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In vitro Diagnostics Market worth $113.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
Based on product and service, the IVD market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of 68.1% of the IVD market in 2020. Accessibility to a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders in the early stages are expected to drive the growth of this segment.
Based on the end user, the IVD market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing center, patients, and other end users. In 2020, hospital laboratories accounted for the largest share of 47% of the IVD market, followed by clinical laboratories (23.8%) and POC testing center (13%). Many diagnostic tests are carried out in hospitals. The acquisition of smaller physician practices and groups by hospitals is becoming a noticeable trend in the US healthcare industry; the continuation of this trend will support the IVD market for hospital laboratories.
The IVD market is divided into five major regions—North America, Europe , Asia Pacific , Latin America , and the Middle East & Africa . In 2020, North America accounted for the largest share of 39.8% of the IVD market, followed by Europe (28%), Asia Pacific (22.9%), Latin America (6.5%), and the Middle East & Africa (2.9%). The IVD market in North America is well established, with the US being the major market in this region. Growth in the North American market is mainly driven by the increasing per capita healthcare expenditure and technologically advanced healthcare infrastructure in the region. Initiatives taken by different government associations are also anticipated to boost market growth in the coming years.
Prominent players of IVD market are Roche Diagnostics ( Switzerland ), Siemens Healthineers ( Germany ), Danaher Corporation (US), Abbott (US), and Thermo Fisher Scientific (US) are the leading players in this market. Other players in this market are Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation ( Japan ), bioMérieux ( France ), DiaSorin ( Italy ), Ortho Clinical Diagnostics (US), and QIAGEN N.V. ( Netherlands ).
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