as in analyzer instruments. According to the EPRS report, there are over 40,000 different IVD products available in the European market and per capita annual spending on IVD is approximately US$ 26. In-vitro diagnostics help to reduce the healthcare cost by making treatments more efficient and precise.
Evolving regulations for in-vitro diagnostics is the major driving force for market growth over the forecast period. For instance, regulation of medical devices in the European Union (EU) is undergoing a significant transformation with expanding the scope for in vitro diagnostics, which is expected to impact the increased product approvals for IVD in the region. Significant progress in point-of-care testing is another factor driving the growth of the global in-vitro diagnostics market. Introduction of molecular based assays and identification of range of biomarkers has opened up huge new opportunity for growth of global in-vitro diagnostics market.
MMC Overview on In Vitro Diagnostics Market Report
The non-identical approach of Reports and Insights stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the In Vitro Diagnostics market by Reports and Insights is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
Wish to Know More About the Study? Click here to get a Report Description: https://reportsandinsights.com/pressrelease/global-in-vitro-diagnostics-market
In Vitro Diagnostics Market Segmentation
The global in vitro diagnostics market is segmented on the basis of product type, technology, end user and region. On the basis of product type, in vitro diagnostics market is segmented as reagents and kits, analyze, and consumables. Based on technology, global market is segmented as immunochemistry, molecular diagnostics, hematology, point-of-care diagnostics, tissue diagnostics and clinical chemistry. On the basis of end user, global in vitro diagnostics market is segmented into hospitals, diagnostic centers, clinics, home care settings and others.
By Products & Services
Reagents & Kits
Instruments
Fully Automated Instruments
Semi-Automated Instruments
Other Instruments
Data Management Software
Services
By Technology
mmunoassay/Immunochemistry
Enzyme-Linked Immunosorbent Assay
hemiluminescence Immunoassays
Fluorescence Immunoassays
Colorimetric Immunoassays
Radioimmunoassay
Rapid Test
Western Blotting
Enzyme-Linked Immunospot Assays
Clinical Chemistry
Basic Metabolic Panel
Electrolyte Panel
Liver Panel
Lipid Profile
Renal Profile
Thyroid Function Panel
Specialty Chemical Tests
Molecular Diagnostics
Polymerase Chain Reaction
Isothermal Nucleic Acid Amplification Technology
Microarray
Hybridization
DNA Sequencing & Next-Generation Sequencing
Other Mdx Technologies
Microbiology
Hematology
Coagulation and Hemostasis
Urinalysis
Other IVD Technologies
By Application
Infectious Diseases
Diabetes
Oncology
Cardiology
Autoimmune Diseases
Nephrology
Drug Testing/Pharmacogenomics
HIV/Aids
Other Applications
By End User
Hospitals
Laboratories
Large/Reference Laboratories
Medium-Sized Laboratories
Small Laboratories
Point-Of-Care Testing
Patient Self-Testing
Academic Institutes
Other End Users
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
In Vitro Diagnostics Market Competitive Landscape
Global market for in vitro diagnostics is dominated by Abbott Laboratories, Merck KGaG, F. Hoffman-La Roche AG, Becton Dickinson & Company, Danaher Corporation, Thermo Fisher Scientific Inc., Qiagen N.V., Diasorin S.P.A., biomerieux SA, Alere Inc., Bayer AG, Bio-Rad Laboratories Inc., Sysmex Corporation, etc. to name a few.
To view Top Players, Segmentation and other Statistics of In Vitro Diagnostics (IVD) Industry, Get Sample Report @: https://reportsandinsights.com/sample-request/1256
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In Vitro Diagnostics (IVD) Industry Sales, Demand, Regional Outlook And Supply Chain Analysis till 2030
The global in vitro diagnostics (IVD) market reached an estimated size of USD 77.92 billion in 2023, with expectations for a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. This market growth is primarily driven by the increasing use of IVD tools due to rising cases of infectious and chronic diseases worldwide. Automated IVD systems are becoming more common in hospitals and laboratories, as they provide accurate, fast, and error-free diagnoses, helping meet the growing demand for efficient healthcare services. Additionally, IVD market expansion is fueled by frequent product launches from key industry players. For example, in November 2023, ARUP Laboratories received a CE mark from the EU-IVDR for AAV5 DetectCDx, a companion diagnostic that helps identify eligibility for severe hemophilia Some patients to receive BioMarin’s gene therapy, Roctavian.
