In Vitro Diagnostic (IVD) Reagents Market

In Vitro Diagnostic (IVD) Reagents MarketOverview

The global in vitro diagnostics market was valued at $94.5 billion in 2024, and is projected to reach $137.34 billion by 2032, growing at a CAGR of 3.9% from 2023 to 2032.

In Vitro Diagnostic (IVD) Reagents MarketTrends

Rising Penetration of Point-of-Care Testing Devices

The rise in acute and chronic disorders has prompted medical device companies to introduce cutting-edge diagnostic devices. With the increasing disease burden, these companies are actively working on developing advanced diagnostic tools. Additionally, hospitals and laboratories are showing a growing inclination towards point-of-care testing devices for obtaining precise real-time data. Point-of-Care (PoC) testing, conducted in close proximity to the patient, typically requires a small blood sample and delivers rapid test results, facilitating prompt clinical decision-making and allowing doctors to initiate early treatment interventions without relying on central laboratory results.

In Vitro Diagnostic (IVD) Reagents Market

Size, by Product, - (USD Billion)

Immune Diagnosis

Clinical and Biochemical

Molecular Diagnosis

POCT

Other Products

The Market will Grow

At the CAGR of:

3.9%

The Forecast Market

Size for in USD:

$137.34 BillionB

In Vitro Diagnostic (IVD) Reagents MarketDynamics

Driver

Increasing geriatric population and subsequent rise in chronic & infectious diseases

The rapid expansion of the elderly population globally is anticipated to lead to a significant rise in the prevalence of age-related diseases. As per the United Nations Department of Economic and Social Affairs (UN DESA), around 10 percent of the global population will be aged 65 or above in 2022. This percentage is projected to increase to nearly 12 percent by 2030 and 16 percent by 2050.

With advancing age, the likelihood of developing diseases also escalates. For example, almost 80% of the elderly population in the United States is affected by at least one chronic condition (Source: CDC). Research from the National Council On Aging (NCOA) indicates that 94.9% of adults aged 60 and above have at least one condition, while 78.7% have two or more.

Elevated blood cholesterol levels increase the risk of heart disease, the primary cause of death, and stroke, the fifth leading cause of death. Diabetes is another chronic ailment that impacts the elderly demographic, as this group is susceptible to endocrine disorders due to hormonal changes. Consequently, the rise in the geriatric population is expected to elevate the prevalence of numerous chronic conditions globally and propel the growth of the IVD market.

In Vitro Diagnostic (IVD) Reagents Market

Share, by end user, (USD Billion)

94.5 Billion%

Hospital

Laboratory

Other End-Users

137.34 Billion

Total Market Size

USD (Billion),

3.9%

CAGR

-

Restraints

High Cost of Instruments to Restrict Market Growth in Emerging Countries

There are several benefits linked to these in-vitro diagnostics products. Nevertheless, the substantial expenses related to these instruments and their upkeep are expected to impede their acceptance. Furthermore, only proficient experts can operate in-vitro diagnostics instruments, which further escalates the maintenance costs of the devices, ultimately hindering the overall market expansion.

The price range of RT-PCR systems varies from USD 15,000 to more than USD 90,000. These cost considerations have contributed to the restricted implementation of in-vitro diagnostics products in numerous countries.

OPPORTUNITY

Growth opportunities in emerging markets

The IVD industry can anticipate growth opportunities in developing economies like India, Brazil, China, South Korea, Turkey, Russia, South Africa, and Mexico. These countries offer favorable conditions for growth due to factors such as high disease prevalence, a large patient population, improved healthcare infrastructure, increasing disposable income, and the rise of medical tourism.

These nations have also seen a significant increase in the incidence of tropical diseases like Zika, malaria, and chikungunya, with South American countries reporting the highest number of cases. However, the Asia Pacific region has emerged as a business-friendly hub with less stringent regulations and data requirements, making it an attractive destination for investment. China, in particular, has become a major player in research and development investment.

Market players are strategically expanding their product portfolios in emerging countries through initiatives such as product launches, collaborations, and expansion. This will facilitate the installation of diagnostic systems in laboratories and contribute to the adoption of IVD technologies.

CHALLENGE

Operational Barriers

Clinical laboratories in major markets are continuously developing, but technicians are facing challenges in effectively procuring, storing, and transporting samples. This is especially true when implementing new technologies like NGS and lab-on-a-chip PCR devices. Additionally, laboratory space needs to be rearranged to meet the requirements of conducting specific diagnostic tests for pathogen detection. This is necessary to prevent cross-contamination and ensure efficient time management. As a result, there is a significant increase in costs associated with maintaining and operating advanced molecular diagnostic instruments, especially those designed for handling a single sample type.

Unfortunately, the lack of skilled laboratory technicians capable of operating advanced diagnostic products has impeded the widespread adoption of in vitro diagnostics, particularly in emerging markets.

In Vitro Diagnostic (IVD) Reagents Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

3.9%

The Forecast Market

Size for in USD:

$137.34 BillionB

In Vitro Diagnostic (IVD) Reagents MarketKey Players

• Roche
• Danaher
• Abbott Laboratories
• Thermal Fisher Scientific Inc.
• Abbott
• Sysmex Corporation
• Biomerieux
• Siemens Healthineers AG
• Sysmex Corporation
• Seegene Inc.
• Ortho Clinical Diagnostics
• BD
• F. Hoffmann-La Roche Ltd.
• Bio-Rad Laboratories, Inc.
• Myriad Genetics
• DiaSorin S.p.A
• Hologic
• QIAGEN
• Mindray Medical
• Wondfo
• KHB
• Da An Gene
• Leadman
• Biosino

In Vitro Diagnostic (IVD) Reagents MarketSegments

• Segment by Type

1. Immune Diagnosis
2. Clinical and Biochemical
3. Molecular Diagnosis
4. POCT
5. Other

• Segment by Application

1. Hospital
2. Laboratory
3. Other

In Vitro Diagnostic (IVD) Reagents MarketRecent Development

• January 2024: ELITechGroup expanded its in-vitro diagnostics product portfolio and launched the Conformite Europeenne- In Vitro Diagnostic Regulation (CE-IVDR) certified gastrointestinal (GI) bacterial PLUS ELITe MGB kit, which can target bacterial pathogens associated with gastrointestinal infections. This product portfolio expansion aims to increase the adoption of such kits for detecting bacterial pathogens associated with GI infections.

• January 2024: HORIBA Medical launched an innovative 2.0 high-throughput automated hematology platform, certified with the Conformite Europeenne- In Vitro Diagnostic Regulation (CE-IVDR), which can provide high-quality and high-throughput analytical performance in laboratories.

  In Vitro Diagnostic (IVD) Reagents Market TO (USD BN)

  

  CAGR OF

  3.9%

  In Vitro Diagnostic (IVD) Reagents Market

  

  137.34 Billion%

Conclusion

The global in vitro diagnostics (IVD) market is projected to grow significantly, driven by technological advancements and the increasing demand for point-of-care testing devices, especially in response to the rising prevalence of chronic and infectious diseases among the aging population. Despite the high cost of instruments and operational barriers, the market presents substantial growth opportunities in emerging economies with improving healthcare infrastructure and increasing disposable incomes. Strategic expansions by key players into these markets are expected to facilitate broader adoption of IVD technologies, contributing to the market's overall growth.