In-vitro Diagnostics Market to be Worth $130.1 Billion by 2030
Added: (Mon Oct 30 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, ‘In-vitro Diagnostics Market, by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach (Lab, POC) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the global in vitro diagnostics market is expected to register a CAGR of 4.6% from 2023 to reach $130.1 billion by 2030. The growth of the global in vitro diagnostics market is mainly attributed to the rising prevalence of chronic diseases coupled with the increasing geriatric population, rising prevalence of acute and chronic infectious diseases, increasing funding for research activities, growing awareness regarding early disease diagnosis, growing demand for point-of-care (POC) diagnostics and rapid diagnosis, rising healthcare expenditure, and increasing funding for research activities. Further, emerging economies, increasing inclination toward personalized medicine, and advancements in genomics & proteomics offer significant growth opportunities for the players operating in this market. However, stringent technical requirements and regulatory processes for high/moderate-complexity tests and variance in test results observed in rapid IVD tests are expected to hinder the growth of this market. The evolving regulatory landscape poses a challenge for the global IVD market.
Key Players
The key players operating in the global in vitro diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnostica (Brazil), Wiener Laboratorios SAIC (Argentina), QuidelOrtho Corporation (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).
Global In Vitro Diagnostics Market: Future Outlook
The global in vitro diagnostics market is segmented by offering [{reagents & kits, systems, and software & services), technology {molecular diagnostics (polymerase chain reaction (PCR), hybridization, isothermal nucleic acid amplification technology, DNA sequencing & next-generation sequencing, microarray, mass spectrometry, other molecular diagnostic technologies) Point-of-Care (PoC) diagnostics (lateral flow assays/rapid tests, PoC molecular diagnostics, other PoC products), immunoassay/immunochemistry (enzyme-linked immunosorbent assays (ELISA), enzyme-linked immunospot assays, western blotting, radioimmunoassay), biochemistry/clinical chemistry (metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, thyroid function panels), whole blood glucose monitoring, microbiology, hematology, coagulation/hemostasis, urinalysis, and other IVD technologies}, application {infectious diseases (COVID-19 testing, sexually transmitted diseases (STD) testing, healthcare-associated infections (HAIs), hepatitis, HIV, tropical diseases, influenza, respiratory infections (excluding influenza), other infectious diseases), oncology, diabetes, cardiology, nephrology, autoimmune disorders, and other applications), diagnostic approach {laboratory testing, OTC/self-testing, and Point-of-Care testing}, end user {diagnostic laboratories, hospitals & clinics, home healthcare, and other end users}], and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on offering, the reagents & kits segment is expected to account for the largest share of the in vitro diagnostics market in 2023. The large market share of this segment is mainly attributed to the frequent use of assays & kits in the detection of various chronic diseases, the commercial availability of a diverse range of reagents & consumables for various diseases diagnosis, the increase in the volume of testing for infectious disease, especially after the COVID-19 pandemic, and the growing awareness about self-testing kits among the general population.
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Based on technology, in 2023, the molecular diagnostics segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of the segment is mainly attributed to the growing prevalence of infectious diseases and diagnosing a disease by analyzing DNA or RNA or their proteins as well as the development of automated instrument systems which provide accurate results using PCR and other molecular technologies.
Based on application, in 2023, the infectious diseases segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of this segment is attributed to the rising prevalence of infectious diseases, government initiatives to promote awareness and testing, and emerging outbreaks of infectious diseases around the world.
Based on diagnostic approach, the lab testing segment is expected to account for the largest share of the in vitro diagnostics market in 2023. The large market share of this segment is primarily attributed to its higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program.
Based on end user, in 2023, the diagnostics laboratories segment is expected to account for the largest share of the in vitro diagnostics market. The large market share of this segment is primarily attributed to the rising laboratory automation, availability of well-equipped systems, lack of skilled labor, growing prevalence of infectious diseases, and rising government initiatives.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Middle East (Saudi Arabia and Rest of Middle East), and Africa (South Africa and Rest of Africa).
Based on geography, North America is expected to account for the largest share of the in vitro diagnostics market in 2023. The large market share of North America is attributed to the rising prevalence of chronic and infectious diseases, increasing awareness regarding early disease diagnosis, growing adoption of advanced diagnostic products, and increasing funding activities coupled with novel developments in diagnostic technologies.