Major companies in the IVD market are employing various strategies to strengthen their position and bring more advanced and diverse products to their customers. New product launches and partnerships are among the most common tactics. For instance, in March 2023, BD received FDA 510(k) clearance for the BD Vaginal Panel on its BD COR System, a tool designed to detect infectious causes of vaginitis. In another instance, in August 2023, the Precision Medicine Centre (PMC) partnered with the Regional Molecular Diagnostic Service (RMDS) to implement genomic technology for cancer diagnosis in Northern Ireland. These partnerships and product developments highlight how key players are focused on expanding their diagnostic offerings to meet growing healthcare needs.
Gather more insights about the market drivers, restrains and growth of the In Vitro Diagnostics (IVD) Market
Supportive initiatives from government and non-governmental bodies are also contributing to the market's growth by enhancing access to essential diagnostic tools. In October 2023, the World Health Organization (WHO) released an updated Essential Diagnostics List (EDL), a comprehensive catalog of vital IVD products that aids countries in making informed decisions on diagnostic tools. This list provides evidence-based recommendations, ensuring that essential diagnostic products are accessible to the people who need them most. Additionally, in August 2023, the Africa CDC collaborated with the Africa Development Agency-New Partnership for Africa's Development (AUDA-NEPAD) to improve access to diagnostic tests across the African continent. Such initiatives are expected to further support the expansion of the IVD market, especially in regions with limited healthcare resources.
The global aging population, coupled with growing awareness of early disease detection, has led to an increase in routine check-ups. This trend is particularly relevant because the majority of deaths due to infections and chronic conditions occur in people over 75. According to the UK's Office for Budget Responsibility, healthcare costs have seen a significant rise, which can place economic strain on countries with rapidly aging populations. However, these increased expenditures are likely to boost the IVD market, as diagnostic testing becomes essential in managing the healthcare needs of older adults.
End-use Segmentation Insights:
Hospitals represented the largest revenue share in the IVD market in 2023, largely due to an increase in hospital admissions requiring rapid diagnostic support. The continuous development of healthcare infrastructure, supported by government initiatives, is further improving hospital facilities, thereby increasing demand for hospital-based IVD testing. IVD tests are frequently purchased by hospitals and are utilized in large volumes due to their critical role in providing fast, accurate results for patient care. In the U.S. alone, there are over 6,129 hospitals, all of which rely on IVD tests for essential decision-making in patient care.
In December 2023, the American Hospital Association advocated to the FDA that regulatory requirements for devices should not apply to hospitals' laboratory-developed tests (LDTs), which could allow hospitals greater flexibility in their use of in-house diagnostic tools. Meanwhile, the homecare segment is anticipated to see high growth from 2024 to 2030, driven by the aging population and increasing demand for at-home diagnostic devices. There is a particular need for novel molecular diagnostic and immunoassay platforms that enable patients to perform self-tests conveniently at home. For example, in February 2023, the FDA granted Emergency Use Authorization (EUA) to the first over-the-counter (OTC) home diagnostic test capable of distinguishing between influenza A, influenza B, and SARS-CoV-2 (the virus causing COVID-19). This authorization demonstrates the shift towards providing individuals with more autonomy in managing their health through accessible at-home testing solutions.
Order a free sample PDF of the In Vitro Diagnostics (IVD) Market Intelligence Study, published by Grand View Research.
#In Vitro Diagnostics (IVD) Industry#In Vitro Diagnostics (IVD) Market Research#In Vitro Diagnostics (IVD) Market Forecast
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In Vitro Diagnostics (IVD) Industry Growth Analysis & Forecast Research Report, 2030
The global in vitro diagnostics (IVD) market reached an estimated size of USD 77.92 billion in 2023, with expectations for a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. This market growth is primarily driven by the increasing use of IVD tools due to rising cases of infectious and chronic diseases worldwide. Automated IVD systems are becoming more common in hospitals and laboratories, as they provide accurate, fast, and error-free diagnoses, helping meet the growing demand for efficient healthcare services. Additionally, IVD market expansion is fueled by frequent product launches from key industry players. For example, in November 2023, ARUP Laboratories received a CE mark from the EU-IVDR for AAV5 DetectCDx, a companion diagnostic that helps identify eligibility for severe hemophilia Some patients to receive BioMarin’s gene therapy, Roctavian.
