Market Trends of In Vitro Diagnostic Industry
Reagents are Expected to Witness Significant Growth Over the Forecast Period
The reagents segment of the market includes chemical, biological, or immunological components, solutions, or preparations intended to be used by companies during the in-vitro diagnosis process. Developments such as the rising prevalence of diseases, strategic initiatives taken by market players, and product launches are expected to boost market growth.
Additionally, the industry data shows that with the growing burden of chronic diabetes worldwide, the demand for in-vitro diagnostics increases, which, in turn, is expected to propel the growth of reagents that are used in various testing procedures. For instance, in June 2023, according to the Institute for Health Metrics and Evaluation, around half a billion individuals have diabetes globally. By 2050, the number is expected to reach 1.3 billion. The increase in the population affected by chronic diseases, who require frequent clinical tests for monitoring their conditions, is expected to boost the growth rate of the reagents segment over the forecast period.
Market players are focusing on strategic activities such as new product launches and acquisitions, which are further expected to fuel the availability of reagents in the global market. For instance, in December 2023, Sysmex Corporation expanded the sales of its reagents used for blood testing to determine amyloid beta (Aβ) accumulation in the brain responsible for Alzheimer's disease to Europe. Thus, by expanding the availability of its reagents, including HISCL β-Amyloid 1-42 and 1-40 assay kits, to Europe, the company has been focusing on improving its immunohistochemistry testing business across the region.
Similarly, in October 2023, Alfa Chemistry launched three IVD products for laboratory use, adding to its already diverse range of biological reagents. Additionally, in March 2022, Medix Biochemica completed the acquisition of myPOLS Biotec GmbH to expand its portfolio of IVD raw materials and increase its selection of reagents for molecular diagnostics. This acquisition helped increase the company's global presence and provide customers with even more advanced scientific and technological capabilities in molecular diagnostics.
Therefore, as per the industry trends, the aforementioned factors, such as the rising burden of chronic diseases and market players engaging in acquisitions and other strategies to boost their IVD reagent sales, are expected to propel the segment over the forecast period.
North America is Expected to Hold a Significant Share in the In-Vitro Diagnostics Market Over the Forecast Period
North America has been registering significant growth in the market for IVDs, and it is expected to continue growing over the forecast period. The region is expected to increase its market share owing to the well-established healthcare industry and the rising prevalence of chronic diseases. The United States holds most of the market in North America, owing to rising healthcare expenditure and the rapid adoption of point-of-care testing and companion diagnostics.
The growing burden of chronic diseases boosts the need for in vitro diagnostic testing to diagnose and monitor medical conditions. For instance, in January 2023, according to a study published in Frontiers in Public Health, by 2050, around 142.66 million people aged 50 years and above are expected to suffer from at least one chronic disease in the United States.
Additionally, according to the American Cancer Society, in January 2024, it was estimated that more than 2 million cancer cases would be diagnosed in the United States in 2024 compared to 1.9 million in 2023. Moreover, people with chronic conditions are the most frequent users of healthcare facilities in the United States and account for the most hospital admissions and prescription filling. Thus, the high burden of the target and chronic diseases further fuels the demand for early diagnostic tests in the country. Hence, such factors are expected to drive the growth of the market in the United States over the forecast period.
As per market data, the growing number of product launches in the region and the high concentration of key players in North America are significant factors driving market growth. For instance, in July 2023, Siemens Healthineers launched the Atellica CI analyzer, which received approval from the Food and Drug Administration for immunoassay and clinical chemistry testing. It enables laboratories to manage labor shortage challenges with improved turnaround time, predictability, reporting capability, and safety.
Thus, factors such as the growing burden of chronic diseases and technological advancements in in vitro diagnostic products boost their adoption and contribute to market growth in the region.
