According to our new research study on "In-Vitro Diagnostics Market Forecast to 2030 –Global Analysis – by Product & Service, Technology, Application, End User, and Geography," the in-vitro diagnostics market is expected to grow from US$ 72,393.80 million in 2022 to US$ 1,12,103.51 million by 2030; it is estimated to register a CAGR of 5.6% during the forecast period. The increasing prevalence of chronic diseases, technological advancements, and the growing geriatric population are the noteworthy factors driving the in-vitro diagnostics market growth.
North America is at the forefront of personalized medicine and genomics research. There is increasing integration of genomics and molecular diagnostics into routine patient care. Companies are involved in developing advanced genetics hold substantial opportunities for the in-vitro diagnostics market. North America, particularly the US and Canada, has been a hub for genomic research centers that contribute notably to understanding and knowledge on the genetic basis of diseases, identification of biomarkers, and development of targeted therapies. Both these countries have launched precision medicine initiatives to integrate genomics into clinical practices. North America has been a leader in cancer genomics, hosting extensive research and clinical trials focused on understanding the genetic factors associated with different types of cancer. These trials aim to evaluate the efficacy of targeted therapies, immunotherapies, and other innovative treatments based on the genetic characteristics of patients’ tumors. The American Cancer Society estimates that the US would record 1.9 million new cancer cases (~5,370 cases per day) and 609,820 deaths from cancer in 2023. With such a high incidence, there is a pressing need for effective treatment to improve the quality of life of these patients.
Personalized medicine involves running in-vitro diagnostics tests on patients to stratify them into subgroups based on their unique characteristics. The field of personalized medicine, along with advancements in genomics sequencing, molecular profiling, and other diagnostic technologies, has the potential to revolutionize healthcare by providing targeted, precise, and individualized treatment approaches. Genetics have become increasingly accessible globally. In November 2022, Roche, Cancer Research UK, and the University of Manchester announced the launch of a multidrug, precision medicine DETERMINE trial. The trial seeks to evaluated if available agents, including those that are licensed for more common cancer types, could benefit patients with rare cancer types. The trial recruited both adult and pediatric patients with rare cancer types. Companies such as 23and Me and AncestryDNA offer direct-to-consumer genetic testing kits, allowing individuals to gain insights into their ancestry, genetic traits, and potential health risks. Healthcare providers also offer genetic testing to guide treatment decisions. Thus, the demand for personalized medicine and genomics will propel the growth of the in-vitro diagnostics market during the forecast period.
Integration of IVD with Digital Health Technologies
IVD is used in clinical, laboratory, and outpatient settings with the aim specifically to help in the detection of diseases and, consequently, aid in the selection of appropriate treatment protocols. The integration of IVD technologies with digital health solutions is gaining traction globally. Data analytics, artificial Intelligence, and remote monitoring enhance the value of diagnostic tests, leading to better patient management and outcomes. IVD technologies integrated with digital health solutions can be incorporated into clinical decision support systems. As recognized by the WHO, digital health solutions could help detect diseases. Artificial intelligence health bots and similar other emerging solutions may present opportunities for patient care and address challenges such as high cost and time requirements. In diagnostics based on genomic testing, deep learning can identify cancer cells, determine their type, and predict what mutations may occur in a tumor from images of a specific sample. Artificial intelligence and machine learning (AI/ML) in in-vitro diagnostics are revolutionizing medical device development. These modern diagnostic systems facilitate diagnosis based on digital image analysis, thereby improving healthcare decision-making. Smart diagnostics are extremely scalable IVD solutions that use artificial intelligence to perform better than lab-based diagnostics at a fraction of the price. Additionally, this type of diagnostics can derive emergent features through unique chemical and biological signature detection and analysis. Thus, the integration of IVD with digital health technologies is likely to offer lucrative opportunities to the in-vitro diagnostics market in the coming years.
Abbott Laboratories, F. Hoffmann-La Roche Ltd, Danaher Corp, Siemens AG, Sysmex Corp, Thermo Fisher Scientific Inc, Becton Dickinson and Co, bioMerieux SA, Bio-Rad Laboratories Inc, Qiagen NV are among the leading companies operating in the in-vitro diagnostics market.
The global in-vitro diagnostics market is segmented into product & service, technology, and application. Based on product & service, the market is categorized into reagents & kits, instruments, and software & services. In terms of technology, the in-vitro diagnostics market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation and hemostasis, hematology, urinalysis, and others. The in-vitro diagnostics market, by application, is fragmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others. The in-vitro diagnostic market, by end user, is segmented into hospitals, laboratories, home care, and others. In terms of geography, the in-vitro diagnostic market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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