Major companies in the IVD market are employing various strategies to strengthen their position and bring more advanced and diverse products to their customers. New product launches and partnerships are among the most common tactics. For instance, in March 2023, BD received FDA 510(k) clearance for the BD Vaginal Panel on its BD COR System, a tool designed to detect infectious causes of vaginitis. In another instance, in August 2023, the Precision Medicine Centre (PMC) partnered with the Regional Molecular Diagnostic Service (RMDS) to implement genomic technology for cancer diagnosis in Northern Ireland. These partnerships and product developments highlight how key players are focused on expanding their diagnostic offerings to meet growing healthcare needs.
Gather more insights about the market drivers, restrains and growth of the In Vitro Diagnostics (IVD) Market
Supportive initiatives from government and non-governmental bodies are also contributing to the market's growth by enhancing access to essential diagnostic tools. In October 2023, the World Health Organization (WHO) released an updated Essential Diagnostics List (EDL), a comprehensive catalog of vital IVD products that aids countries in making informed decisions on diagnostic tools. This list provides evidence-based recommendations, ensuring that essential diagnostic products are accessible to the people who need them most. Additionally, in August 2023, the Africa CDC collaborated with the Africa Development Agency-New Partnership for Africa's Development (AUDA-NEPAD) to improve access to diagnostic tests across the African continent. Such initiatives are expected to further support the expansion of the IVD market, especially in regions with limited healthcare resources.
The global aging population, coupled with growing awareness of early disease detection, has led to an increase in routine check-ups. This trend is particularly relevant because the majority of deaths due to infections and chronic conditions occur in people over 75. According to the UK's Office for Budget Responsibility, healthcare costs have seen a significant rise, which can place economic strain on countries with rapidly aging populations. However, these increased expenditures are likely to boost the IVD market, as diagnostic testing becomes essential in managing the healthcare needs of older adults.
End-use Segmentation Insights:
Hospitals represented the largest revenue share in the IVD market in 2023, largely due to an increase in hospital admissions requiring rapid diagnostic support. The continuous development of healthcare infrastructure, supported by government initiatives, is further improving hospital facilities, thereby increasing demand for hospital-based IVD testing. IVD tests are frequently purchased by hospitals and are utilized in large volumes due to their critical role in providing fast, accurate results for patient care. In the U.S. alone, there are over 6,129 hospitals, all of which rely on IVD tests for essential decision-making in patient care.
In December 2023, the American Hospital Association advocated to the FDA that regulatory requirements for devices should not apply to hospitals' laboratory-developed tests (LDTs), which could allow hospitals greater flexibility in their use of in-house diagnostic tools. Meanwhile, the homecare segment is anticipated to see high growth from 2024 to 2030, driven by the aging population and increasing demand for at-home diagnostic devices. There is a particular need for novel molecular diagnostic and immunoassay platforms that enable patients to perform self-tests conveniently at home. For example, in February 2023, the FDA granted Emergency Use Authorization (EUA) to the first over-the-counter (OTC) home diagnostic test capable of distinguishing between influenza A, influenza B, and SARS-CoV-2 (the virus causing COVID-19). This authorization demonstrates the shift towards providing individuals with more autonomy in managing their health through accessible at-home testing solutions.
Order a free sample PDF of the In Vitro Diagnostics (IVD) Market Intelligence Study, published by Grand View Research.
#In Vitro Diagnostics (IVD) Industry#In Vitro Diagnostics (IVD) Market Research#In Vitro Diagnostics (IVD) Market Forecast
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In Vitro Diagnostics (IVD) Industry In-depth Analysis and Forecast Report, 2030
The global in vitro diagnostics (IVD) market reached an estimated size of USD 77.92 billion in 2023, with expectations for a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. This market growth is primarily driven by the increasing use of IVD tools due to rising cases of infectious and chronic diseases worldwide. Automated IVD systems are becoming more common in hospitals and…
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Saudi Arabia IVD Market will be US$ 1.48 Billion in 2030
According to Renub Research, the Saudi Arabia IVD Market is forecasted to reach approximately US$ 1.48 Billion by 2030. Saudi Arabia is poised to become the world’s fastest-growing major economy in 2022, surpassing other Middle Eastern countries and major emerging economies. In vitro diagnostics (IVD) play a crucial role in monitoring overall health. These tests involve examining samples such as…
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The Future of Health: Navigating the Growing In Vitro Diagnostics Market
Market Size Overview
The In Vitro Diagnostics Market is projected to be valued at approximately USD 95.59 billion in 2024, with expectations to reach around USD 125.61 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.62% during the forecast period from 2024 to 2029.
