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In Vitro Diagnostic (IVD) Reagents Market Size is valued at USD 76.10 Bn in 2023 and is predicted to reach USD 113.15 Bn by the year 2031 at a 5.21% CAGR during the forecast period for 2024-2031.
In vitro diagnostic (IVD) reagents are crucial chemical compounds employed in laboratory analyses to examine samples obtained from the human body, such as blood, urine, and tissue. These substances are essential for the identification of diseases, the surveillance of health, and the execution of medical investigations. In vitro diagnostic (IVD) reagents undergo stringent standardization and quality control measures to guarantee their efficacy and dependability. Health authorities, such as the FDA, enforce regulations on them, requiring them to adhere to rigorous standards. These substances are crucial for facilitating precise medical diagnostics and enhancing healthcare results.
Growing numbers of people afflicted with infectious and chronic diseases are propelling the in vitro diagnostics industry forward. Modern workplaces are witnessing an alarming rising incidence of long-term health problems, including diabetes, cancer, heart disease, and tuberculosis. Infectious diseases, respiratory illnesses, and gastrointestinal issues have all seen significant increases in the number of people affected. The increasing prevalence of these disorders is expected to fuel the demand for diagnostic equipment, which drives the IVD reagents market. With better healthcare infrastructure, increased frequency of long-term health conditions, unmet healthcare needs, and the surge in demand for advanced in vitro diagnostic testing, the in vitro diagnostics reagents market is anticipated to experience significant growth in untapped emerging markets. Furthermore, innovations in in vitro diagnostics are driving the market forward.
However, the market growth is hampered by the strict rules and regulations criteria for the safety and health of the in vitro diagnostic (IVD) reagents market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high IVD because of the Diagnostic reagents are subject to stringent rules that aim to guarantee their safety, effectiveness, and precision throughout their lifecycle. Regional regulatory systems are complicated and ever-changing, necessitating thorough documentation and strict adherence to standards. The market for in-vitro diagnostics has been affected in different ways by the COVID-19 epidemic. Even though the pandemic immediately hampered research and laboratory operations, it ultimately brought attention to the need for RNA-based research and therapies.
Competitive Landscape
Some Major Key Players In The In Vitro Diagnostic (IVD) Reagents Market:
- Thermo Fisher Scientific Inc
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc
- Agilent Technologies, Inc.
- QIAGEN N.V.
- Merck KGaA
- Beckman Coulter, Inc
- Hologic, Inc
- Abcam Ltd
- Bio-Techne Corp
- InBios International, Inc.
- SDIX, LLC
- RayBiotech, Inc.
- Sino Biological Inc.
- Other Market Players
Market Segmentation:
The in vitro diagnostic (IVD) reagents market is segmented based on type, technology, Use, and end user. Based on type, the market is segmented into antibodies, purified proteins and peptides, and oligonucleotides. By technology, the market is categorized into immunoassay, clinical chemistry, molecular diagnostics, microbiology, and hematology. By Use, the market is segmented into clinical Use and research use. By end user, the market is segmented into IVD manufacturers, academic institutes & research laboratories, hospital laboratories, and others.
Based On The Technology, The Immunoassay Segment Is Accounted As A Major Contributor To The In Vitro Diagnostic (IVD) Reagents Market.
The immunoassay in vitro diagnostic (IVD) reagents market is expected to lead with a major global market share. Immunoassays are vital in the identification of cancer markers, the testing of cardiac biomarkers, and the diagnosis of allergies. Therefore, immunoassay platforms continue to have a high need for specialist IVD reagents since they are the go-to for diagnosticians and clinicians worldwide.
Antibodies Segment To Witness Growth At A Rapid Rate.
The antibodies are essential in many different types of diagnostic procedures. The ability to accurately detect illnesses, infections, and biomarkers is dependent on these proteins, which are essential parts of immunoassays. Particularly accurate diagnostic results are achieved by monoclonal antibodies due to their tailored high specificity and reproducibility. Their versatility is a result of their adaptability, which includes screening for autoimmune disorders, infectious diseases, and cancer; especially in countries like the US, Germany, the UK, China, and India, there is hope that the current hospital facilities will be improved.
In The Region, The North American In Vitro Diagnostic (IVD) Reagents Market Holds A Significant Revenue Share.
The North American in vitro diagnostic (IVD) reagents market is estimated to record the top market revenue share in the near future. It can be attributed to increasing supportive government policies and a robust diagnostic system. In addition, Asia Pacific is estimated to grow rapidly in the global in vitro diagnostic (IVD) reagents market because of the improvement of healthcare facilities and the increasing presence of many target groups in this region.
Recent Developments:
- In April 2023, ALPCO-GeneProof and Thermo Fisher formed a partnership to expand the former's portfolio of CE-IVD molecular assays. Thermo Fisher provided a portfolio comprising 37 CE-IVD molecular diagnostic assays that were originally included in the portfolio of ALPCO-GeneProof. The assays were constructed utilizing their groundbreaking "one workflow" technology, which facilitated usability and ensured compatibility with an extensive array of qPCR instruments.
- In June 2022, Biotec CerTest and BD Jointly developed a molecular diagnostic assay for monkeypox. The collaboration involved the utilization of the BD MAX™ open system reagent suite in the assay to verify the functionality of the CerTest VIASURE Monkeypox CE/IVD molecular test on the BD MAX™ System. The assay, which was accessible to BD MAX™ users, had the potential to contribute to the advancement of knowledge regarding the worldwide dissemination of the disease.
In Vitro Diagnostic (IVD) Reagents Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 76.10 Bn |
|
Revenue Forecast In 2031 |
USD 113.15 Bn |
|
Growth Rate CAGR |
CAGR of 5.21 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Technology, Use, And End User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Thermo Fisher Scientific Inc, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc, Agilent Technologies, Inc., QIAGEN N.V., Merck KGaA, Beckman Coulter, Inc, Hologic, Inc, Abcam Ltd, Bio-Techne Corp. SDIX, LLC, RayBiotech, Inc., Sino Biological Inc. and Other Market Players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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