In-Vitro Diagnostics (IVD) Market Worth $118.5 Billion by 2027 – Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

London, Sept. 23, 2021 (GLOBE NEWSWIRE) — According to a new market research report “In Vitro Diagnostics Market by Product & Solution (Consumables, System, Software & Services), Technology (Immunoassay, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospital & Clinics, Nursing Homes) – Forecast to 2027”, published by Meticulous Research^®, the in vitro diagnostics market is expected to grow at a CAGR of 7% from 2020 to reach $118.5 billion by 2027.

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In vitro diagnostics are tests done on samples, such as blood or tissue that have been taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases.

In the past few years, the epidemiological burden of infectious diseases across the globe has increased. Various infections, such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika, are the majorly occurred emerging infections. The recent outbreak of the coronavirus (COVID-19) disease is an example of the same.

The increasing prevalence of infectious diseases across the globe is expected to significantly increase the demand for the diagnosis of these diseases for early detection, prevention, and treatment, which in turn, is expected to drive the growth of the in vitro diagnostics market. The early diagnosis of infectious diseases helps medical professionals and patients take up various important medical decisions in terms of care and support. Increasing awareness regarding the importance of early disease detection is a major factor driving the growth of the global IVD market.

Impact of COVID-19 on the In Vitro Diagnostics Market

The recent outbreak of coronavirus disease (COVID-19) impacted several countries worldwide. In this global pandemic, although many dedicated healthcare professionals worked tirelessly on the frontlines to fight against this crisis, it was equally important to minimize the spread of disease by preparing kits for early diagnosis. Thus, the outbreak of the COVID-19 pandemic has created immense opportunities for the IVD market.

There are several types of SARS-CoV-2 and COVID-19 related IVDs:

Diagnostic Tests: Tests that detect parts of the SARS-CoV-2 virus and can be used to diagnose infection with the SARS-CoV-2 virus. These include molecular tests and antigen tests.

Serology/Antibody and Other Adaptive Immune Response Tests: Tests that detect antibodies (for example, IgM, IgG) to the SARS-CoV-2 virus or measure a different adaptive immune response (such as T cell immune response) to the SARS-CoV-2 virus. These types of tests cannot be used to diagnose a current infection.

Tests for Management of COVID-19 Patients: Beyond tests that diagnose or detect SARS-CoV-2 virus or antibodies, some tests are authorized to manage patients with COVID-19, such as to detect biomarkers related to inflammation. Once patients are diagnosed with COVID-19 disease, these additional tests can inform patient management decisions.

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In response to the growing COVID-19 pandemic and shortages of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers developed rapid and easy-to-use devices to facilitate testing outside of laboratory settings. Government in the European region pledged over USD 7.67 billion (EUR 7 billion) in initial funding as part of a global effort to respond to the COVID-19 pandemic. Also, Novo Nordisk Foundation awarded a grant to TestCenter Denmark to carry out 3 million tests. Further, manufacturers are developing various diagnostic kits and assays for early disease diagnosis amidst the pandemic, which is expected to drive the IVD market.

The overall IVD market study is segmented based on product & solution (consumables, system, software & services), technique (immunoassay, rapid tests, PCR, and microbiology), application (infectious diseases, oncology), end user (hospital & clinics, nursing homes), and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on product & solution, the overall IVD market is segmented into kits & reagents, instruments, and software & services. In 2020, the kits & reagents segment accounted for the largest share of the overall IVD market. The large share of this segment is primarily attributed to the frequent use of assays & kits in the detection of various chronic diseases, the commercial availability of a diverse range of reagents & consumables for the diagnosis of various diseases, increase in the volume of testing for infectious diseases such as COVID-19 and influenza, and rise in demand for molecular and immunoassay reagents across the globe. However, the molecular diagnostics segment is expected to grow fastest during the forecast period due to rising awareness of personalized medicine and companion diagnostics, molecular techniques advancements, rising focus of market players on developing diagnostic NGS kits & reagents, and penetration of cutting-edge clinical laboratory technologies.

Based on technology, the immunoassay/immunochemistry segment accounted for the largest share of the overall IVD market in 2020. However, the molecular diagnostics segment is expected to grow at the highest CAGR during the forecast period due to the high prevalence of infectious diseases, rising awareness of personalized medicine and companion diagnostics, and advancements in molecular techniques. Further, the rising focus of market players on the development of diagnostic NGS kits and reagents and rising penetration of cutting-edge clinical laboratory technologies are responsible for the fastest growth of the segment.

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Based on application, the overall in-vitro diagnostics (IVD) market is broadly segmented into infectious diseases, oncology, cardiology, endocrinology, nephrology, and other applications, including toxicology, gastrology, and neonatal, genetic, and neurological disorders among others. The infectious diseases segment is estimated to grow with the fastest rate during the forecast period due to recent regulatory approvals, product launches, and increased availability of COVID-19 test kits across the globe.

Based on the end user, the diagnostic reference laboratories segment accounted for the largest share of the overall in-vitro diagnostics market in 2020, due to the rising laboratory automation, availability of well-equipped systems, lack of skilled labor, and growing prevalence of infectious diseases, and rising government initiatives.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years. In recent years, the IVD market has witnessed several new product launches, approvals, agreements, partnerships, collaborations, and expansions. For instance, in October 2020, Thermo Fisher Scientific Inc. (U.S.) launched the OmniPATH COVID-19 Total Antibody ELISA test in conjunction with the Mayo Clinic (U.S.) and WuXi Diagnostics (China) for the qualitative detection of total antibodies to SARS-CoV-2.

Some of the key players operating in the global IVD market are Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Becton, Dickinson and Company (U.S.), DiaSorin S.p.A. (Italy), Ortho Clinical Diagnostics (U.S.), Siemens Healthcare GmbH (Germany), Sysmex Corporation (Japan), and QIAGEN N.V. (Netherlands) among others.

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Scope of the Report:

In Vitro Diagnostics Market, by Product & Solution

• Kits and Reagents
• Instruments
• Software and Services

In Vitro Diagnostics Market, by Technique

• Immunoassays
  • Enzyme-linked Immunosorbent Assays
  • Radioimmunoassay
  • Rapid Tests
  • Western Blotting
  • Enzyme-Linked Immunospot Assays
• Clinical Chemistry
  • Molecular Diagnostics
  • Polymerase Chain Reaction
  • Isothermal Nucleic Acid Amplification Technology
  • Microarray
  • Hybridization
  • DNA Sequencing & Next-Generation Sequencing
• Microbiology
• Hematology
• Coagulation/Hemostasis
• Urinalysis

In Vitro Diagnostics Market, by Application

• Infectious Diseases
• Oncology
• Endocrinology
• Diabetes
• Cardiology
• Nephrology
• Other Applications

In Vitro Diagnostics Market, by End User

• Hospitals and Clinics
• Diagnostics Reference Laboratories
• Home Healthcare
• Other End Users

In Vitro Diagnostics Market, by Geography

• North America
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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