In-Vitro Diagnostics Market Value to Reach $69 Billion in 2024

The overall market value of in-vitro diagnostics (IVD) stands at $52 billion, and is projected to grow at a compound annual growth rate (CAGR) of 4.2 percent to $69 billion in 2024, according to GlobalData, a data and analytics company.
 
The IVD market covers almost all indications, and is a vital component of healthcare. As a result, it comprises several mature sectors that are now being driven primarily by the increasing population base. However, it is also being disrupted by new technologies such as point-of-care testing and genetic testing.
 
Nadia McLurcan, Healthcare Analyst at GlobalData, said, “In recent years, there has been a continuing trend towards lab consolidation, with hospitals forming networks to perform tests with high throughput and lower overhead costs. This trend is expected to continue in the future, requiring labs to look for scalability in their analyzers. Companies are adapting to this trend by offering modular systems, as seen in Roche’s Cobas series, Abbott’s Alinity analyzers, and Siemens’ Atellica Solution, among others.”
 
Automated analyzers are expected to grow at a much faster rate than semi-automated analyzers, which require some manual intervention during testing. However, semi-automated analyzers will still grow in market value through to 2024, according to GlobalData. The key driver will be replacement sales to low-throughput laboratories that do not yet feel the need to move to an automated analyzer.
 
Point-of-care technology has improved in recent years. There has been a shift in physicians’ attitudes towards viewing point-of-care tests as a reliable alternative to laboratory testing, whereas previously there was significant concern about the quality of these tests.
 
“There is still significant resistance that arises from the nature of point-of-care testing itself,” McLurcan said. “It is a fundamentally disruptive technology, which requires a reorganization of the healthcare setting in order to be implemented. To overcome this, companies need to focus on finding champions within organizations who are willing to push for point-of-care technologies, far more so than with other tests.”
 
Four-thousand of the world’s largest companies, including over 70 percent of FTSE 100 and 60 percent of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s data, expert analysis and solutions, all in one platform. GlobalData’s mission is to help clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.