Originally published on Technavio:In-vitro Diagnostics (IVD) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, China, Japan - Size and Forecast 2024-2028

The In-vitro Diagnostics (IVD) Market is projected to experience a growth of USD 22.17 billion at a CAGR of 4.21% between 2023 and 2028.

There is a global surge in demand for personalized medicine, driven by the role of proteins and genes in regulating various bodily functions. These include the transportation of oxygen molecules, immune response with antibodies to prevent illness, and the regulation of hormone balances. Disorders such as sickle cell anemia and hemophilia can occur due to defective genes or proteins. The development of personalized medicine relies on the identification and study of these defective components, extracted from tissues, and the subsequent use of companion diagnostic tests for genetic information identification. This enables tailored treatment care based on individual genetic and epigenetic information, reducing the likelihood of ineffective or adverse reactions to medications. This positive impact on the market is analyzed in our comprehensive report, which also delves into historical data from 2018-2022, alongside the current market scenario.

Product Type Analysis - Market Segmentation:

The reagents and kits segment is expected to witness substantial growth in the forecast period. Reagents are chemical substances that react with specific biological markers, facilitating the detection or measurement of target analytes in patient samples. Diagnostic kits, comprehensive packages that often include reagents, calibrators, controls, and instruments, provide complete solutions for specific diagnostic tests.

Technology Analysis:

The immunochemistry segment, a branch of chemistry focusing on the molecular mechanisms and functions of the immune system through interactions between antigens and antibodies, is driving growth. This technique is crucial for identifying and documenting cellular components in clinical diagnostics and medical research laboratories at high resolution. It is widely used for disease diagnosis, biological research, and drug development applications.

Regional Analysis:

For insights into the market share across various regions, download the PDF sample.

North America is estimated to contribute 39% to the global market growth during the forecast period. Analysts have detailed regional trends and drivers, including increased insurance coverage, growth in R&D expenditure, a rise in the geriatric population with chronic diseases, high healthcare spending, and increased promotions regarding the use of point-of-care (POC) tests for early disease detection.

Market Analysis:

The market plays a pivotal role in disease detection, particularly during outbreaks and pandemics. With technological advancements, IVD kits have become essential tools for rapid and accurate diagnosis, facilitating timely intervention. Key players, including Defense Research and Development Organization (DRDO) and the US FDA, oversee the development and regulation of POC diagnostics. Emerging technologies such as polymerase chain reaction (PCR) and next-generation sequencing (NGS) enable precise diagnosis at the gene level. Companies like Agilent Technologies contribute to innovation in the reagent segment, providing immunological components for diagnostic platforms. The evolution of companion diagnostics and point-of-care testing enhances diagnostic accuracy and accessibility, fortifying global healthcare systems against diseases.

Market Players:

To enhance their market presence, companies are employing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches. The report includes detailed analyses of the competitive landscape and information about 20 market companies, including:

Market Drivers, Trends, Challenges, and Customer Landscape:

Our researchers, using 2023 as the base year, analyzed key drivers, trends, and challenges affecting market growth.

Market Drivers:

One of the primary drivers is the increasing geriatric population and the prevalence of chronic and infectious diseases. The growing population and the prevalence of diseases like cancer and diabetes require regular diagnostic testing. For instance, according to the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.

Market Trends:

Global adoption of advanced treatment solutions is a significant trend, with an increasing focus on managing and testing for diseases like cancer, cardiovascular diseases (CVD), and infectious kidney diseases using immunoassay and molecular diagnostic devices.

Market Challenges:

The shortage of skilled professionals poses a key challenge. Critical diagnostic tests, including clinical chemistry, immunoassay, and molecular diagnosis, require trained professionals with dexterity skills. Factors contributing to the shortage include immigration of trained specialists, lack of standardization and prescribed curriculum knowledge, and insufficient training programs.

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The report includes the adoption lifecycle of the market, covering stages from innovators to laggards. It assesses adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing their market growth strategies.

The market report forecasts revenue growth globally, regionally, and at the country level, providing an analysis of the latest trends and growth opportunities from 2018 to 2028.

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