The Latest In Vitro Diagnostics Industry Statistics Explained
The global in-vitro diagnostics market size was valued at USD 63.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028.
The statistic indicates that the global in-vitro diagnostics market was valued at USD 63.2 billion in 2020 and is projected to steadily increase at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028. This suggests a positive trajectory for the market, with a significant increase in market size expected over the forecast period. The growth rate reflects the anticipated expanding demand for in-vitro diagnostic products and services, driven by factors such as advancements in technology, rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing awareness and importance of early disease detection and treatment. Overall, the statistic highlights a promising outlook for the global in-vitro diagnostics industry, indicating opportunities for market players and potential benefits for healthcare systems and patients worldwide.
The molecular diagnostics segment held the largest revenue share in 2020, at over 20%.
The statistic indicates that the molecular diagnostics segment was the leading contributor to overall revenue in 2020, accounting for more than 20% of the total revenue in the market. This suggests that molecular diagnostics, which involves analyzing biological markers in DNA and RNA to help determine the presence of diseases or genetic conditions, played a significant role in the market’s financial performance during that period. The prominence of this segment highlights the growing importance of molecular diagnostics in healthcare and the increasing demand for advanced diagnostic technologies to improve disease detection and treatment outcomes.
Hospitals are the largest IVD end-users, accounting for 33.7% of the market in 2020.
The statistic indicates that hospitals are the primary consumers of in vitro diagnostics (IVD) products, comprising 33.7% of the market share in 2020. This demonstrates the significant reliance of hospitals on IVD technologies for diagnosing and monitoring various diseases and medical conditions. Given the wide range of testing services offered by hospitals, including clinical chemistry, clinical microbiology, immunoassay, and molecular diagnostics, it is not surprising that they are the leading end-users in the IVD market. The high utilization of IVD products in hospitals emphasizes the critical role these technologies play in healthcare delivery by enabling quick and accurate diagnoses, facilitating timely treatment decisions, and ultimately improving patient outcomes.
In 2019, the global in vitro diagnostics market was about USD 61.7 billion.
The statistic “In 2019, the global in vitro diagnostics market was about USD 61.7 billion” represents the estimated total value of the global market for in vitro diagnostics, which are medical tests conducted on samples such as blood or tissue outside the body. This figure indicates the significant size and economic importance of the in vitro diagnostics industry in 2019, reflecting the use of these diagnostic tools in various healthcare settings for disease detection, monitoring, and treatment decision-making on a global scale. The market size highlights the growing demand for diagnostic testing as well as technological advancements in the field, emphasizing the crucial role of in vitro diagnostics in modern healthcare systems.
The US represented the largest IVD market in the world, accounting for about 35% of the global market.
This statistic indicates that the United States holds a dominant position in the In Vitro Diagnostics (IVD) market globally, representing approximately 35% of the total market share. This suggests that the US market for IVD products and services, which are used for diagnostic testing outside of the body, is significant and influential on a global scale. The large market share could be attributed to various factors such as the country’s advanced healthcare infrastructure, high demand for innovative medical technologies, robust research and development activities, and a sizable healthcare budget. Additionally, the US’s leading position in IVD may reflect the country’s strong emphasis on medical innovation and cutting-edge healthcare solutions, further solidifying its status as a key player in the international healthcare industry.
The global in-vitro diagnostics market is expected to reach USD 77 billion by 2025.
This statistic indicates that the global in-vitro diagnostics market is projected to experience significant growth, with a predicted market value of USD 77 billion by the year 2025. In-vitro diagnostics refer to tests and procedures performed on samples such as blood or tissue in a controlled laboratory environment, without the need for invasive procedures on a patient. The growing demand for early disease detection, personalized medicine, and technological advancements in diagnostic testing are likely driving this market expansion. This forecast suggests that the in-vitro diagnostics industry is poised for robust growth in the coming years, presenting opportunities for healthcare companies and stakeholders in this sector.
Immunoassay and clinical chemistry held approximately 61% of the overall market share in 2020.
The statistic indicates that immunoassay and clinical chemistry comprised around 61% of the total market share within the diagnostic testing industry in 2020. This suggests that these two categories of tests, which are commonly used in medical diagnostics to detect various conditions such as infections, hormonal imbalances, and organ function, were the dominant contributors to the market’s overall revenue and utilization. The significant market share held by immunoassay and clinical chemistry highlights their widespread relevance and adoption in healthcare settings for diagnosing and monitoring diseases, emphasizing their importance in the diagnostic testing landscape in 2020.
The point-of-care (POC) diagnostics market is expected to reach USD 46.7 billion by 2024, growing on account of the rising prevalence of infectious diseases.
The statistic indicates that the point-of-care (POC) diagnostics market is projected to reach a value of USD 46.7 billion by 2024. This growth is attributed to the increasing prevalence of infectious diseases, driving the demand for rapid and accurate diagnostic testing at the point of care. POC diagnostics offer immediate results and enable healthcare providers to make timely decisions for patient care, particularly crucial in the case of infectious diseases where quick diagnosis and treatment can significantly impact patient outcomes. The market growth reflects the ongoing shift towards decentralized testing and the advancement of technology in diagnostic tools, resulting in a substantial market opportunity in the healthcare industry for POC diagnostics.
Companies such as Roche Diagnostics, Abbott Laboratories, and Siemens Healthineers, are major players accounting for a significant share of the IVD market.
The statement suggests that companies like Roche Diagnostics, Abbott Laboratories, and Siemens Healthineers hold substantial market power within the In Vitro Diagnostics (IVD) industry. This means that these companies are dominant players in the market and have a significant influence on its dynamics. Their large market share indicates that they produce a considerable portion of the IVD products consumed by healthcare providers and patients globally. Given their prominence, these companies likely have a strong competitive advantage, advanced technologies, and established distribution channels that contribute to their success in the IVD market. Overall, their presence underscores their importance and impact on the industry’s growth, innovation, and overall competitiveness.
