Using our unique approach, we identified the key factors related to Porter’s Five Forces and assessed their impact on the in vitro diagnostics market.
The global In Vitro Diagnostics Market is estimated to grow from $108 billion in 2024 to $190 billion by 2035, growing at a CAGR of 5.2% during the forecast period 2024 to 2035.
Porter’s Five Forces is a framework used to evaluate the competitiveness of an industry by looking at five key factors. It helps understand the competitive environment and guides businesses in making strategies to improve profitability.
Here are the key factors that could affect the in vitro diagnostics market:
- Threat of New Entrants: This refers to the potential competition from new companies entering the market, which could challenge existing players.
- Bargaining Power of Buyers: This force looks at how much influence customers have over providers, especially when it comes to demanding better products or services at lower prices.
- Bargaining Power of Suppliers: This analyzes how much power suppliers have in raising prices, reducing quality, or limiting the availability of materials, which could affect the market.
- Threat of Substitute Products: This force examines how easily products or services in the market can be replaced by alternative options.
- Rivalry among Existing Competitors: This force looks at the level of competition between current players in the market, which is influenced by the number of competitors in the field.
Driven by the increasing prevalence of chronic disorders across the globe, we anticipate the global in vitro diagnostics market is expected to reach nearly USD 190 billion by 2035.
As per our research, the market for in vitro diagnostic solutions is likely to be worth USD 108 billion in 2024. Further, this market is likely to grow at an annualized rate of 5.2%, till 2035. In future, the market for in vitro diagnostic solutions is expected to reach USD 190 billion by 2035.
The global in vitro diagnostics (IVD) market can be divided into different regions, including North America, Europe, Asia, the Middle East and North Africa, and the Rest of the World. North America, led by the United States, is expected to hold the largest share of the IVD market in 2024, a trend that is likely to continue throughout the forecast period. This dominance is driven by advanced healthcare infrastructure, high healthcare spending, and a strong focus on technological innovations in diagnostic solutions.
Meanwhile, the IVD market in Asia is growing at a rapid pace, primarily due to increasing government initiatives in developing countries. Governments in this region are actively encouraging the development and adoption of IVD solutions to address the rising healthcare challenges posed by an increasing number of patients suffering from chronic and infectious diseases. This growth is particularly noticeable in countries such as China, India, and other Southeast Asian nations, where healthcare systems are improving and the demand for diagnostic tools is expanding.
In terms of the types of offerings in the IVD market, the industry is divided into three main categories: reagents, instruments, and services. The reagents segment is expected to dominate the market, accounting for 75% of the market share in 2024. This is due to the fact that reagents need to be replenished regularly, creating a continuous revenue stream for manufacturers. The ongoing need for reagents in diagnostic procedures, particularly in laboratories and healthcare facilities, contributes to the segment’s substantial market share and expected growth during the forecast period.
The immunoassay segment is also a key player in the market, capturing the largest revenue share of 34% in 2024. Immunoassays, which are widely used for detecting a range of conditions such as infectious diseases, cancer, and autoimmune disorders, are essential in clinical diagnostics. The widespread use of these tests in both routine and specialized healthcare settings explains their significant market share.
The molecular diagnostics segment, while not as dominant as reagents and immunoassays, is expected to grow at a steady annual rate of 6.2% during the forecast period. This growth can be attributed to the increasing adoption of molecular techniques for diagnosing genetic disorders, infectious diseases, and cancer, as well as advancements in technology that make these tests more accessible and affordable. The rise in personalized medicine and precision diagnostics is also likely to fuel the growth of the molecular diagnostics segment.
In conclusion, the in vitro diagnostics market is experiencing substantial growth across various regions and product segments. North America continues to lead the market, while Asia sees rapid growth driven by government initiatives. The reagents segment remains the largest, followed by immunoassays and molecular diagnostics, which are expected to experience steady growth in the coming years.
Thank you for reading our report. Kindly get in touch with us to know more about the report or to receive a customized copy of it. Our team will ensure the report is tailored according to your needs.
To view more details on this report, click on the link
https://www.rootsanalysis.com/reports/in-vitro-diagnostics-market.html
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
We specialise in analysing areas which have lacked quality research so far or require more focused understanding within the broader industry. All our reports are structured in a way to enable the reader develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we also provide bespoke research / consulting services dedicated to serve our clients in the best possible way.
The research efforts are driven by a global team. The leadership team brings a wealth of experience within the sector. Their collective experience in pharmaceutical / affiliated domains allows us to tackle various areas of research in a structured way. We also regularly leverage our global network of experts who hold senior leadership positions in reputed firms and organisations worldwide.
Contact:
Roots Analysis
Gaurav Chaudhary
+1 (415) 800 3415
+44 (122) 391 1091
Gaurav.chaudhary@rootsanalysis.com
Website: https://www.rootsanalysis.com/
