The in-vitro diagnostics market is expected to grow from US$ 72,393.80 million in 2022 to US$ 1,12,103.51 million by 2030; it is expected to grow at a CAGR of 5.6% from 2022 to 2028. The increasing prevalence of chronic diseases, technological advancements, and the growing geriatric population are the noteworthy factors driving the in-vitro diagnostics market growth.
In vitro diagnostics (IVD) are tests done on samples such as blood or tissues that have been taken from the human body. In-vitro diagnostics are specialized to detect diseases or other conditions that can be used to monitor a person's overall health to help cure, treat, or prevent diseases. Additionally, in-vitro diagnostics may also be utilized for precision medicine to identify patients who are likely to benefit from specific treatments or therapies. Therefore, these in-vitro diagnostics can include next-generation sequencing tests that scan a person's DNA to detect genomic variations.
Increasing Prevalence of Chronic and Infectious Diseases
The world is witnessing an exponential increase in the prevalence of infectious diseases. These diseases are prominently caused due to pathogenic microorganisms, such as viruses, bacteria, and parasites. Factors such as poor sanitary conditions, lack of public hygiene, elevating levels of air pollution, and unavailability of safe drinking water play a significant role in the bolstering prevalence of infectious diseases. According to the Public Health Agency of Canada, the country reported a total of 6,736 cases of hepatitis C (acute, chronic, and unspecified combined) in 2020.
Chronic diseases prominently include cancer, chronic respiratory diseases, diabetes, and heart disease. The incidences of these conditions are skyrocketing globally due to biological risk factors, such as an increase in alcohol and tobacco consumption, adoption of unhealthy diets, lack of physical activity, and prevalence of obesity. Chronic conditions are the leading cause of mortality globally. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 Americans live with at least 1 chronic disease, such as stroke, cancer, heart disease, or diabetes. These chronic diseases are the leading causes of death and disabilities, and burgeoning healthcare costs in the US; the country’s healthcare cost was ~US$ 4.1 trillion in 2021. The CDC data also suggests that heart disease is the leading cause of death among men, women, and people of most racial and ethnic groups.
According to CDC data, coronary artery disease (CAD) is the most common cause of mortality among adults. Approximately 375,476 people died due to CAD in 2021. Estimates published in the 2022 National Diabetes Statistics Report by the World Health Organization state that ~422 million people worldwide have diabetes, the majority living in low-and middle-income countries. Moreover, 1.5 million deaths are directly related to diabetes each year. overweight, genetic conditions, aging, sedentary lifestyle, etc., are boosting the prevalence of diabetes. According to estimations published in a Cancer Research UK report, ~18.1 million new cancer cases were reported in the world in 2020, and the number is expected to increase to 28 million by 2040. Hence, the rising prevalence of infectious and chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory conditions drives the growth of the in-vitro diagnostics market.
Market Trend
Increasing Demand for Personalized Medicine and Genomics
North America is at the forefront of personalized medicine and genomics research. There is increasing integration of genomics and molecular diagnostics into routine patient care. Companies are involved in developing advanced genetics hold substantial opportunities for the in-vitro diagnostics market. North America, particularly the US and Canada, has been a hub for genomic research centers that contribute notably to understanding and knowledge on the genetic basis of diseases, identification of biomarkers, and development of targeted therapies. Both these countries have launched precision medicine initiatives to integrate genomics into clinical practices. North America has been a leader in cancer genomics, hosting extensive research and clinical trials focused on understanding the genetic factors associated with different types of cancer. These trials aim to evaluate the efficacy of targeted therapies, immunotherapies, and other innovative treatments based on the genetic characteristics of patients’ tumors. The American Cancer Society estimates that the US would record 1.9 million new cancer cases (~5,370 cases per day) and 609,820 deaths from cancer in 2023. With such a high incidence, there is a pressing need for effective treatment to improve the quality of life of these patients.
Personalized medicine involves running in-vitro diagnostics tests on patients to stratify them into subgroups based on their unique characteristics. The field of personalized medicine, along with advancements in genomics sequencing, molecular profiling, and other diagnostic technologies, has the potential to revolutionize healthcare by providing targeted, precise, and individualized treatment approaches. Genetics have become increasingly accessible globally. In November 2022, Roche, Cancer Research UK, and the University of Manchester announced the launch of a multidrug, precision medicine DETERMINE trial. The trial seeks to evaluated if available agents, including those that are licensed for more common cancer types, could benefit patients with rare cancer types. The trial recruited both adult and pediatric patients with rare cancer types. Companies such as 23and Me and AncestryDNA offer direct-to-consumer genetic testing kits, allowing individuals to gain insights into their ancestry, genetic traits, and potential health risks. Healthcare providers also offer genetic testing to guide treatment decisions. Thus, the demand for personalized medicine and genomics will propel the growth of the in-vitro diagnostics market during the forecast period.
The “Global In-Vitro Diagnostic Market” is segmented on the basis of product and service, application, technology, end user, and geography. Based on product and service, the market is segmented into reagents and kits, instruments, and software and services. In 2022, the reagents and kits segment held the largest share of the market. The projected growth of the market for reagents and kits is attributed to the tremendous popularity of self-test kits and POC devices, and a rise in availability and adoption automated instruments that simplify jobs and provide accurate results. The increasing cases of viral and fungal infections with inadequate hygienic conditions promote reagent use. Thus, players in the in-vitro diagnostics market are offering superior quality molecular reagents and kits for better patient management and care.
European Medicines Agency, Emergency Use Authorization, Centers for Disease Control and Prevention, International Diabetes Federation, In-Vitro Diagnostic Research are some of the relevant sources referred while preparing the in-vitro diagnostics market research report.