Visiongain has published a new report entitled In Vitro Diagnostics Market Report 2024-2034: Forecasts by Product (Instruments, Reagents & Kits), by Test (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis, Others), by Application (Cardiology, Diabetes, Oncology, Infectious Diseases, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics, Others), by End-users (Academic & Research Institutes, Diagnostic Laboratories, Hospitals, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.

The global in vitro diagnostics market is estimated at US$101.3 billion in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period 2024-2034.

Increasing Applications of Next-Generation Sequencing (NGS) Technology

Next-Generation Sequencing (NGS) has transformed the landscape of genetic diagnostics by offering a rapid, high-throughput, and cost-effective methodology that enables the simultaneous analysis of hundreds of genes, entire exomes, or even whole genomes. This technological advancement has profoundly enhanced our understanding of genetic diversity, particularly concerning rare diseases, and has facilitated the exploration of unknown species and complex medical conditions. NGS has gained significant traction in diagnosing infectious diseases, immunological disorders, and hereditary conditions, empowering healthcare professionals with more accurate and timely diagnostic solutions.

Furthermore, NGS plays a crucial role in non-invasive prenatal diagnostics and is essential in guiding therapeutic decisions in oncology, especially concerning somatic cancers. With the increasing incidence of cancer, NGS has become integral to companion diagnostics, thereby advancing the adoption of personalized medicine in oncology. This precision-driven approach is vital for developing targeted therapies, significantly improving patient outcomes and treatment efficacy.

Looking ahead, the future of NGS technology is poised for further expansion, driven by continuous advancements in speed, accuracy, and portability. Innovations in sample preparation, liquid handling, bioinformatics, robotics, and system miniaturization are expected to catalyse the development of next-generation NGS systems. These enhancements will not only broaden the applications of NGS in medical diagnostics but also extend its reach into agricultural, ecological, and various scientific fields, underscoring its versatility and transformative potential in advancing healthcare and beyond.

How will this Report Benefit you?

Visiongain’s 367-page report provides 134 tables and 185 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the in vitro diagnostics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for In Vitro Diagnostics. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing in vitro diagnostics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Rising Geriatric Population and Escalating Incidence of Chronic & Infectious Diseases

The rapid global expansion of the geriatric population is closely linked to a rising prevalence of age-related chronic and infectious diseases, significantly increasing the demand for advanced healthcare solutions, particularly in vitro diagnostics (IVD). According to the United Nations Department of Economic and Social Affairs (UN DESA), approximately 10% of the global population was aged 65 or older in 2022. This demographic is projected to grow to nearly 12% by 2030 and reach 16% by 2050, highlighting a crucial shift in the global healthcare landscape.

As individuals age, the likelihood of developing chronic illnesses escalates markedly. The Centers for Disease Control and Prevention (CDC) reports that nearly 80% of the elderly population in the United States suffers from at least one chronic condition. Additionally, research from the National Council on Aging (NCOA) reveals that 94.9% of adults aged 60 and above have at least one chronic disease, with 78.7% experiencing two or more. Conditions such as high blood cholesterol significantly elevate the risk of cardiovascular disease—the leading cause of death worldwide—as well as stroke, which ranks as the fifth leading cause of death.

Moreover, diabetes remains a pressing concern among the elderly, especially as this population is more susceptible to endocrine disorders stemming from hormonal imbalances. The increasing incidence of these chronic conditions, combined with older adults’ vulnerability to infectious diseases, is anticipated to drive the demand for IVD solutions. Consequently, the IVD market is well-positioned for substantial growth, fuelled by the need for early detection, diagnosis, and monitoring of diseases within this rapidly expanding demographic segment.

Favourable Government and Non-Government Initiatives to Drive Market Growth

Governmental and non-governmental organizations play a pivotal role in advancing global healthcare services, thereby fostering an environment conducive to the growth of the in vitro diagnostics (IVD) market. In October 2023, the World Health Organization (WHO) released the Essential Diagnostics List (EDL), a comprehensive catalogue of IVD items designed to guide nations in selecting appropriate diagnostic tools. The EDL provides evidence-based recommendations to ensure the availability and accessibility of essential diagnostic products, particularly for marginalized populations. Such initiatives lay a solid foundation for enhancing healthcare delivery, ultimately driving increased demand for advanced diagnostic solutions.