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Key questions answered in the report-
• Which are the high-growth market segments in terms of offering, technology, application, diagnostic approach, end user, and geography?
• What was the historical market for in vitro diagnosis across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, challenges, and opportunities in the global in vitro diagnostics market?
• Who are the major players in the global in vitro diagnostics market?
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regional and country-level markets.
Based on solution, the global smart cities market is segmented into smart citizen services, smart environment, smart buildings, smart transportation, smart utilities, and other smart solutions. In 2023, the smart citizen services segment is expected to account for the largest share of the global smart cities market. Smart citizen services are an essential part of a smart city ecosystem that leverages digital technology to improve the quality of life of its residents. Smart cities use digital platforms like social media, mobile apps, and online forums to engage citizens in decision-making processes and encourage them to participate in local governance. In addition, smart citizen services in smart cities leverage digital technology to create a more efficient, sustainable, and livable urban environment for residents. These are some of the major factors driving the growth of this segment.
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However, the smart utilities segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing requirement of achieving optimized asset performance, improving operational efficiencies, identifying key insights into customer’s utility usage patterns, and increasing proliferation of digital technologies such as advanced analytics and the Internet of Things (IoT) to develop new business and operating models for existing players and new entrants in the utility industry. Smart utilities in smart cities use digital technology to optimize the management of utilities, reduce costs, and improve the sustainability and livability of urban environments.
Based on component, the global smart cities market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart cities market. Hardware forms the backbone of the infrastructure support required for deploying smart city projects. Developing regions such as Asia-Pacific, Latin America, and the Middle East & Africa are in the initial stage of smart city implementation, boosting the demand for connected hardware devices over the coming years.
However, the services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the implementation, installation and maintenance of advanced hardware and software to connect multiple aspects of smart cities and the need to streamline mobility, city services, and public safety and promote sustainability. As more countries look to adopt smart city initiatives in the future, services will play a key role in upkeeping and maintaining the installed support infrastructure.
Based on technology, the global smart cities market is segmented into IoT, artificial intelligence, cloud computing, machine learning, machine-to-machine communications, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global smart cities market. The large market share of this segment is attributed to the rising adoption of connected devices such as smart cars, smart meters, and machine-to-machine (M2M) communications. In a smart city, IoT devices can collect real-time data about various aspects of the city, such as traffic flow, air quality, noise levels, energy consumption, and waste management. This data can then be analyzed and used to optimize city services and infrastructure, such as traffic management, energy distribution, and waste collection. Such factors increase the demand for the Internet of Things (IoT) market.
However, the cloud computing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the ability to provide access to a shared pool of computing resources, including servers, storage, and applications. This allows smart city planners to scale up or down their computing needs without significant capital investment in hardware and software infrastructure.
Based on geography, the global smart cities market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart cities market. North America’s large market share is attributed to the rising adoption of digital technology and data due to the growing need for improving decision-making, promoting digital inclusivity and equity, creating a collaborative ecosystem, prioritizing citizen safety and health, establishing trust and transparency, and developing resilience and adaptability to manage change effectively.
However, Asia-Pacific is expected to register the highest CAGR during the forecast period. Asia-Pacific continues to grow as large nations in the region consolidate their urbanization process. Asia-Pacific's smart cities primarily focus on the areas of digital government services, environmental impact reduction, and improvement of ICT infrastructure and adoption. Growing urban population and rapid expansion of cities are driving governments to deploy smart city solutions to sustain public services, drive economic competitiveness, and enable a thriving environment in the Asia-Pacific region.
Key Players:
The key players operating in the global smart cities market are Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), IBM Corporation (U.S.), Siemens AG (Germany), Cognizant Technology Solutions Corporation (U.S.), Capgemini (Europe), Schneider Electric SE (France), Intel Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Foxconn Electronics Inc. (Hon Hai Precision Industry Co. Ltd.) (China), LTIMindtree Limited (India), and General Electric Company (U.S.)
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Key questions answered in the report-
• Which are the high-growth market segments in terms of solution, component, technology, and geography?
• What is the historical market for smart cities market across the globe?
• What are the market forecasts and estimates for the period of 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global smart cities market?
• Who are the major players in the global smart cities market, and what share of the market do they hold?
• How is the competitive landscape?
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