The surging burden of chronic diseases, increasing number of blood donors, advancements in the in vitro diagnostics (IVD) technology, rising healthcare expenditure, and increasing number of hospitals and academic institutions are the major growth drivers for the global in vitro diagnostic market. As a result of these factors, the industry is projected to generate $127.4 billion revenue by 2030, advancing at a CAGR of 6.6% during the forecast period (2020–2030).
Due to the COVID-19 pandemic, the demand for IVD procedures is witnessing a positive impact, thus leading to a strong in vitro diagnostic market growth rate in 2020. While COVID-19 continues to spread around the world, countries have taken drastic steps, in the form of manufacturing plant closures, to contain the spread of COVID-19 and ensure people’s safety. The situation continues to be petrifying, as more European companies are suspending work and U.S. firms are extending their shutdown duration. The global healthcare system is facing an unprecedented challenge during the COVID-19 pandemic, and key market players of the in vitro diagnostic market are responding in an extraordinary way.
Reagents & Kits Category Is Expected To Dominate Industry during Forecast Period
On the basis of offering, the global in vitro diagnostic market is categorized into reagents & kits, instruments, and software & services. Among these offerings, during the forecast period, the reagents & kits category is expected to retain its market dominance. The rising volume of IVD tests due to the increasing number of chronic and infectious disease patients and growing research activities is expected to drive the advance of this category in the coming years.
Furthermore, on the basis of technology, the global in vitro diagnostic market is categorized into clinical chemistry, immunochemistry, molecular diagnostics, hematology, microbiology, and others. Out of these, microbiology is expected to be the fastest-growing category in this industry during the forecast period. This would primarily be due to the rising cases of infectious diseases, including hepatitis and tuberculosis, which are leading to the surging demand for microbial testing.
Geographically, North America held the largest share in the global in vitro diagnostic market during the historical period (2014–2019), and it is expected to remain the largest market in the forecast period. This can be mainly attributed to the rising volume of tests on account of the increasing number of people in the region suffering from chronic diseases and infectious diseases. Moreover, the presence of major market players such as Thermo Fisher Scientific Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., and PerkinElmer Inc. is having a positive impact on the growth of the industry in the continent.
Product Launch Is Strongest Strategic Measure Taken by Players in Market
Players in the in vitro diagnostic market are launching new products to strengthen their business. For instance, in September 2020, Pinnacle BioLabs launched the COVID rapid antigen detection test (RAD), which expanded the diagnostic testing product line of the company. The product includes the Pinnacle COVID NEO IgG/IgM antibody test and the second-generation FIT colon cancer test. RAD is a point-of-care antigen test that does not require additional laboratory equipment and provides results within 15 minutes.
Similarly, in May 2020, Quidel Corporation received the Emergency Use Authorization (EUA) approval for the Lyra Direct SARS-CoV-2 assay from the U.S. Food and Drug Administration (FDA), for direct sample processing. The assay does not require up-front sample extraction for the detection of coronavirus.
Some of the major players operating in the global in vitro diagnostic market are Thermo Fisher Scientific Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., PerkinElmer Inc., Quidel Corporation, OraSure Technologies Inc., Sysmex Corporation, DIAGNOSTICA STAGO S.A.S, Siemens AG, Abbott Laboratories, Becton, Dickinson and Company, Hologic Inc., Sartorius Stedim Biotech S.A., Bio-Rad Laboratories Inc., bioMérieux S.A., Trinity Biotech plc, Bio-Techne Corporation, DiaSorin S.p.A., Ortho-Clinical Diagnostics Inc., and Grifols S.A.