In August 2023, the Africa Centres for Disease Control and Prevention (Africa CDC) partnered with the African Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) to improve access to diagnostic tests across Africa. This collaboration aims to bolster diagnostic capacities, especially in regions with limited healthcare infrastructure. The emphasis on strengthening diagnostic services is expected to expedite the adoption of IVD technologies, resulting in significant market expansion in Africa and other developing regions.

Where are the Market Opportunities?

Expanding Growth Potential in Emerging Markets

Emerging economies such as India, Brazil, China, and Russia among others offer significant growth opportunities for key stakeholders in the in vitro diagnostics (IVD) sector. These regions are marked by high disease prevalence and large patient populations, creating a robust demand for diagnostic solutions. Additionally, the ongoing improvements in healthcare infrastructure and rising disposable incomes further enhance the market’s potential. The burgeoning field of medical tourism in these countries also contributes to the increasing need for advanced diagnostic services, positioning them as pivotal players in the global IVD landscape.

The increasing incidence of tropical diseases, such as Zika, malaria, and chikungunya, is particularly pronounced in South America, which reports some of the highest case numbers. In the Asia-Pacific region, a favourable business environment has been established, aided by relatively lenient regulatory standards and streamlined data certification processes. China stands out as a global leader in research and development investment, driving innovation and expansion within the healthcare sector.

Market participants are capitalizing on these advantageous conditions by strategically enhancing their presence in emerging markets. Companies are expanding their product portfolios to meet the specific demands of these regions through product launches, regulatory approvals, collaborations, and strategic market entry initiatives. This growth strategy facilitates the implementation of advanced diagnostic systems in laboratories and hospitals, thereby accelerating the adoption of IVD technology.

Inclination Toward Personalized Medicine: Tailoring Diagnostics for Better Outcomes

The ongoing transition toward personalized treatment represents a significant opportunity for the in vitro diagnostics (IVD) sector. As the demand for therapies tailored to an individual’s genetic profile continues to grow, the need for precision diagnostics becomes increasingly critical. Personalized medicine prioritizes early detection and prevention, rendering IVD testing essential for identifying specific biomarkers, genetic variants, and disease susceptibilities.

As healthcare providers increasingly embrace precision medicine, the demand for advanced IVD tools—such as companion diagnostics and molecular testing kits—is expected to surge. This trend is driving market participants to invest heavily in research and development, with a focus on creating personalized diagnostic instruments that enhance individualized patient care and optimize treatment outcomes.

Consequently, the IVD sector is poised for transformative growth, aligning seamlessly with the broader shift toward tailored healthcare solutions that prioritize patient-specific needs and significantly improve overall treatment efficacy.

Competitive Landscape

The major players operating in the in vitro diagnostics market are QIAGEN, BD, BioMérieux SA, F. Hoffmann-La Roche, Ltd., Quidel, Ortho Corporation, Abbott, Agilent Technologies, Inc., Thermofisher Scientific, Inc., Siemens Healthineers AG, Bio-Rad Laboratories, Inc., Danaher, Sysmex Corporation, Charles River Laboratories, Quest Diagnostics Incorporated, Illumina, Inc., Hologic, Revvity, and Exact Sciences. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

• On 27th August 2024, Illumina, Inc. (NASDAQ: ILMN), announced Food and Drug Administration (FDA) approval of its in vitro diagnostic (IVD) TruSight™ Oncology (TSO) Comprehensive test and its first two companion diagnostic (CDx) indications. This single test interrogates over 500 genes to profile a patient’s solid tumour, helping to increase the likelihood of identifying an immuno-oncology biomarker or clinically actionable biomarkers that enable targeted therapy options or clinical trial enrolment.
• On 23rd April 2024, Pillar Biosciences, Inc., which develops and distributes next-generation sequencing (NGS) tests to localize testing and reduce time to treatment initiation and testing costs, announced that the U.S. Food and Drug Administration (FDA) has approved the company’s Premarket Approval (PMA) supplement application for its oncoReveal™ CDx pan-cancer solid tumour in vitro diagnostic (IVD). The approval expands the indication of oncoReveal™ Dx from EGFR & KRAS therapy selection in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) to now include general solid tumour profiling.

Notes for Editors

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