In-vitro Diagnostics Market Analysis

In-vitro Diagnostics Market Analysis

In terms of product, the in-vitro diagnostics market from the reagents & kits segment is speculated to reach a valuation of more than USD 97.5 billion by 2032. The increasing instances of viral and fungal infections, particularly in the United States and developing nations such as India with inadequate hygienic conditions, are promoting the use of reagents. Thus, prominent efforts by market participants to offer superior-quality molecular reagents and kits for better patient management and care are fueling segment trends.
 

In-vitro diagnostics market from the diagnostic laboratories segment is foreseen to garner over USD 62 billion By 2032,owing to the mounting number of diagnostic centers and easy access to routine blood checkups, urine tests, and other common diagnostic tests in these facilities, thus, proving beneficial for the segment progression. According to the CDC, there are 330,000 CLIA-certified laboratories in the United States and nearly 70% of medical decisions in healthcare depend on 14 billion diagnostics tests conducted annually.
 

In-vitro diagnostics market from the hematology segment is anticipated to progress at more than 4% CAGR from 2023 to 2032 propelled by the escalating prevalence of genetic disorders. Additionally, the COVID-19 pandemic has further highlighted the significance of hematology tests due to their crucial role in the diagnosis and management of the disease, leading to an increase in demand for hematology testing.
 

The in-vitro diagnostics market from the infectious diseases segment is projected to be worth over USD 42 billion by 2032. The soaring prevalence of antibiotic resistance has emphasized the need for more targeted and efficient treatment techniques that are based on precise diagnostic results. Additionally, the demand for rapid diagnostic tests to identify and contain outbreaks also complemented segment expansion. During the COVID-19 pandemic, the US FDA provided emergency use authorizations to IVDs for SARS-CoV-2 detection and published diagnostic templates for EUA submissions for quick reach to patients.
 

North America in-vitro diagnostics market is slated to grow at more than 3% CAGR over 2023-2032 attributed to the escalating adoption of in-vitro diagnostics and supportive improvements in healthcare infrastructure. Furthermore, the strong presence of business players is also driving regional development.