Market Overview
The In Vitro Diagnostics (IVD) industry is experiencing significant growth driven by advancements in technology, an increasing prevalence of chronic diseases, and a rising demand for personalized medicine. As healthcare systems evolve, the emphasis on early disease detection and monitoring further propels the market forward.
Key Trends
Technological Advancements: Innovations in molecular diagnostics, point-of-care testing, and automation are enhancing the accuracy and efficiency of diagnostic procedures.
Rising Demand for Home Testing: The trend toward at-home diagnostic kits is on the rise, fueled by consumer preference for convenience and privacy, especially post-pandemic.
Personalized Medicine: Increasing adoption of targeted therapies necessitates precise diagnostic tools, driving demand for specific IVD tests tailored to individual patient needs.
Regulatory Changes: Evolving regulatory frameworks are influencing market dynamics, as companies adapt to new compliance requirements to ensure product safety and efficacy.
Global Health Initiatives: Government investments in healthcare infrastructure and disease prevention programs are enhancing access to diagnostic services, particularly in emerging markets.
Challenges
Despite its promising growth, the IVD market faces challenges such as stringent regulatory requirements, high costs of advanced diagnostic technologies, and the need for continuous innovation to keep pace with rapid scientific advancements. Additionally, competition from established players and emerging startups can impact market entry for new companies.
Conclusion
The In Vitro Diagnostics industry is poised for robust growth, driven by technological advancements and a heightened focus on early disease detection. While challenges exist, the overall outlook remains positive, suggesting that stakeholders should remain agile and innovative to capitalize on emerging opportunities in this dynamic market.
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In Vitro Diagnostics (IVD) Industry Size, Trends, Value, Sales and Forecast 2030
The global in vitro diagnostics (IVD) market was valued at approximately USD 77.92 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. This growth can be attributed to several factors, including the increasing adoption of IVD technologies due to the rising prevalence of infectious and chronic diseases. The development and integration of automated IVD systems in laboratories and hospitals, which aim to deliver more efficient, accurate, and error-free diagnoses, are also expected to significantly drive market growth. Additionally, the continuous introduction of new IVD products by key industry players contributes to this positive trend. For instance, in November 2023, ARUP Laboratories obtained a CE mark under the EU-IVDR for the AAV5 DetectCDx, a companion diagnostic test that determines the eligibility of patients with severe hemophilia A for BioMarin's gene therapy, Roctavian.
Technological advancements in IVD systems, particularly improvements in accuracy, portability, and cost-effectiveness, are among the high-impact factors influencing this market. Innovations in highly accurate clinical laboratory tests are fostering global adoption of novel IVD diagnostics. For example, in June 2023, Japan's Ministry of Health, Labour, and Welfare granted marketing approval to Toray Industries, Inc. for its Toray APOA2-iTQ, a diagnostic tool used for pancreatic cancer detection. Similarly, in March 2023, Abbott received U.S. FDA clearance for its novel laboratory blood test for Traumatic Brain Injury (TBI). These developments highlight the increasing approval of IVD tests targeting life-threatening diseases, which is expected to create significant opportunities in untapped market segments.
Gather more insights about the market drivers, restrains and growth of the In Vitro Diagnostics (IVD) Market
Leading companies in the IVD market are adopting diverse strategies to strengthen their positions, often introducing new products and forming partnerships to attract more customers and meet evolving diagnostic needs. For instance, in March 2023, BD received 510(k) clearance from the U.S. FDA for its BD Vaginal Panel on the BD COR System, aimed at detecting infectious causes of vaginitis. In August 2023, the Precision Medicine Centre (PMC) partnered with the Regional Molecular Diagnostic Service (RMDS) to implement genomic technology for cancer diagnosis in Northern Ireland. These strategic collaborations and product launches are critical for companies seeking to leverage cutting-edge technologies in diagnostics.
Product Segmentation Insights:
In terms of products, the reagents segment accounted for the largest market share, representing 65.88% of total revenue in 2023. This segment is expected to maintain its dominance, growing at the fastest CAGR from 2024 to 2030. The growth of the reagents segment is driven by extensive research and development (R&D) efforts by key players aimed at developing novel reagents and test kits. For example, in February 2023, BD received market approval for its BD Onclarity HPV Assay, which is used with the ThinPrep Pap Test in the U.S. Ongoing R&D efforts focused on faster cancer detection and precision medicine are prompting companies to concentrate on specialized, profitable areas of the IVD market. In March 2023, QIAGEN formed a partnership with Servier to develop a companion diagnostic test for TIBSOVO, which is indicated for the treatment of acute myeloid leukemia, a type of blood cancer.
