In vitro diagnostics (IVD) are tests done on samples that have been taken from the human body, such as blood or tissue. IVDs can detect diseases or other conditions and can be used to monitor a person’s overall health to help cure, treat or prevent diseases.
IVDs may also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies. These IVDs can include next-generation sequencing tests, which scan a person’s DNA to detect genomic variations. Some tests are used in laboratory or other health professional settings, while other tests are for consumers to use at home.
According to GlobalData, the global IVD market size was valued at $84.27bn last year and is projected to decline at a compound annual growth rate (CAGR) of 4% from 2022 to 2030. This decline can be attributed to the decreasing use of IVD owing to the fall in testing as the pandemic slows down. However, the category of oncology within the IVD market is projected to grow at a CAGR of 6% between now and 2030. The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate and error-free diagnoses is expected to fuel the market growth. The rising number of IVD products being launched by key players is also fueling the growth of the oncology IVD market. IVD products with molecular diagnostic capabilities deliver effective and accurate results.
The top key players in the IVD market are Siemens Healthcare, Johnson & Johnson, Becton Dickinson, Abbott Laboratories, Roche Diagnostics, Beckman Coulter, Thermo Scientific, Cobas, Caprion, Merck Millipore, Aptiv Solution, Danaher Corporation, Biomerieux, Bio-Rad Laboratories, Ortho Clinical Diagnostics, Sysmex Corporation, Mindray, Shanghai Kehua Bioengineering, BioSino Biotechnology, Beijing Leadman Biochemistry, and DAAN Gene.