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What is the size of the IVD Market in 2024?

The in vitro diagnostics market is estimated at 98.7 billion dollars in 2024. That total is reflective of sales of lab reagents for a clinical diagnostics purpose. It also includes test kits, instruments, systems, software and services related directly to clinical diagnostics. These can be general analyzers that run various chemistry tests, and the associated reagents that are used to perform tests on samples. Other included equipment: molecular testing systems, immunoanalyzers, antibodies, hematology analyzers, coagulation testing systems, blood bank testing supplies and other in vitro diagnostic equipment. As indicated in the chart below, the market will reach 96,385 in 2023 and the market will grow to 108.7 billion dollars in 2028.

There is more than one estimate of the market for in vitro diagnostics. Differences between market estimates will depend on the methodology used. For instance, some estimates may include IVD services (labs performed by a test). Some may include or exclude supplies sold to labs to use in their own custom lab-developed tests.

Why are revenues estimated to grow? There are several reasons. The increase of the population of the world, and the aging of that population is an important driver of the sale of clinical tests. The population growth means more healthcare visits, and the aging of the population means more surgeries, injuries, hospital stays, and cases of chronic disease requiring repeated testing.  Another reason for the increase in the market is the innovation in in vitro diagnostic technology, and the migration of the market to these tests. New genetic tests can command, in some cases, higher pricing and reimbursement for laboratories, encouraging the sales of systems and specialized reagents. The use of mass spectrometry and next-generation sequencing in patient diagnostics is an example of innovation that will drive testing revenues. 
The types of testing has changed over time.  Two decades ago, clinical chemistry alone (the tests used for routine physician and hospital visits and to diagnose basic conditions or inform a physical examination) made up one half of the market.  In 2024 other tests have a greater share of the market.  Eye ON IVD estimates that chemistry and immunoassay tests, taken together – represent just 38% of the revenues in the market.  The rest are infectious disease tests, molecular tests, blood banking and typing equipment and associated reagents, tissue diagnostics, genetic test equipment and supplies, and more.

Types of In Vitro Diagnostics routinely segmented into markets for business planning purposes include:

Clinical Chemistry
Immunoassays, Infectious Disease
Immunoassays for Non-Infectious Disease Purposes (Cancer, Allergy, Auto-Immune, Cardiac Disease, Others) 
Blood Bank Screening
Drug of Abuse Tests For a Medical Purpose (Not Counting Employment/Law Enforcement).
HbA1c (Diabetes Testing)
Hematology
Microbiology Tests
Molecular Tests for Infectious Diseases and for Non-Infectious Diseases (Cancer, Genetic Tests, Other)
Point of Care Tests
COVID Tests of All Types (PCR Tests, Antigen Rapid tests, Lab Tests, Home Tests)
Thyroid Tests
Histology
Pregnancy Tests
Home Tests
Other IVD