America In-Vitro Diagnostic Market is Expected to Reach 49.62 Billion by 2030

The growing prevalence of chronic and infectious disease across American region along with the rising population of elderly people drives the growth of the America In-vitro Diagnostic Market.

The America In-Vitro Diagnostic (IVD) Market size was valued at USD 37.89 billion in 2023 and is predicted to reach USD 49.62 billion by 2030, with a CAGR of 3.6% from 2024 to 2030.

The rising incidence of chronic and infectious diseases such as cancer, cardiovascular diseases, diabetes, and various infections, in American countries is driving demand for IVD industry in this region. 

Moreover, the increasing investment by numerous countries in this region for the development of healthcare sector, driven by the on early detection, cloud monitoring, and personalized treatment strategies. This underscores the pivotal role of IVDs in facilitating proactive healthcare interventions and improving patient outcomes, thereby significantly bolstering market growth. 

According to the National Association of Chronic Disease Directors, cardiovascular diseases account for one out of every three deaths in the U.S., totaling 859,000 individuals annually. This increasing burden of chronic and infectious diseases is fueling the demand for in-vitro diagnostics across the region.

Moreover, the aging population, marked by a rising prevalence of age-related diseases globally, is a key driver for the growth of the in vitro diagnostics (IVD) market. As the elderly demographic expands, so does the incidence of age-related conditions, necessitating more frequent diagnostic testing for early detection, monitoring, and effective management to mitigate further complications.

According to the latest report from the Pan American Health Organization, the number of elderly populations is growing at a significant rate in American countries, with Brazil ranking among the top 10 countries in the region of the America with the largest population of older adults.

With more than 30 million individuals aged 60 years and older, equivalent to about 13% of the country's total population. Also, the report projects that by 2030, the number of older adults in Brazil is anticipated to reach approximately 50 million individuals, further driving the demand for IVD diagnosis in this region.

However, the high costs associated with research, development, and regulatory approval of the major factors restraining growth of the America in-vitro diagnostic market. Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to rigorous standards, further compounding the financial burden. These financial constraints can discourage potential market entrants and limit expansion efforts, thereby hindering overall America in-vitro diagnostic market growth.

On the contrary, the introduction of point-of-care testing (POCT) presents a significant opportunity for the America in-vitro diagnostics (IVD) market in the coming years. POCT offer rapid tests for a variety of conditions, including infectious diseases, cardiac markers, glucose levels, and pregnancy.

By enabling healthcare providers to quickly assess patients' conditions and make timely treatment decisions, POCT complements traditional laboratory testing. Integrating POCT with conventional IVD enhances diagnostic capabilities, leading to more efficient and patient-centered care. This integration streamlines workflows, facilitates faster diagnosis and treatment initiation, and ultimately improves patient outcomes.

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According to the report, the top players operating in the America in-vitro diagnostic market include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others. These key market players are adopting various strategies, including partnerships, collaborations, mergers, acquisitions, and innovative product launches across various countries and regions to maintain their dominance in the market. 

For instance, in February 2024, BioMerieux and the Food and Drug Administration initiated a strategic research collaboration to enhance microbial detection tools aimed at combating food-borne pathogens.

This partnership focuses on developing innovative projects to improve the fraud detection and characterization systems for pathogens such as Shiga-toxin producing E. coli, Cyclospora cayetanensis, Salmonella spp., and Listeria monocytogenes.

Also, in February 2024, Roche partnered with PathAI to create AI-driven companion diagnostic tools that enables comprehensive solution for precision therapeutics. This partnership aims to accelerate the advancement of precision medicine by integrating AI analysis with companion diagnostics, thereby improving patient access to tailored treatments.

Moreover, in February 2024, Sysmex and Hitachi High-Tech collaborated to develop new genetic testing systems based on capillary electrophoresis sequencers (CE sequencers). The collaboration combines Hitachi High-Tech's CE sequencer technology with Sysmex's know-how in NGS reagent development and analysis technology.

Key Insights from the America In-Vitro Diagnostic Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the America in-vitro diagnostic market is provided in the report.

• The value chain analysis in the America in-vitro diagnostic market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the America in-vitro diagnostic market share and competitive landscape of key players in the industry.

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