IN VITRO DIAGNOSTIC MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


In Vitro Diagnostic Market Analysis:

The market size of the In Vitro Diagnostic (IVD) industry is projected to expand from USD 97.13 billion in 2023 to USD 125.15 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 5.20% during the forecast period (2023–2028).

The COVID-19 pandemic has brought IVD to the forefront, as there is a growing need for IVD kits and reagents to accurately and rapidly diagnose SARS-CoV2 virus infections among the global population. The outbreak of COVID-19 has had a positive impact on the market, as IVD involves testing various biological samples, which has helped in diagnosing infectious diseases, such as COVID-19. Testing has been a crucial step in controlling the COVID-19 pandemic. An article titled ‘The Impact of COVID-19 on the In Vitro Diagnostic Industry’, published in April 2021, stated that IVD tests conducted on samples from the human body were indispensable tools in combating COVID-19. The industry has grown significantly post-COVID-19 due to the increased use of pandemic-necessitated innovations such as remote collections and digital pathology. Additionally, the rapid launch of diagnostic kits for the diagnosis of COVID-19 by key players drove the market during the pandemic.

For example, in May 2021, the Defense Research and Development Organization (DRDO) developed a COVID-19 antibody detection kit that provides results in just 75 minutes. Furthermore, in February 2020, the US FDA issued a new policy to expedite the availability of diagnostics. A public health emergency was declared, justifying the authorization of emergency use of IVDs for the diagnosis of COVID-19.

The growth of the global IVD market can also be attributed to the high prevalence of chronic and infectious diseases, increasing use of point-of-care (POC) diagnostics, advanced technologies in in-vitro diagnostic products, and increasing awareness and acceptance of personalized medicine and companion diagnostics. According to the Centers for Disease Control and Prevention (CDC), in 2021, approximately 18.2 million adults aged 20 and older had coronary artery disease (CAD) in the United States. Heart disease is the leading cause of death among people in the United States. The high incidence of chronic diseases increases the demand for extensive diagnostic procedures, which, in turn, drives the market. Additionally, the current market is also growing due to the use of advanced technologies in the IVD market. There has been a paradigm shift from traditional diagnostics to a new generation of diagnostics that work at the gene level. This was made possible by the inclusion of advanced technologies, such as genetic testing, molecular diagnostics, polymerase chain reaction (PCR), and next-generation sequencing (NGS) in the IVD platform. Furthermore, increasing product launches with advanced features are expected to drive the market. For instance, in June 2022, Agilient Technologies launched IVD-compliant instruments, kits, and reagents for use in compliance with the new European Union IVDR regulation.

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