The growing demand for precision medicine is expected to further boost the overall demand for these novel reagents and consumables. The instruments segment held the second-largest share of the IVD market in 2023. Increasing approvals of novel IVD instruments are likely to contribute to the segment's growth. For instance, in April 2023, bioMérieux SA submitted a 510(k) application to the U.S. FDA for VITEK REVEAL, a rapid antimicrobial susceptibility testing (AST) system. Moreover, companies are aligning their instrument launches to meet the increasing demand for genetic tests globally. In March 2022, Thermo Fisher Scientific introduced the Ion Torrent Genexus Dx Integrated Sequencer for both research and diagnostic purposes, showcasing the alignment of technological advancements with the growing needs of genetic testing.
In conclusion, the global IVD market is poised for substantial growth, driven by the increasing incidence of infectious and chronic diseases, rising demand for precision medicine, and ongoing advancements in diagnostic technologies. Companies are continuously innovating, launching new products, and forming strategic partnerships to meet the evolving needs of healthcare providers and patients, which will further accelerate market expansion.
Order a free sample PDF of the In Vitro Diagnostics (IVD) Market Intelligence Study, published by Grand View Research.
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Africa IVD Market - Opportunity Analysis and Industry Forecast (2024-2031)
Meticulous Research®, a premier global market research firm, has released its latest report titled, “Africa IVD Market Size, Share, Forecast & Trends Analysis by Offering, Technology (Immunoassay, PoC, Molecular Diagnostics, Coagulation), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoCT), End User - Forecast to 2031.”
The report projects that the Africa in vitro diagnostics (IVD) market will reach $1.65 billion by 2031, growing at a CAGR of 3.1% from 2024 to 2031. This growth is driven by several factors, including:
Increasing prevalence of chronic and infectious diseases.
Significant investments from IVD market players in Africa.
Rising demand for Point-of-Care (POC) and rapid diagnostic solutions.
Growing geriatric population.
Government initiatives enhancing healthcare infrastructure.
Increased healthcare expenditure and R&D investments.
Download Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5415
Despite these opportunities, the market faces challenges such as high costs associated with advanced IVD products, variability in rapid test results, and stringent regulatory requirements for high and moderate-complexity tests.
Emerging Opportunities
The report highlights the growing awareness of early diagnosis, advancements in genomics and proteomics, and the rising adoption of personalized medicine as potential growth drivers for market stakeholders. However, uneven healthcare access and a shortage of trained professionals remain significant hurdles.
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/africa-ivd-market-5415
Key Players in the Africa IVD Market
Leading companies in the Africa IVD market include:
Abbott Laboratories (U.S.)
Becton, Dickinson and Company (U.S.)
bioMérieux SA (France)
Danaher Corporation (U.S.)
F. Hoffmann-La Roche Ltd (Switzerland)
QIAGEN N.V. (Netherlands)
Siemens Healthineers AG (Germany)
Thermo Fisher Scientific Inc. (U.S.)
Bio-Rad Laboratories, Inc. (U.S.)
Illumina, Inc. (U.S.)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Market Insights and Future Outlook
The report segments the Africa IVD market by offering (reagents & kits, instruments, and software & services), technology (including immunoassay, molecular diagnostics, and others), application (focusing on infectious diseases, diabetes, oncology, etc.), diagnostic approach (laboratory testing, point-of-care testing, and OTC/self-testing), and end user (diagnostic laboratories, hospitals, home healthcare, etc.).
Reagents & Kits Segment: Expected to register the highest CAGR of 3.3% during the forecast period, driven by the increasing incidence of infectious diseases and rising test volumes.
Immunoassay Technologies: Anticipated to dominate with a 34.5% market share in 2024, favored for their efficiency and accuracy in diagnosing prevalent diseases like HIV and malaria.
Infectious Diseases Application: Projected to hold the largest market share due to the high prevalence of diseases such as COVID-19 and malaria.
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Geographical Insights
The report provides an extensive analysis of key markets, including South Africa, Nigeria, Egypt, and more. Notably, South Africa is expected to exhibit the highest growth rate of 8.3% during the forecast period, fueled by increasing healthcare investments and improved access to diagnostic services.
Key Questions Addressed in the Report
What is the current revenue generated by IVD products in Africa?
What growth rate is expected for IVD product demand over the next 5-7 years?
What are the major factors impacting the Africa IVD market?
Which segments are experiencing significant traction?
What are the key geographical trends and opportunities?
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Contact Information
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