Reagent is the largest component segment in the IVD market, accounting for nearly 70% of the total market share in 2020.
The statistic indicates that within the In Vitro Diagnostics (IVD) market, the reagent segment constituted the largest component in 2020, contributing to nearly 70% of the total market share. This suggests that reagents, which are substances or compounds used in chemical analysis or other reactions, had a dominant presence in the IVD industry during that time period. The high percentage share underscores the importance and extensive use of reagents in various diagnostic tests and procedures, highlighting their pivotal role in driving the growth and profitability of the IVD market.
Molecular Diagnostics is projected to witness around 9.3% CAGR during the forecast period 2021-2026.
The statistic states that the market for Molecular Diagnostics is expected to experience a Compound Annual Growth Rate (CAGR) of approximately 9.3% over the period spanning from 2021 to 2026. This growth rate implies an annual increase in the market size for Molecular Diagnostics by 9.3%. A CAGR is a smoothed out growth rate that provides a more accurate picture of the market’s performance over a period of time. In this context, the projection suggests a strong and steady growth trajectory for the Molecular Diagnostics industry, indicating increasing demand and adoption of molecular diagnostic techniques and technologies over the forecast period.
North America held the largest share of the IVD market in 2020 due to the presence of well-established healthcare infrastructure and high adoption of advanced diagnostic solutions.
The statistic ‘North America held the largest share of the In Vitro Diagnostics (IVD) market in 2020 due to the presence of well-established healthcare infrastructure and high adoption of advanced diagnostic solutions’ suggests that the region of North America dominated the IVD market during that year. This dominance was driven by the presence of advanced healthcare facilities and infrastructure in North American countries, which are equipped to support the implementation and utilization of innovative and advanced diagnostic technologies. Furthermore, the high level of acceptance and adoption of cutting-edge diagnostic solutions within the healthcare system and among the population in North America played a crucial role in solidifying its position as the leader in the IVD market. These factors combined to give North America a competitive edge in the market for in vitro diagnostics in 2020.
The infectious diseases segment held the largest share of 21.35% in the IVD market in 2017.
In 2017, the infectious diseases segment accounted for the largest share of 21.35% within the in vitro diagnostics (IVD) market. This statistic indicates that a significant portion of the IVD market was driven by diagnostics and testing related to infectious diseases such as HIV, hepatitis, influenza, and others. The high share of this segment suggests a considerable demand for diagnostic tests and tools aimed at identifying and managing various infectious diseases. This information is crucial for healthcare companies and policymakers to understand the market dynamics and trends in the IVD industry, helping them tailor their strategies and resources effectively to meet the needs of healthcare providers and patients in combating infectious diseases.
By 2025, the global share of IVD market for infectious diseases is projected to be worth 19.4 billion USD.
Based on projected data, it is estimated that the global market share for In Vitro Diagnostics (IVD) dedicated to detecting and diagnosing infectious diseases will reach a value of 19.4 billion USD by the year 2025. This statistic indicates a significant investment and focus on the development and utilization of diagnostic tools for infectious diseases on a global scale. The increasing prevalence of infectious diseases, coupled with advancements in technology and growing awareness of the importance of early detection and treatment, likely contribute to the projected growth of the IVD market in this particular sector. This statistic underscores the critical role that IVD technologies play in healthcare systems worldwide, particularly in combating infectious diseases and enhancing public health outcomes.
The cancer segment in IVD market is projected to showcase significant growth at a CAGR of 5.7% during the forecast period.
This statistic indicates that the cancer segment within the in vitro diagnostic (IVD) market is expected to experience notable growth over the forecast period, with a compound annual growth rate (CAGR) of 5.7%. This suggests that there is anticipated increasing demand for in vitro diagnostic tests specifically tailored for detecting and monitoring various types of cancer. This growth could be driven by factors such as rising cancer prevalence, advancements in diagnostic technologies, and a growing emphasis on early detection and personalized medicine in the field of oncology. The projected growth rate of 5.7% signals a potentially lucrative opportunity for companies operating within the IVD market to invest in and expand their offerings related to cancer diagnostics.
China’s IVD market is expected to reach USD 13.6 billion in 2024, making it the second largest market globally.
The statistic that China’s in vitro diagnostics (IVD) market is projected to reach USD 13.6 billion by 2024 indicates a significant growth trajectory within the country’s healthcare industry. This growth is attributed to factors such as an increasing aging population, rising healthcare expenditure, and a growing focus on preventative healthcare measures. By becoming the second largest IVD market globally, China is showcasing its potential as a key player in the diagnostics sector, with opportunities for both domestic and international companies to invest and expand their presence in this lucrative market. This statistic also highlights the importance of China’s healthcare market in driving innovation, technological advancements, and overall economic growth within the country and on a global scale.
Cardiovascular diseases segment in IVD market is anticipated to exceed USD 2 billion by 2027.
This statistic suggests that the market for in vitro diagnostics (IVD) related to cardiovascular diseases is projected to surpass $2 billion by the year 2027. This indicates a significant growth in demand and investment in diagnostic tools and technologies catering to the detection and management of cardiovascular conditions. The anticipated increase in market size reflects the growing prevalence of cardiovascular diseases globally and the need for accurate and efficient diagnostic solutions. The expanding market also signifies the importance of early detection and monitoring of cardiovascular issues, highlighting the role of IVD products in improving patient outcomes and healthcare delivery in this specific healthcare segment.
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