In Vitro Diagnostics Global Market Opportunities and Strategies to 2032

This report describes and explains the in vitro diagnostics market and covers 2017-2022, termed the historic period and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global in vitro diagnostics market reached a value of nearly $96.18 billion in 2022, having grown at a compound annual growth rate (CAGR) of 15.1% since 2017. The market is expected to grow from $96.18 billion in 2022 to $160.45 billion in 2027 at a rate of 10.8%. The market is then expected to grow at a CAGR of 8.8% from 2027 and reach $244.86 billion in 2032.

Growth in the historic period resulted from the increasing adoption of point-of-care testing devices, rise in the number of cancer cases, growing demand for personalized medicine and rising healthcare infrastructure. Factors that negatively affected growth in the historic period were high costs associated with these instruments and regulatory challenges.

Going forward, rapid growth in elderly population, rising prevalence of chronic diseases and growing government support will drive the growth. Factor that could hinder the growth of the in vitro diagnostics market in the future include insufficient public health insurance coverage.

The in vitro diagnostics market is segmented by type into point-of-care diagnostics devices and equipment, immunochemistry diagnostic devices and equipment, clinical chemistry diagnostics devices and equipment, molecular diagnostics devices and equipment, hemostasis diagnostic devices and equipment and other types. The point-of-care diagnostics devices and equipment market was the largest segment of the in vitro diagnostics market segmented by type, accounting for 30.0% or $28.89 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the in vitro diagnostics market segmented by type, at a CAGR of 16.7% during 2022-2027.

The in vitro diagnostics market is segmented by end user into hospitals and clinics, diagn0stic laboratories and other end users. The diagn0stic laboratories market was the largest segment of the in vitro diagnostics market segmented by end user, accounting for 46.0% or $44.22 billion of the total in 2022. Going forward, the other end users segment is expected to be the fastest growing segment in the in vitro diagnostics market segmented by end user, at a CAGR of 12.7% during 2022-2027.

The in vitro diagnostics market is segmented by product into instruments/equipment, disposables and software. The disposables market was the largest segment of the in vitro diagnostics market segmented by product, accounting for 70.2% or $67.55 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the in vitro diagnostics market segmented by product, at a CAGR of 11.3% during 2022-2027.

The in vitro diagnostics market is segmented by type of expenditure into public and private. The public market was the largest segment of the in vitro diagnostics market segmented by type of expenditure, accounting for 54.6% or $52.51 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the in vitro diagnostics market segmented by type of expenditure, at a CAGR of 11.1% during 2022-2027.

North America was the largest region in the in vitro diagnostics market, accounting for 35.9% or $34.55 billion of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the in vitro diagnostics market will be South America and Middle East where growth will be at CAGRs of 23.11% and 15.58% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 10.70% and 9.87% respectively.

The global in vitro diagnostics market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 67.15% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Abbott Laboratories was the largest competitor with a 17.2% share of the market, followed by F. Hoffmann-La Roche Ltd with 11.9%, Danaher Corporation with 9.6%, Siemens AG with 6.4%, Becton, Dickinson and Company with 4.4%, Illumina, Inc. with 4.1%, Thermo Fischer Scientific Inc with 4.0%, BioMérieux SA with 3.4%, Hologic, Inc. with 3.1% and Cardinal Health, Inc. with 3.1%.

The top opportunities in the in vitro diagnostics market segmented by type will arise in the point-of-care diagnostics devices and equipment segment, which will gain $33.61 billion of global annual sales by 2027. The top opportunities in the in vitro diagnostics market segmented by end user will arise in the diagnostic laboratories segment, which will gain $28.80 billion of global annual sales by 2027. The top opportunities in the in vitro diagnostics market segmented by product will arise in the disposables segment, which will gain $47.92 billion of global annual sales by 2027. The top opportunities in the in vitro diagnostics market segmented by type of expenditure will arise in the public segment, which will gain $36.30 billion of global annual sales by 2027. The in vitro diagnostics market size will gain the most in USA at $17.36 billion.

Market-trend-based strategies for the in vitro diagnostics market include advancing technologies with enhanced automation and connectivity, integration of artificial intelligence technology to automate pre-analytic tasks in diagnostic processes, advanced automation for development of diagnostic technologies, innovative product launches to propel leadership in medical genetics and strategic partnerships and collaborations among market players to develop new solutions.

Player-adopted strategies in the in vitro diagnostics market include strengthening business operations through securing regulatory approvals, enhancing business capabilities through the launch of new products and expanding business capabilities through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the in vitro diagnostics companies to focus on advancing technologies with enhanced automation and connectivity, focus on integration of artificial intelligence technology to automate pre-analytic tasks in diagnostic processes, focus on innovative product launches to propel leadership in medical genetics, focus on fast-growing devices and equipment types, focus on fast-growing products, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, focus on fast-growing end users and target elderly populations.