Roche Diagnostics (Switzerland), Danaher Corporation (US) and Abbott Laboratories (US) are Leading Players in the In Vitro Diagnostics Market
The global in vitro diagnostics market is projected to reach USD 119.4 billion by 2029 from USD 85.2 billion in 2024, at a CAGR of 6.9% during the forecast period. Factors such as the rising demand for point-of-care testing, and growing preference for personalized medicine, will boost the growth of the In vitro diagnostics market. According to the National Centre for Biotechnology Information (NCBI), Point-of-Care Testing (POCT) is clinical laboratory testing conducted close to the site of patient care where care or treatment is provided. POCT provides rapid turnaround of test results with the potential to generate a result quickly so that appropriate treatment can be undertaken.
The in vitro diagnostics market is highly consolidated, with top companies holding significant market shares. The top five players in this market include Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers AG (Germany), and Thermo Fisher Scientific, Inc (US). Companies undertake organic and inorganic growth strategies, namely product launches and approvals, expansions, and acquisitions/collaborations to increase their product offerings, address customer requirements, augment profitability, and strengthen their presence in the global market.
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ROCHE DIAGNOSTICS
Roche Diagnostics account for the largest share of In vitro diagnostics market in 2023. The company manufactures and sells diagnostic products to five customer areas under its diagnostics division—Core Lab, Molecular Lab, Point of Care, Diabetes Care, and Pathology Lab. The company recorded encouraging sales for its items for core lab. The Diagnostics Division of the company saw a significant increase in base business revenues. This gain was primarily driven by immunodiagnostic products, specifically cardiac testing, as well as diagnostic solutions for clinical chemistry and advanced staining.
ABBOTT LABORATORIES
Abbott Laboratories held the second position in the In vitro diagnostics market in 2023. The company operates through five segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Medical Devices, and others. The Diagnostic business segment is further categorized as Core Laboratory, Molecular, Point of Care, and Rapid Diagnostics. To maintain its leading position and meet growing customer requirements, the company has significantly expanded its in vitro diagnostics production capacity.
DAHANER CORPORATION
Danaher held the third position in In vitro diagnostics market in 2023. Danaher has a broad product portfolio in segments like Biotechnology, Life Sciences, Diagnostics, and Environmental & Applied Solutions. The company markets its in vitro diagnostics products in over 100 market directly or indirectly. The diagnostics segment provides clinical tools, consumables, reagents, software, and services needed for illness diagnosis and treatment planning.
Related Reports:
In Vitro Diagnostics Market by Product & Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Specimen (Blood, Saliva), Test Type, Application (Oncology, Autoimmune, CVD, Infectious Diseases) - Global Forecast to 2029
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