The in vitro diagnostics market is projected to reach USD 144.7 billion by 2027 from USD 115.8 billion in 2022, at a CAGR of 4.6% during the forecast period. Growth in the market is driven by the gradual shift from centralized testing to point-of-care testing, and growing awareness of early disease diagnosis in emerging markets.
The in vitro diagnostic market is highly competitive, with several companies holding substantial market shares. Prominent players in the IVD market include Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Sysmex Corporation (Japan), Thermo Fisher Scientific, Inc (US), Becton, Dickinson and Company (BD, US), Bio-Rad Laboratories, Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), bioMérieux SA (France), Agilent Technologies, Inc. (US), DiaSorin S.p.A (Italy), Illumina, Inc. (US), Hologic, Inc. (US), Devyser (Sweden), PerkinElmer Inc. (US), Chembio Diagnostics, Inc. (US), Surmodics, Inc. (US), Menarini Silicon Biosystems (Italy), SpeeDx Pty. Ltd. (Australia), GENSPEED Biotech GmbH (Austria), Accelerate Diagnostics, Inc. (US), Merck KGaA (Germany), and Caris Life Sciences Inc. (US). Companies in the IVD market have adopted strategies such as partnerships, agreements, acquisitions, product launches as well as expansions to enhance their presence in the market.
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Roche Diagnostics (Switzerland) is a leading player in the in vitro diagnostics market and accounted for the largest share of the market in 2021. Roche offers a wide product portfolio that includes clinical chemistry, immunochemistry, molecular diagnostics, tissue diagnostic instruments, reagents, and kits. The company also has a wide geographic presence across North America, Europe, the Middle East, Africa, and Asia. This enables the company to cater to customers across the globe.
Abbott Laboratories (US) is one of the prominent players in the in vitro diagnostics market. Abbott has a strong presence in the US and seeks to further enhance its geographical presence by strengthening its business operations in emerging and high-growth markets. The company has a strong product portfolio, and its FDA- and CE-approved products have helped it maintain and enhance its presence in the IVD market.
Danaher Corporation (US) operates in Europe, North America, and the Asia Pacific and has 242 manufacturing and distribution facilities worldwide. Danaher operates in the IVD market through its subsidiaries, namely, Beckman Coulter Inc. (US), Leica Biosystems GmbH (Germany), Cepheid (US), HemoCue AB (Sweden), AB SCIEX Pte. Ltd. (US), and Radiometer Medical ApS (Denmark). The company strengthens its position in the market by expanding its product and service offerings through acquisitions. For instance, in August 2021, the company acquired Aldevron (US). This acquisition expanded Danaher’s capabilities in genomic medicine, life-saving therapies, and vaccines.
In Vitro Diagnostics Market by Product and Service (Instruments, Kits, Software), Technology (Immunoassay, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Infectious Disease), End User (Hospitals, Clinics) - Forecast to 2027
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