The global in vitro diagnostics market is projected to reach USD 87.93 Billion by 2023 from 68.12 Billion in 2018, at a CAGR of 5.2%. Factors such as the increasing global burden of target diseases, rising demand for early and accurate disease diagnosis, growing geriatric population and the subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully-automated instruments and automation in laboratories, increasing adoption of point-of-care testing, and growing awareness of personalized medicine are driving the growth of the in vitro diagnostics market. However, unfavorable reimbursement scenario, changing regulatory landscape, and operational barriers faced in conducting diagnostic tests will limit the growth of this market.

New product launches, agreements, partnerships, and collaborations are the key growth strategies adopted by leading market players between 2014 and 2017. Some of the companies that adopted this strategy include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), 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 (Germany).

The in vitro diagnostics market is highly competitive with the presence of top five companies and several small players. Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), and Thermo Fisher Scientific (US) are the top five 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 (Germany).

Roche Diagnostics was the leading player in the IVD market, accounting for a market share of 19.6% in 2017. The company’s leading position in the IVD market is attributed to its wide product portfolio, which includes clinical chemistry, immunochemistry, molecular diagnostics, and tissue diagnostics instruments, reagents, and kits. Under its flagship brand, Cobas, the company offers a variety of IVD instruments, reagents, and kits that are widely used by end users across the globe. The company also has a wide geographic presence, spanning North America, Europe, the Middle East and Africa, and Asia, which enables it to cater to customers across the globe. The company mainly focuses on product launches and strategic partnerships and collaborations to maintain its leadership position in the market.

Abbott Laboratories accounted for the second-largest share of the IVD market in 2017. The company secured its second leading position in the market mainly due to the acquisition of Alere, Inc. (US) in 2017. With the completion of this acquisition, Abbott has likely strengthened its diagnostics portfolio and established itself as the leading player in the point-of-care testing market. Abbott has a strong presence in the US, and seeks to further enhance its geographical presence by strengthening its business operations in emerging, high-growth markets. The company has a strong product portfolio and its FDA and CE-marked approved products have helped it to maintain and enhance its presence in the IVD market. The company is presently focusing on developing next-generation instrument platforms, such as the PLEX-ID platform and other advanced patient self-testing technologies.

Related Reports:

In Vitro Diagnostics/IVD Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast to 2023

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