In Vitro Diagnostics Market: Growing significance of companion diagnostics

Posted by snehal shaha on August 5th, 2022

Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients based on the best response to therapy. The co-development of companion diagnostics with therapeutic products can significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With the increased demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics has high growth potential. The growing importance of companion diagnostics also provides growth opportunities for the diagnostics segment and, in turn, the IVD market.

The global In-Vitro Diagnostics Market is projected to reach USD 113.1 billion by 2026 from USD 98.2 billion in 2021, at a CAGR of 2.9% during the forecast period.

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Scope of the Report:

By Product and Service

  • Reagents & Kits
  • Instruments
  • Services
  • Data Management Software

By Technology

  • Immunoassay/ Immunochemistry
  • Clinical chemistry
  • Molecular diagnostics
  • Hematology
  • Microbiology
  • Coagulation and Hemostasis
  • Urinalysis
  • Other Technologies

By Application

  • Infectious diseases
  • Diabetes
  • Oncology
  • Cardiology
  • Drug Testing/ Pharmacogenomics
  • Autoimmune diseases
  • HIV/AIDS
  • Nephrology
  • Other applications

By End User

  • Hospital laboratories
  • Clinical laboratories
  • Point-of-care testing centers
  • Academic institutes
  • Patients
  • Other end users

By Country

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Australia
    • Japan
    • India
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East and Africa
    • Turkey
    • Rest of MEA

Market Segmentation: -

In this report, the IVD market is segmented based on product & service, technology, application, end user, and region.

Based on product and service, the In-Vitro Diagnostics 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 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 application, the In-Vitro Diagnostics Market is segmented into infectious diseases, diabetes, Oncology, cardiology, drug testing/ pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology and other applications. In 2020, infectious diseases accounted for 34.1% of the IVD market. The large share of this segment can be attributed to the rising prevalence of infectious diseases and multi-drug-resistant infectious diseases and the growing need for effective diagnostic tools for these diseases. However, the oncology segment is projected to grow at the highest CAGR of 6.6% during the forecast period. The increasing number of cancer cases across the globe, the growing demand for personalized medicine, and the availability of funding for cancer research are the major factors driving the market growth.

Based on technology, the In-Vitro Diagnostics Market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation and hemostasis, urinalysis and other technologies. The immunoassay/immunochemistry segment accounted for 31% of the IVD technologies market in 2020. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are contributing to the growth of this market segment.

Based on the end user, the In-Vitro Diagnostics Market is segmented into hospital laboratories, clinical laboratories, academic institutes, POC (point-of-care) testing centers, patients, and other end users. In 2020, hospital laboratories accounted for the largest share of 47% of the market, followed by clinical laboratories (23.8%) and POC testing centers (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 market for hospital laboratories.

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Regional Analysis :-

The In-Vitro Diagnostics 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 market, followed by Europe (28%), Asia Pacific (22.9%), Latin America (6.5%), and the Middle East & Africa (2.9%). The In-Vitro Diagnostics/IVD Market in North America is well established, with the US being the major market in this region.

Key Market Players:

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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snehal shaha

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snehal shaha
Joined: July 4th, 2019
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