According to FutureWise analysis the market for in vitro diagnostics in 2023 is US$ 121.38 billion, and is expected to reach US$ 176.89 billion by 2031 at a CAGR of 4.82%.
Technological advancements in in-vitro diagnostic techniques have contributed to the global in-vitro diagnostics market growth. With the assistance of key players in launching advanced in-vitro diagnostic tools, the market for these products will most likely see much growth. For instance, Qiagen, which is a company that ranks as one of the prominent providers of point of care molecular diagnostics, provides the highest record of accurate results for particularized patient treatments. Moreover, the government officiated the healthcare system and other organizations have had a positive effect on market growth. Owing to government programs, there has been significant education and information regarding IVD tools and personalized medication and treatment. All these factors have served as the basis for lucrative business opportunities. Thus, the exorbitant costs of in-vitro treatment may pose potential problems in the progress during the forecast time frame.
The market is expected to see a boost in the demand for in-vitro diagnostic kits and reagents. Major players are looking to develop highly innovative kits for an accurate diagnosis. There is a demand for software in diagnostic devices and tools by medical professionals. Also, there has also been a need for it in terms of diagnosing various chronic diseases. By technology, the market has been divided into applications related to clinical chemistry. This clinical chemistry includes diagnosing blood glucose levels and detection of hormone fluctuations. Application-wise, alarming levels of ailments in cardiovascular diseases include stroke, arrhythmia and coronary artery disease is expected to spurn the demand for in-vitro diagnostic treatments. Based on the end-user, point of care diagnostic examinations includes pregnancy kits, glucose meters and biosensors that will deliver fast results. Observing the segmentation by region, North America and the Asia Pacific have been predicted to hold the largest global in-vitro diagnostics market share. A rise in diseases, as well as growing awareness in the public arena, has propelled much considerable growth in the region of North America. In the Asia Pacific region, shifts in healthcare reforms and healthcare expenditure is registered to boost regional business growth. While the market for in-vitro consists of many major players, there are smaller to midsize companies as well who are making their presence felt in the market by adopting technological changes and improvements in their products. These strategies are carried out by launching products at a much lower price.