Next-generation in-vitro diagnostics (IVD) refers to the use of new and innovative technologies, such as sensors and digital processing, for diagnostic testing. In-vitro means ‘in glass,’ suggesting these tests are conducted in test tubes and similar equipment by taking samples such as blood or tissues from the human body.
According to BIS Research, the next-generation IVD market consists of test kits, assays and reagents, and instruments required to execute next-generation in-vitro diagnostics tests.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Next-Generation IVD (In vitro diagnostics) Market – A Global and Regional Analysis. The detailed study is a compilation of 18 market data tables and 267 figures spread across 325 pages.
Market Analysis: Trends, Data, and Growth Projections:
The next-generation in-vitro diagnostics (IVD) market is expected to witness substantial growth due to multiple factors, such as emerging technologies for IVD, the rapidly aging population, prevailing chronic diseases, and increasing demand for personalized medicine and efficient diagnostic solutions.
The next-generation IVD market was valued at $86.21 billion in 2022 and is expected to reach $152.62 billion by 2033, growing at a CAGR of 5.41% between 2023 and 2033.
Market Demand and Challenges
The next-generation IVD market received a significant boost during the COVID-19 pandemic, as healthcare providers demanded quick and cost-effective diagnostics. In current times, there is a rising demand for point-of-care testing, which is propelling the next-generation in-vitro diagnostics market. Moreover, overburdened healthcare systems demand advanced IVDs for providing early treatment to patients, which is expected to fuel market growth in the coming years.
However, the next-generation in-vitro diagnostics market is also restricted by certain factors, such as the In-Vitro Diagnostic Regulation (IVDR). Under this, manufacturers may face stricter oversight from notified bodies, resulting in additional costs to market IVD products while complying with new regulations.
Report Focus and Methodology:
The next-generation IVD market report provides a credible global and regional market analysis and forecast for 2023-2033. The report profiles existing and upcoming products, types, applications, end users, and key players, in the market.
BIS Research follows an effective market intelligence methodology, comprising a crucial 15-step process. Data is captured from reliable intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product, within the syndicated and custom research projects.
M– The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. To provide insights to enter, expand, or exit markets globally, regionally, or locally.
A– The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P– The Product section covers products, parts, technologies and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
The market has been divided into several segments to understand the dynamics better. Firstly, in terms of the type of diagnostics, core laboratory diagnostics emerged as the dominant category in 2022, commanding a significant 69.90% share, alongside point-of-care (POC) testing and molecular diagnostics.
Secondly, when considering the products within the market, consumable panels took the lead with a 69.94% share in 2022, followed by instruments and software. Moving on to applications, oncology/cancer emerged as the frontrunner, contributing 34.95% to the global next-generation IVD market in 2022, and it is expected to grow at a steady CAGR of 5.10% during the forecast period.
Other notable applications include infectious diseases, diabetes, cardiology, and various other areas. In terms of end users, the market caters to hospitals, clinics, diagnostic laboratories, academic and research institutions, and various other end users.
Key Players and Market Shares
Key players profiled in the report include Agilent Technologies, Inc., Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA (BioFire Diagnostics), Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd. (Roche Molecular Systems, Inc.), Guardant Health, Illumina, Inc., Invivoscribe, Inc, etc.
The ‘type’ segment players are leading the next-generation IVD market with a 69.90% presence. However, players in other segments, such as POC testing, and molecular diagnostics, account for approximately 12.24% and 17.86% of the presence in the market as of 2022.
Key Trends Identified:
Synergistic activities and product launches/approvals accounted for the maximum number of key developments, i.e., nearly 87% of the total developments in the global next-generation IVD market, between January 2019 and June 2023.
Key players such as QIAGEN N.V., Seegene, Inc., and Thermo Fisher Scientific, Inc. are involved in launching new kits and panels and more advanced instruments and engaging in synergistic partnerships to gain further market share.
Analyst’s Take on the Market Projection: According to Prateeksha Singh, Lead Analyst – BIS Research, “The next-generation IVD industry is flourishing, and technological advancements and regulatory considerations may shape the industry’s landscape and boost the overall market in the near future. The Asia-Pacific next-generation IVD market, particularly, is expected to register significant growth during the forecast period 2023-2033.”
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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