In Vitro Cancer Diagnostics (IVD) Market Size, Share, Trends, Growth and Forecast 2028

In Vitro Cancer Diagnostics (IVD) Industry Perspective:

The global in vitro cancer diagnostics (IVD) market was valued at $98.3 billion in 2021 and is anticipated to reach $113.2 billion by the end of 2028. The market is projected to grow with a healthy CAGR of 2.9% during the forecast period. The report is a comprehensive study of market definition, growth drivers, opportunities, and challenges. It offers both quantitative and qualitative insights into the global market dynamics.

In Vitro Cancer Diagnostics (IVD) Market: Overview

In vitro cancer diagnostic refers to the medical devices that need the help of reagents and assays to diagnose a medical condition. However, these instruments analyze the tissue samples and body fluids collected from patients. These diagnostic systems are widely adopted to execute different in-vitro tests on targeted samples. These are used to diagnose different health conditions like cancer and diabetes. They also monitor different infectious and autoimmune diseases.

COVID-19 Impact:

The outbreak of the Covid-19 pandemic has positively impacted the growth of the global in vitro cancer diagnostics (IVD) market. Due to the severely growing cases of coronavirus, there was high demand for immunodiagnostics and molecular testing, which led to an increase in the sales of these diagnostic kits. There was a significant spike in the volume of point of care testing during the pandemic owing to its capability to do a faster on-site screening. During the pandemic period, several new startups emerged in the market due to the growing scope of in vitro diagnostic kits. On the contrary, the pandemic has also decreased the demand for in-vitro diagnoses used in autoimmune, nephrology, oncology, and cardiology disorders. This footfall in clinics and healthcare centers led to the decline in the global market. However, with the mixed impact of the Covid-19 on the global market, the market is likely to witness strong growth prospects in the forthcoming years in the global market.

In Vitro Cancer Diagnostics Market: Growth Drivers

Rapid shift to point-of-care testing is likely to boost the growth of the global market.

The traditional model of laboratory testing all across the globe was a centralized laboratory that utilized automatic analytical testing techniques to detect the target. However, this one was well established in metallurgy discipline & clinical chemistry and is now extending to other spaces also. Point-of-care devices over conventional procedures offer ease of use affordability and yield rapid results that are high in demand for initiating quick decision making. However, the high adoption rate of POC devices is largely impacted by the need to make the healthcare system more patient-centric. Centralized testing does not offer a convenient process in respect of patients as the testing process is not connected with consultations calls.

However, it poses a huge drawback for patients with chronic diseases like diabetes that need constant monitoring. Apart from this, the world is witnessing growing incidences of chronic diseases. Parallelly, there is a rise in awareness among people regarding the early diagnosis and proper treatment, which in turn is further expanding the scope of the global in vitro cancer diagnostics (IVD) market. People became more aware of the availability of advanced novel IVD products.

Request Free Sample

In Vitro Cancer Diagnostics (IVD) Market: Restraints

High cost of IVD instruments is likely to hamper the growth of the global market.

In-vitro diagnostics are quite expensive when compared to other available technology. It also requires constant maintenance of instruments which is further likely to hamper the growth of the global market. Additionally, such instruments also need skilled professionals to operate, thereby limiting its growth.

In Vitro Cancer Diagnostics (IVD) Market: Opportunities

The high adoption rate of point of care testing devices is likely to create several lucrative growth opportunities in the global market.

Medical device companies are constantly increasing their research and development capabilities to innovate technologically advanced diagnostic devices. Hospitals and laboratories have shown high interest in the point of care testing devices to collect precise real-time data. Such an increase in interest in point-of-care testing devices is due to the constantly growing burden of diseases on healthcare infrastructure, which requires advanced results in a short period of time. Therefore, such a landscape is likely to offer ample impetus to the growth of the global market in the forthcoming years.

In Vitro Cancer Diagnostics (IVD) Market: Report Scope

In Vitro Cancer Diagnostics (IVD) Market: Challenges

Unfavorable reimbursement landscape is a huge challenge in the global market.

The lack of a proper financing system will hamper the growth of the global market. Advanced treatment is quite expensive, and therefore it restricts people from undergoing treatment through in vitro cancer diagnostics, thereby posing a huge challenge in the global market.

In Vitro Cancer Diagnostics (IVD) Market: Segmentation

The global in vitro cancer diagnostics (IVD) market can be segmented into product & service, technique, and region.

By product & service, the market can be segmented into software & services, instruments, and reagents. 

By technique, the market can be segmented into clinical chemistry, tissue diagnostics, molecular diagnostics, hematology, and immunodiagnostics.

Recent Developments

• Sysmex Corporation, in January 2021, partnered with Roche Diagnostics (Switzerland) to optimize its strengths like competitive products, extensive sales, and service networks.
• Abbott Laboratories in September 2021 got US FDA has clearance for the Freestyle libre 2 iOS application for its utilization with compatible iPhones.

In Vitro Cancer Diagnostics (IVD) Market: Regional Landscape

North America accounts for the largest share in the global in vitro cancer diagnostics (IVD) market due to the presence of a robust healthcare system in the region. Furthermore, the high awareness among people in the region regarding the presence of such advanced novel technology is likely to boost the growth of the regional market. Additionally, the efficient reimbursement policies implemented by the government will further encourage people to adopt such advanced technology to undergo a complete treatment for different diseases, which in turn will accentuate the growth of the regional market.

In Vitro Cancer Diagnostics (IVD) Market: Competitive Landscape

Some of the significant players in the global in vitro cancer diagnostics (IVD) market include;

• QIAGEN N.V.
• Ortho Clinical Diagnostics
• DiaSorin
• bioMérieux
• Sysmex Corporation
• Bio-Rad Laboratories
• Becton, Dickinson and Company
• Johnson & Johnson
• Thermo Fisher Scientific
• Danaher Corporation
• Siemens Healthineers
• Roche Diagnostics

The global in vitro cancer diagnostics (IVD) market is segmented as follows:

By Product & Service

• Reagents
• Instruments
• Software and Services

By Technique

• Immunodiagnostics
• Hematology
• Molecular Diagnostics
• Tissue Diagnostics
• Clinical Chemistry

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa