The In Vitro Diagnostics Ivd Market Is Estimated To Witness High Growth
The In Vitro Diagnostics IVD Market is estimated to be valued at US$ 80682.76 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
In vitro diagnostics (IVD) are tests that examine patients' samples that have been removed from the body. They help detect diseases, conditions, or infections. Common samples tested in IVD include blood, urine, and tissue. IVD tests are essential tools for disease prevention, screening, diagnosis, and management. They can help monitor patients after treatment. IVD also allows for earlier detection of diseases before symptoms occur, leading to better health outcomes.
Market key trends:
One of the major trends witnessed in the IVD market is technological advances. There is an increasing focus on the development of point-of-care testing (POCT) that allows test results to be obtained more quickly. Advancements in molecular diagnostics and next-generation sequencing enable rapid and accurate testing. There is adoption of microfluidics technology that requires minimal sample volume and automation, improving workflow. Industry players are investing in artificial intelligence (AI) and digital technologies to make testing simpler. The application of nanotechnologies and wearable biosensors is also improving real-time monitoring capabilities. These technological innovations are expected to drive the growth of the IVD market.
Porter’s Analysis
Threat of new entrants: The IVD market requires huge investments for research and development of new technology. The presence of established brands also acts as a deterrent for new entrants.
Bargaining power of buyers: The global IVD market includes presence of large hospitals, clinical laboratories, and research institutions who have significant bargaining power over suppliers due to the availability of alternatives.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of alternatives in the market. However, suppliers of new technology and innovative products can charge a premium.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for IVD products available in the market.
Competitive rivalry: Intense competition exists between major players to gain market share.
SWOT Analysis
Strengths: Established brands, technological expertise, wide product portfolios.
Weaknesses: High R&D costs, stringent regulatory norms.
Opportunities: Emerging markets, point of care testing, cancer and infectious disease diagnostics.
Threats: Pricing pressure, intellectual property issues.
Key Takeaways
The Global In Vitro Diagnostics IVD Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing incidence of chronic and infectious diseases. North America dominated the market in 2023 due to presence of major players and developed healthcare infrastructure in the region. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to increasing healthcare spending, rising awareness, and growing penetration of leading players in emerging countries.
Regional analysis - North America accounted for the largest share of the global IVD market in 2023 due to presence of major players and advanced healthcare infrastructure in the US and Canada. The Asia Pacific region is estimated to register the highest CAGR during the forecast period, with China and India being the major contributors to the regional market. Factors such as increasing healthcare expenditures, rising awareness levels, and penetration of global market players are driving the growth of the IVD market in Asia Pacific.
Key players - Key players operating in the In Vitro Diagnostics IVD market are Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMerieux S.A, Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc. Major players are focusing on new product launches and enhancing their global presence through mergers and acquisitions.