From GlobeNewswire: 2024-11-14 08:30:00

The Global In Vitro Diagnostics (IVD) market was valued at USD 83.04 billion in 2023 and is projected to reach USD 126.6 billion by 2032, with a CAGR of 4.8% from 2024 to 2032. Factors such as increasing patient volumes, aging population, and technological advancements like AI and machine learning are driving market growth. The COVID-19 pandemic has also accelerated the adoption of IVD technologies.

Government initiatives focused on improving healthcare infrastructure and investments in research and development are key drivers of the IVD market. The market is poised for significant growth opportunities, especially in personalized medicine. Emerging markets in Asia-Pacific and Latin America are witnessing a surge in demand for advanced diagnostic tools as healthcare systems evolve to better serve their populations.

In 2023, the immunoassay segment led the IVD market, driven by the rising incidence of chronic and communicable diseases. The coagulation segment is expected to experience the highest CAGR from 2024 to 2032 due to the prevalence of cardiovascular diseases and advancements in coagulation analyzers. Key players in this segment include Abbott, Siemens Healthcare GmbH, and Beckman Coulter, Inc.

North America dominated the IVD market in 2023, representing 42.2% of the total market share, with factors such as rising chronic disease incidence and government support driving growth. The Asia Pacific region is expected to witness significant growth from 2024 to 2032, offering opportunities for IVD manufacturers as healthcare infrastructure in the region improves. The in vitro diagnostics (IVD) market is set to expand due to economic growth, a growing middle class, government support, and urbanization. Fapon and Halodoc partnered in October 2023 to boost sales of diagnostic products in Indonesia. Leaders in Asia Pacific are looking to collaborate with local companies to expand their market presence.

F. Hoffmann-La Roche Ltd. acquired LumiraDx’s point-of-care diagnostics platform for USD 295 million in January 2024, strengthening its position in the market. ARUP Laboratories teamed up with Medicover in December 2023 to improve diagnostic services in Europe, introducing AAV5 DetectCDx for patients with severe hemophilia A.



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