PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420407
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420407
The global Infectious Disease In-Vitro Diagnostics (IVD) market has been steadily growing and valued at approximately US$ 64 billion in 2024. With a projected Compound Annual Growth Rate (CAGR) of 5% over the next decade, the market is poised to reach nearly US$ 92 billion by the end of 2031. This growth is driven by the increasing need for early detection and control of infectious diseases such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, and Zika, which have imposed a significant epidemiological burden. This article delves into the factors driving this growth, key market players, and the impact of recent events like the COVID-19 pandemic.
Sales Analysis of Infectious Disease In-Vitro Diagnostics Market
The rising burden of infectious diseases across the globe has increased the demand for diagnostic products. Notably, electronic medical records (IVDs) play a crucial role in patient care, influencing around 70% of medical decisions. While the majority of the IVD market is concentrated in developed countries, the United States, Europe, and Japan account for over 80% of global sales.
The United States is expected to maintain its position as the largest contributor to the Infectious Disease In-Vitro Diagnostics Market during the forecast period, with a projected absolute dollar opportunity exceeding US$ 9.4 billion over the next decade.
Key Drivers of the Infectious Disease In-Vitro Diagnostics Market
Impact of COVID-19 on the Infectious Disease In-Vitro Diagnostics Market
The COVID-19 pandemic has significantly reshaped the diagnostic landscape, making in-vitro testing a cornerstone in the diagnosis of the virus. Various test kits, often authorized under emergency use authorizations (EUA), have been developed globally to detect COVID-19. One of the primary In-Vitro Diagnostics assays for COVID-19 relies on real-time reverse transcriptase-polymerase chain reaction (RT-PCR), capable of identifying the virus within hours. The simplified nature of diagnostic products during the pandemic has expedited market growth.
Challenges and Restraints
Regional Insights
North America's Dominance: North America is expected to dominate the Infectious Disease In-Vitro Diagnostics Market, with the National Institutes of Health contributing significantly to scaling up diagnostic test production through its Rapid Acceleration of Diagnostics initiative. The introduction of innovative products is making the market more competitive.
Country-wise Insights
U.S. Market Analysis: The United States is poised to contribute over US$ 28 billion to the global Infectious Disease In-Vitro Diagnostics Market by 2031. While the majority of the IVD market is in developed countries, the U.S. market accounts for less than 50% of the global share. Point of Care (POC) diagnostics is anticipated to make up 12% of the country's overall IVD market.
U.K. Market Analysis: The U.K. market is expected to experience steady growth from 2024 to 2031, presenting a significant opportunity for expansion.
The Japanese market is anticipated to show strong growth from 2024 to 2031, providing a substantial opportunity for development.
Competitive Landscape
Key companies operating in the Infectious Disease In-Vitro Diagnostics Market include Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., bioMerieux SA, Siemens Healthineers AG, Danaher Corporation, Becton Dickinson and Company, PerkinElmer, Inc., Hologic, Inc., QIAGEN N.V., Grifols S.A., DiaSorin S.p.A, Bio-Rad Laboratories, Inc., Sysmex Corporation, Ortho Clinical Diagnostics Holdings plc, Quidel Corporation, Meridian Bioscience, Genetic Signatures Ltd., OraSure Technologies, Trinity Biotech Plc., Chembio Diagnostic Systems, Seegene, Inc., Co-Diagnostics, ELITechGroup, Epitope Diagnostics, Trivitron Healthcare, Meril Life Sciences Pvt. Ltd., InBios International, Vela Diagnostics, and Uniogen Oy.
Key Segments Covered in Infectious Disease In-Vitro Diagnostics Market Survey