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Overview of In vitro diagnostic reagent market in 2023

Industry news | 11 July, 2023 | CACLP

Owing to the aging population, increasing awareness of disease management, and continuous technological advancements, the global in vitro diagnostic reagents market is expected to grow from USD 69.25 billion in 2019 to USD 90.65 billion by 2023, with a CAGR of 6.2%.

 

1. General Diagnostic Reagents Market is expected to dominate the market

 

The prevalence of infectious diseases and non-infectious diseases is raising public health concerns and has brought back the dominance of general diagnostic reagents in the IVD reagents market. General diagnostic reagents include a variety of chemical reagents and test strips, clinical and immunochemical diagnostic reagents, and others. The general diagnostic reagents market will continue to maintain its market share and importance as these reagents are the most commonly used diagnostic reagents and have established a stable position in the market.

 

Asia is the major growth region for the general diagnostic reagents market. This is because Asia has the largest number of developing countries in the world, which are experiencing an dynamic increase in population and income. Extensive population screening and disease management will contribute to the increase of market penetration, which will stimulate the growth of the in vitro diagnostic reagents market.

 

2. The immunology reagent market is expected to be the next growth field

 

The immunology reagent market is a key area in the in vitro diagnostic reagent market, and its revenue accounted for 25% in 2018. This is because immunological reagents play an important role in the diagnosis and treatment of diseases. The immunology reagents market is expected to be a growth highlight in the in vitro diagnostic reagents market through 2023.

 

Emerging technologies such as proteomics-oriented spectroscopy, single-cell sequencing and analysis, and RNA interference & CRISPR gene editing have had a certain impact on the development of immunology reagents. Single-cell technology is a new diagnostic method that can be applied to the diagnosis and treatment of cancer, immune diseases and infectious diseases. These technologies will provide more comprehensive and accurate detection and diagnosis methods for immunological diagnosis.

 

3. Microbiology reagent market will usher in growth opportunities

 

Microbiology is an emerging field in the in vitro diagnostic reagent market, and its revenue accounted for only 10% in 2018. However, the microbiology reagents market is expected to witness growth opportunities through 2023.

 

In recent years, emerging and developing countries have experienced increasing rates of infectious diseases such as pneumonia, viral hepatitis, HIV, and tuberculosis. The need to prevent and treat these diseases will be a major driver for the growth of the microbiology reagents market. The U.S. Food and Drug Administration (FDA) has approved some titrating drugs such as novel antibiotics, providing more opportunities for the microbiology reagents market.

 

4. Hospitals, clinics and clinical laboratories are the main customers of in vitro diagnostic reagents

 

Hospitals, clinics, and clinical laboratories are the major customers of the in vitro diagnostic reagents market. These institutions account for a large share of the in vitro diagnostic reagents market, mainly because essential medical services such as drug development, diagnosis, and monitoring are generally carried out in these institutions.

 

It is expected that by 2023, the share of these customers will continue to rise, and some new end users of in vitro diagnostic reagents are expected to emerge, such as in vitro embryonic reproductive diagnosis and safety testing. In recent years, with the continuous advancement of medical technology and the increasing awareness of disease management, people's demand for in vitro diagnostic reagents will continue to increase, which will also have a positive impact on the growth of market share.

 

5. Major players will maintain market leadership

 

In the global in vitro diagnostic reagents market, the leading players mainly include Hoffman-La Roche, Bristol Myers Squibb, Roche Diagnostics, Siemens Healthineers, Johnson & Johnson… It is expected that by 2023, these major manufacturers will maintain their market leadership, and will continue to develop new products and expand new markets. In addition, equipment manufacturers and medical equipment suppliers will also seek market share through acquisitions and mergers.

 

6. Conclusion

 

The in vitro diagnostic reagent market will usher in broad market opportunities in 2023. The general diagnostic reagent, the immunological reagent and the microbiological reagent will be the key fields of the in vitro diagnostic reagent market. Hospitals, clinics and clinical laboratories will still be the main customers in the market. Leading manufacturers will continue to maintain their market leadership and promote market growth through continuous R&D of new products and expansion of new markets.

 

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