Number of pages: 100 | Report Format: PDF | Published date: May 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global in vitro diagnostic substrate market is expected to register a revenue CAGR of 5.5% to reach by 2031.
In Vitro Diagnostic Substrate Market Fundamentals
The use of in vitro diagnostic (IVD) substrates is crucial in medical diagnostics as it helps identify and analyze different diseases and conditions within a laboratory setting. These substrates consist of instruments, reagents, and consumables that aid in the precise measurement of biomarkers like nucleic acids, proteins, and metabolites in patient samples. The IVD substrate market has experienced substantial growth in past years due to the rising need for responsible and efficient diagnostic tools. The IVD substrate market is undergoing transformation due to emerging trends. A notable trend is an increasing focus on personalized medicine, mostly for breast cancer which necessitates precise diagnostic tools to enable tailored treatments for individual patients. As per The American Journal for Managed Care in December 2020, the market has 286 personalized medicines compared to 132 in the past. Such medicines constituted 25% of the FDA-approved new drugs in 2019, which is a significant increase from the 5% recorded in 2005. Advanced IVD substrates have been developed to meet this demand to provide targeted and customizable diagnostic information. Additionally, the integration of artificial intelligence (AI) and machine learning algorithms into diagnostic platforms is revolutionizing the accuracy and efficiency of IVD substrates.
The global in vitro diagnostic substrate industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the in vitro diagnostic substrate market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the in vitro diagnostic substrate market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
In Vitro Diagnostic Substrate Market Dynamics
In vitro diagnostic substrates play a crucial role in the early detection, diagnosis, and monitoring of these conditions. As the global burden of chronic diseases such as cardiovascular diseases, cancer, and diabetes continues to grow, there is a greater demand for accurate and efficient diagnostic tools, driving the market for in vitro diagnostic substrates. According to the World Health Organization, cancer is a major contributor to global mortality, causing approximately 10 million deaths in 2020, equivalent to almost 1 in 6 deaths. The prevalent types of cancer include breast, lung, colon, rectal, and prostate cancers. Moreover, rapid technological advancements in the field of medical diagnostics have greatly influenced the in vitro diagnostic substrate market. The development of innovative technologies, such as molecular diagnostics, next-generation sequencing, and microfluidics, has enhanced the performance and capabilities of in vitro diagnostic substrates.
However, a lack of standardization in regulatory policies across different regions leads to product approvals and market entry delays.
In Vitro Diagnostic Substrate Market Ecosystem
In Vitro Diagnostic Substrate Market, by Substrate Type
In Vitro Diagnostic Substrate Market, by Test Type
In Vitro Diagnostic Substrate Market, by Application
In Vitro Diagnostic Substrate Market, by End User
In Vitro Diagnostic Substrate Market by Application
The oncology segment accounted for the majority of revenue share in the global in vitro diagnostic substrate market. This is due to the increasing cancer prevalence and the growing demand for early detection and personalized treatment options. In vitro diagnostic substrates in oncology have enabled accurate diagnosis and monitoring of cancer progression, leading to better patient outcomes. According to the National Center for Biotechnology, it has been estimated that India will have around 1,461,427 new cancer cases in the year 2022, with a crude rate of 100.4 per 100,000. Furthermore, the increasing adoption of personalized medicine is also influencing the revenue share of in vitro diagnostic substrate market.
The market segmentation sections provide the in vitro diagnostic substrate market outlook in terms of the demarcation of different consumer groups. Market segmentation is the splitting of industry into subgroups depending on characteristics such as substrate type, test type, application and end user. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data also helps identify potential in vitro diagnostic substrate market demand opportunities.
In Vitro Diagnostic Substrate Market by Region
North America dominated the in vitro diagnostic substrate market due to the region's established healthcare sector and the rising incidence of chronic diseases; its market share is anticipated to grow in the future. Due to rising healthcare costs and the quick uptake of point-of-care testing, the United States accounted majority of the North American market. The leading cause of death and disability in the United States each year is chronic diseases, according to data on chronic diseases updated by the Centers for Disease Control and Prevention in July 2022.
The Asia Pacific region is expected to grow significantly in the coming years. With its large population, fast urbanization, and improving healthcare infrastructure, the demand for in vitro diagnostic substrates is rising. Personalized medicine, genetic testing, companion diagnostics, and targeted therapies are now highly valued in improving treatment outcomes, thus increasing the demand for in vitro diagnostic substrates. According to the World Economic Forum, as part of its five-year plan, China has prioritized precision medicine and plans to invest over $9 billion (equivalent to 60 billion yuan) in research. This initiative surpasses those of nearly 40 other countries, making it the largest in the world. Additionally, various multinational and local companies are actively involved in the Asia Pacific in vitro diagnostic substrate market.
Based on the regions, the global in vitro diagnostic substrate market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of In Vitro Diagnostic Substrate industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level in vitro diagnostic substrate market overview.
Key Components of the Report
In Vitro Diagnostic Substrate Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
In Vitro Diagnostic Substrate Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
The use of in vitro diagnostic (IVD) substrates is crucial in medical diagnostics as it helps identify and analyze different diseases and conditions within a laboratory setting.
The global in vitro diagnostic substrate market is expected to register a revenue CAGR of 5.5% to reach by 2031.
With the increasing demand for personalized medicine and the rising prevalence of chronic diseases, there is a growing need for accurate and reliable diagnostic tests.
The global in vitro diagnostic substrate market is expected to experience significant growth in the coming years due to the increasing prevalence of chronic diseases and the rising demand for early disease detection. Additionally, technological advancements and the development of innovative products are expected to drive market growth.
The lack of standardization in regulatory policies across different regions leads to product approvals and market entry delays.
Some of the major strategies adopted by major market players are product innovation, strategic partnerships, and mergers and acquisitions. In addition, companies are also focusing on improving their supply chain management and enhancing their customer experience to gain a competitive edge in the market.
The increasing prevalence of chronic diseases and the growing demand for personalized medicine are the main drivers of the global in vitro diagnostic substrate market. In addition, technological advancements in diagnostic techniques and the rising adoption of point-of-care testing are expected to fuel market growth further.
Thermo Fisher Scientific, SurModics, Inc., Sigma-Aldrich Co.LLC, Sekisui Diagnostics, and Santa Cruz Biotechnology, Inc. are the key players in the global in vitro diagnostic substrate market.
The oncology segment accounted majority of revenue share in vitro diagnostic substrate market
*Insights on financial performance are subject to the availability of information in the public domain