In Vitro Diagnostics (IVD) Market Size, Share and Industry Analysis 2024 to 2032

The global in vitro diagnostics (IVD) market size was valued at USD 74.92 billion in 2023 and is expected to grow from USD 73.99 billion in 2024 to USD 117.6 billion in 2032, registering a CAGR of 6.0% during the forecast period (2024-2032). North America dominated the global market in 2023 with a share of 37.21%.

In vitro diagnostics (IVD) are medical devices that perform diagnostic tests on biological samples such as blood, urine, and tissue. These tests help detect and monitor infectious diseases, autoimmune diseases, and a variety of diseases, and are also used to analyze adjustments to medication therapy from time to time. Furthermore, these tests influence approximately 70% of clinical decisions, according to the British Society for In Vitro Diagnostics.

Market trends:

The popularity of point-of-care testing equipment continues to increase

The rising incidence of acute and chronic diseases has prompted medical device companies to introduce technologically advanced diagnostic equipment. As the disease burden continues to increase, medical device companies are vigorously developing technologically advanced diagnostic equipment. Hospitals and laboratories have also shown a growing preference for point-of-care testing devices to obtain accurate, real-time data. Point-of-care (PoC) testing is performed near the patient, typically requires only a small amount of blood, and provides faster test results during the clinical decision-making process, allowing physicians to make early treatment decisions without waiting for results from a central laboratory. This factor is likely to increase the demand for point-of-care testing devices, ultimately driving the demand for in vitro diagnostic devices.

Growth factors:

The growing burden of chronic diseases and the need for in vitro diagnostic testing in large numbers of patients

The rising incidence of multiple diseases, including genetic, cardiovascular, and neurological diseases, places a heavy burden on health care. Effective use of IVDs in early diagnosis of these diseases allows physicians to effectively administer appropriate treatment.

For example, non-communicable diseases (NCDs) are responsible for 41 million deaths, equivalent to 74% of all deaths globally, according to a September 2022 fact sheet from the World Health Organization.

This growing disease burden can be easily controlled as long as both patients and physicians are aware of the importance of early diagnosis and use in vitro diagnostic devices effectively. In addition, the increase in the geriatric population has also increased the susceptibility to diseases such as hypertension, liver and kidney diseases, cardiovascular diseases, etc., which is likely to support the growth of the market

Increasing funding and government support for development and use of IVD devices promotes market growth

Government organizations, associations, and institutions drive market growth by launching awareness campaigns to encourage the use of in vitro diagnostic products. To prioritize diseases based on burden and prevalence, WHO has published a model list of essential in vitro diagnostic products for primary health care and health care facilities with clinical laboratories. These two categories are further subdivided into general in vitro diagnostic products and specific diseases.

Additionally, increasing research and government funding are supporting the development of innovative products, further driving market growth.

IVD market segmentation analysis

With the emergence of advanced products, reagents and consumables will be widely adopted

On the basis of product type, the market is segmented into instruments and reagents and consumables. The reagents and consumables segment accounted for the dominant share of the in vitro diagnostics market in 2023 owing to surge in usage of self-test kits, POC tests, and several other advanced in vitro diagnostics products. The increasing number of R&D activities for diagnosing chronic diseases is one of the major factors driving the demand for reagents and consumables. Furthermore, the increasing emphasis on early diagnosis in both developed and emerging countries has increased the number of patients undergoing routine check-ups, thereby contributing to strong growth in this field.

Analysis by technical

Technological advances in molecular diagnostic equipment drive demand

On the basis of technology, the market is segmented into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, and others.

The field of molecular diagnostics dominated 2023 due to the increasing demand for molecular diagnostics in infectious diseases. As the COVID-19 pandemic sweeps the world, the SARS-CoV-2 virus that causes this infection is diagnosed using quantitative real-time reverse transcription PCR (qRT-PCR). Increasing R&D activities by market players are leading to the launch of innovative instruments based on new technologies in the market.

Analyze by settings

Popularization of home diagnostics will drive growth of point-of-care diagnostics market

On the basis of environment, the market is segmented into laboratory and point-of-care diagnostics. The lab segment dominates in 2023. This is due to the increasing adoption of advanced instrumentation in this setting by developing countries, as well as rapid public and private sector investment in laboratory infrastructure. Additionally, most complex and sensitive diagnostic tests are performed in laboratories, requiring skilled laboratory staff, specialized equipment, and more run time.

In vitro diagnostic devices are widely used in the treatment of infectious diseases

In terms of application, the market is segmented into infectious diseases, cardiology, oncology, gastroenterology, and others. The infectious diseases segment accounted for the largest share in 2023 owing to rising prevalence of these diseases globally.

For example, tuberculosis remains one of the world's deadliest infectious diseases, second only to COVID-19, according to the European Center for Disease Prevention and Control, and drug-resistant TB strains remain a major problem.

Additionally, rising geriatric population increasing susceptibility to infectious diseases including hepatitis, diphtheria, etc., along with increasing number of outbreaks, may support segment growth of this market.