The global in-vitro diagnostics kit market is experiencing a push of a CAGR of 4.40%, making the market valuation of US$ 18.8 billion by 2034. It is estimated that the market size of the subject market will be US$ 12.2 billion by 2024.
This anticipated expansion underscores the increasing demand for advanced diagnostic solutions, driven by factors such as aging populations, rising incidences of chronic diseases, and technological advancements in healthcare. As diagnostics play a crucial role in disease management and treatment, the in-vitro diagnostics kits market is poised for sustained growth in the coming years.
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The main market driver for the subject market is the increasing prevalence of chronic diseases. Especially after the pandemic outbreak, the necessity of test kits to check physical health has surged. Moreover, people became aware of the urgency of tests, which surged the demand for test kits. Therefore, this acted as a critical market force.
Governments of different countries have been investing heavily in developing the healthcare sector. Due to this, the opportunity for new entrants to enter the market increases. The cash flow within the industry solves the issues related to innovation, commercialization, and distribution of test kits. Hence, this is one of the significant market drivers.
The development of allied sectors has helped the market. The immunochemistry segment helps medical professionals analyse the relationship between antigens and corresponding antibodies. The development of such segments generates the demand for in-vitro diagnostics test kits. Hence, this is another market force driving the market.
Key Takeaways from the Market Study
- India is the largest market for the in-vitro diagnostics kit market in terms of its growth rate. The country forecasts a CAGR of 6.7%.
- Spain leads the European market by registering a CAGR of 3.3% through 2034.
- The forecasted market size of the subject market is US$ 18.8 billion, which a CAGR of 4.40% can achieve.
- The hospital laboratories market segment is the largest in the said market and holds about 43.2% of the market in 2024.
“Due to the excessive competitive nature of the global in-vitro diagnostics kits market, pricing pressure might be created, which affects the growth of the said market,” – says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).
Competitive Landscape
The competitive landscape of the global in vitro diagnostics kit market is fierce due to numerous competitors who fiercely compete with each other to create a strong market presence. The cluttered market requires product differentiation as the key to penetrating. However, marketers use various market expansion modes, including strategic alliances, partnerships, mergers and acquisitions, and many other strategies. The following key developments have been observed in the market recently:-
- In August 2022, Bio-Rad acquired Curiosity Diagnostics. This helped the business to integrate technology into its production to bolster its market presence.
- In July 2023, Corning Incorporated launched Viridian Vials. The product helped the organization to meet sustainability needs by reducing waste and carbon emissions in the pharmaceutical industry.
Leading Key Players:
- Bio-Rad Laboratories Inc.
- Corning Incorporated
- DWK Life Sciences.
- Greiner Bio-One International GmbH
- Narang Medical Limited
- Thermo Fisher Scientific Inc.
- Sarstedt AG & Co. KG
- Aptar Group Incorporated
- West Pharmaceutical Services
- Cardinal Health
- Atlas Medical
- CareDx Inc.
- Altona Diagnostics GmbH
- Mylab Discovery Solutions Pvt. Ltd.
- Becton, Dickinson and Company
- Amcor Limited
- GBF Inc.
- Co-Diagnostics Inc.
- Epitope Diagnostics Inc.
- Integrated DNA Technologies Inc.
- AusDiagnostics
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More Valuable Insights Available
Future Market Insights offers an unbiased global in vitro diagnostics kit market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The market under consideration is segmented based on kit format (Bottles, Bags, Test Strips, Vials & Ampoules, Prefilled Syringes, and Cartridge), Application (Infectious Diseases, Diabetes, Drug Testing/ Pharmacogenomics, Autoimmune Diseases, Oncology, Cardiology, HIV/AIDS, Nephrology, and Other Applications), and End Use (Hospital Laboratories, Point-of-care Testing Centers, Academic Institutes, Clinical Laboratories, and Other End Use).
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