Report : North America In-Vitro Diagnostics Market Forecast to 2030 – Regional Analysis – by Product & Services (Reagents & Kits, Instruments, and Software & Services), Technology (Immunoassay/ Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, Blood Glucose Self-Monitoring, Coagulation & Hemostasis, Hematology, Urinalysis, and Others), Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, and Others), and End User (Hospitals, Laboratories, Homecare, and Others)
At 5.8% CAGR, the North America In-Vitro Diagnostics Market is speculated to be worth US$ 33,183.41 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the North America in-vitro diagnostics market was valued at US$ 21,207.07 million in 2022 and is expected to reach US$ 33,183.41 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Surge in demand for IVD during Covid-19 pandemic and increasing demand for personalized medicine and genomics are among the critical factors attributed to the North America in-vitro diagnostics market expansion.
North America is at the forefront of personalized medicine and genomics research. There is increasing integration of genomics and molecular diagnostics into routine patient care. Companies are involved in developing advanced genetics hold substantial opportunities for the in-vitro diagnostics market. North America, particularly the US and Canada, has been a hub for genomic research centers that contribute notably to understanding and knowledge on the genetic basis of diseases, identification of biomarkers, and development of targeted therapies. Both these countries have launched precision medicine initiatives to integrate genomics into clinical practices. North America has been a leader in cancer genomics, hosting extensive research and clinical trials focused on understanding the genetic factors associated with different types of cancer. These trials aim to evaluate the efficacy of targeted therapies, immunotherapies, and other innovative treatments based on the genetic characteristics of patients’ tumors. The American Cancer Society estimates that the US would record 1.9 million new cancer cases (~5,370 cases per day) and 609,820 deaths from cancer in 2023. With such a high incidence, there is a pressing need for effective treatment to improve the quality of life of these patients.
Personalized medicine involves running in-vitro diagnostics tests on patients to stratify them into subgroups based on their unique characteristics. The field of personalized medicine, along with advancements in genomics sequencing, molecular profiling, and other diagnostic technologies, has the potential to revolutionize healthcare by providing targeted, precise, and individualized treatment approaches. Genetics has become increasingly accessible globally. Thus, the demand for personalized medicine and genomics will propel the growth of the in-vitro diagnostics market during the forecast period.
On the contrary, cumbersome reimbursement procedures and stringent regulations regarding products hamper the North America in-vitro diagnostics market.
Based on product & services, the North America in-vitro diagnostics market is segmented into reagents & kits, instruments, and software & services. The reagents & kits segment held 78.7% share of North America in-vitro diagnostics market in 2022, amassing US$ 16,697.92 million. It is projected to garner US$ 26,392.04 million by 2030 to expand at 5.9% CAGR during 2022–2030.
Based on technology, the North America in-vitro diagnostics market is segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation & hemostasis, hematology, urinalysis, and others. The immunoassay/ immunochemistry segment held 27.9% share of North America in-vitro diagnostics market in 2022, amassing US$ 5,906.50 million. It is projected to garner US$ 9,629.30 million by 2030 to expand at 6.3% CAGR during 2022–2030.
Based on application, the North America in-vitro diagnostics market is segmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others. The infectious diseases segment held 39.4% share of North America in-vitro diagnostics market in 2022, amassing US$ 8,362.74 million. It is projected to garner US$ 13,330.05 million by 2030 to expand at 6.0% CAGR during 2022–2030.
Based on end user, the North America in-vitro diagnostics market is segmented into hospitals, laboratories, homecare, and others. The hospitals segment held 49.4% share of North America in-vitro diagnostics market in 2022, amassing US$ 10,476.75 million. It is projected to garner US$ 15,971.49 million by 2030 to expand at 5.4% CAGR during 2022–2030.
Based on country, the North America in-vitro diagnostics market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.2% share of North America in-vitro diagnostics market in 2022. It was assessed at US$ 18,077.33 million in 2022 and is likely to hit US$ 28,474.68 million by 2030, exhibiting a CAGR of 5.8% during 2022–2030.
Key players operating in the North America in-vitro diagnostics market are Abbott Laboratories, Becton Dickinson and Co, bioMerieux SA, Bio-Rad Laboratories Inc, Danaher Corp, F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens AG, Sysmex Corp, and Thermo Fisher Scientific Inc, among others.
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