In Vitro Diagnostics Market Estimated to Experience a Hike in Growth by 2035

In Vitro Diagnostics Market Estimated to Experience a Hike in Growth by 2035

In vitro diagnostics is a well-established market wherein the solution providers are currently focused on enhancing diagnostic accuracy, speed, and accessibility.

Using our proprietary approach, we identified the parameters pertaining to Porter’s five forces; these were further evaluated to determine their impact on the in vitro diagnostics market.

Porter’s Five Forces Analysis is a qualitative framework that determines the strengths and weaknesses of industries by analyzing five competitive forces that contour every industry. It can be applied to any segment of the industry to comprehend the competitive landscape in a sector and deploy relevant strategies in order to increase the overall profitability of the stakeholders.

The key parameters that are likely to impact the in vitro diagnostics market, to help determine industrial strengths and weaknesses have been mentioned below:

Threat of New Entrants - It refers to the threats posed by new competitors to existing players in the market.

Bargaining Power of Buyers - This force analyzes how much pressure a consumer / customer can exert on providers so as to get better services and high-quality products at a lower cost.

Bargaining Power of Suppliers - The force analyzes the extent to which the in vitro diagnostics solution providers can put pressure on the buyers by raising the prices, lowering the quality, and reducing the availability of the supplies.

Threat of Substitute Products - This force analyzes the extent to which a product / service can be replaced by similar class of alternative products / services.

Rivalry among Existing Competitors - This force examines the current competition in the market and is determined by the number of existing competitors in the domain.

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.

Based on geographical regions, the in vitro diagnostics market can be segmented into following regions, such as North America, Europe, Asia, Middle East and North Africa and Rest of the World. Led by the US, North America is anticipated to capture the majority share of the in vitro diagnostics market in 2024 and this trend is likely to remain unchanged during the forecast period. Further, the demand for in vitro diagnostic solutions is growing at a faster rate in Asia, owing to the increasing government initiatives in developing countries. The government is encouraging solution providers to develop in vitro diagnostic solutions in order to cater to the growing burden of patients suffering from illnesses.

In terms of type of offerings, the global in vitro diagnostics market is segmented into reagents, instruments and services. Among these types of offerings, the reagents segment occupies the highest IVD market share (75%) in 2024 and is expected to witness substantial growth during the forecast period. This can be attributed to the fact that the reagents are required to be replenished frequently, thus generating a recurring stream of revenue for the companies. On the other hand, the immunoassay segment led the in vitro diagnostics market, capturing the largest revenue share of 34% in 2024. The molecular diagnostics segment is anticipated to show an annual growth rate of 6.2% during the forecast period.

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