Global In-Vitro Diagnostics (IVD) Market Analysis 2021-2031

The global in-vitro diagnostics (IVD) market is anticipated to grow with a CAGR of 4.6% over the forecast period, i.e., 2022 - 2031. Factors such as the rising healthcare expenditure and the growing advancements in research in the field of medical sciences, followed by the surge in cases of coronavirus, along with other chronic and infectious diseases globally are anticipated to drive the growth of the market in the coming years. Additionally, the rising prevalence of infectious and chronic diseases is also expected to boost the market growth. The global in-vitro diagnostics (IVD) market is estimated to garner a revenue of about USD 135170 Million by the end of 2031, up from a revenue of more than USD 87230 Million in the year 2021.

The global in-vitro diagnostics (IVD) market is segmented into numerous segments which include segmentation by product, technology, application, end-user, and by region. By product, the market is segmented into reagents, instruments, and services. By the end of 2031, the reagents segment is projected to garner the largest revenue of close to USD 112160 Million. Additionally, in the year 2021, the segment garnered a revenue of around USD 71790 Million.

On the basis of regional analysis, the global in-vitro diagnostics (IVD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is projected to garner the largest revenue of near to USD 57180 Million by the end of 2031. Additionally, in the year 2021, the market generated a revenue of close to USD 36990 Million.

However, the operational barriers faced during conduction of diagnostic tests, along with dynamic regulatory landscape are predicted to be some of the major restraint factors for the market growth during the forecast period.

Some of the prominent industry leaders in the global in-vitro diagnostics (IVD) market that are included in our report are Abbott, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Eisai Co., Ltd., Kyowa Kirin Co., Ltd., Sysmex Corporation, Qiagen GmbH, bioMerieux SA, Danaher Corporation, Bio Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Exact Sciences Corporation, Becton, Dickinson and Company, and others.