Market Insights Health Medical Technology

In Vitro Diagnostics - Americas

Americas

The projected revenue for the In Vitro Diagnostics market market in the Americas is estimated to reach US$39.01bn by 2024.
This market is expected to display a compound annual growth rate (CAGR 2024-2029) of 2.48%, leading to a market volume of US$44.10bn by 2029.
In comparison to other countries worldwide, the United States is anticipated to generate the highest revenue, with US$30,100.00m in 2024.
In the Americas, the demand for In Vitro Diagnostics is on the rise, driven by the increasing prevalence of chronic diseases and a growing elderly population.

Key regions: China, France, Japan, Netherlands, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The In Vitro Diagnostics market in Americas is experiencing significant growth due to several key factors.

Customer preferences: Customers in the Americas are increasingly seeking out in vitro diagnostics products for a variety of reasons. One major factor is the rising prevalence of chronic diseases such as diabetes and cardiovascular diseases in the region. As a result, there is a growing demand for diagnostic tests that can accurately detect and monitor these conditions. Additionally, customers are also becoming more proactive about their health and are seeking out diagnostic tests for early detection and prevention of diseases. This trend is driving the demand for in vitro diagnostics products in the Americas.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in the Americas is the increasing adoption of point-of-care testing (POCT) devices. These devices allow for rapid and accurate diagnostic testing at the patient's bedside or in a clinic, eliminating the need for samples to be sent to a central laboratory. This trend is driven by the need for faster and more convenient diagnostic testing, particularly in remote or underserved areas. POCT devices are also being increasingly used in emergency departments and critical care settings, where quick diagnosis is crucial for patient management. Another trend in the market is the growing use of molecular diagnostics. Molecular diagnostics involve the analysis of genetic material to detect and monitor diseases. This technology offers several advantages, including higher sensitivity and specificity compared to traditional diagnostic methods. It is being increasingly used in the diagnosis of infectious diseases, cancer, and genetic disorders. The adoption of molecular diagnostics is driven by advancements in technology, which have made these tests more accessible and affordable.

Local special circumstances: In the Americas, there are several local circumstances that are driving the growth of the In Vitro Diagnostics market. One of these is the aging population in many countries in the region. As the population ages, the prevalence of chronic diseases increases, leading to a higher demand for diagnostic tests. Additionally, the Americas have a well-developed healthcare infrastructure, which allows for the widespread adoption of in vitro diagnostics products. The region also has a strong regulatory framework for medical devices, ensuring the safety and efficacy of diagnostic tests.

Underlying macroeconomic factors: The In Vitro Diagnostics market in the Americas is also influenced by underlying macroeconomic factors. One of these is the increasing healthcare expenditure in the region. Governments and private healthcare providers are investing more in healthcare infrastructure and services, including diagnostic testing. This is driving the demand for in vitro diagnostics products. Additionally, advancements in technology and the availability of funding for research and development are also contributing to the growth of the market. These factors are expected to continue driving the growth of the In Vitro Diagnostics market in the Americas in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.