IVD Reagents Market worth $87.41 billion by 2029

(EMAILWIRE.COM, December 06, 2024 ) The global IVD Reagents Market is projected to reach USD 87.4 million by 2029 from USD 60.4 million in 2024, at a CAGR of 7.7% during the forecast period. Growth in the IVD reagents market is primarily driven by innovations in molecular diagnostics focused on improved diagnostic accuracy. The rising awareness of preventive healthcare for early detection contributes to the growth of the market. The growing number of chronic conditions is another key factor driving market growth.

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In 2023, the Antibodies segment held the largest share of the IVD Reagents market, by type segment.

Based on type, the global IVD Reagents market is segmented into five categories namely, antibodies, antigen, purified proteins, and peptides, oligonucleotides, nucleic acid probes, and other IVD reagents. Antibodies has led the IVD Reagents market. This is primarily due to their characteristics and high adoption in both traditional laboratory-based tests and point-of-care (POC) testing devices. This segment is further divided into two subcategories monoclonal antibodies and polyclonal antibodies.

In 2023, the molecular diagnostics is the fastest growing segment of the IVD Reagents market, by technology.

Based on technology segment this is the fastest growing segment, the IVD Reagents market is segmented into categories namely, immunoassays, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, chromatography & mass spectrometry, and immunohistochemistry. During the forecast period, the molecular diagnostics segment is expected to observe highest growth rate in the IVD Reagents market. The dominance of this segment to drive this market is due to its expanding application in pharmacogenetics, personalized medicine, genetic testing and prenatal testing.

In 2023, North America accounted for the largest share of the IVD reagents market, followed by Europe.
The global IVD reagents market is segmented into six major regions: North America, Europe, the Asia Pacific, the Middle East & Africa, Latin America, and the GCC Countries. In 2023, North America was the largest segment of the IVD reagents market. The presence of key IVD reagents manufacturers in this region is a key factor driving the market growth. The reimbursement scenario is also less complicated for IVD reagents. The increasing prevalence of diseases in the region is also expected to drive the growth of the IVD reagents market in the US and Canada.

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Prominent players in the market include Danaher Corporation (US), F. Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), BioMerieux (France), BD (US), Hologic, Inc. (US), Bio-Rad Laboratories, Inc. (US), Sysmex Corporation (Japan), QIAGEN N.V. (Netherlands), Agilent Technologies, Inc. (US), Revvity (US), DiaSorin S.p.A (Italy), Grifols, S.A. (Spain), Werfen, S.A. (Spain), QuidelOrtho Corporation (US), Chembio Diagnostics, Inc. (US), Surmodics, Inc. (US), Merck KGaA (Germany), MEDICAL & BIOLOGICAL LABORATORIES CO., LTD. (Tokyo), Canvax (Spain), Prestige Diagnostics (US), Adaltis S.r.l. (Italy), and Randox Laboratories Ltd. (UK)

Recent Developments of IVD Reagents Market
-In September 2024, Thermo Fisher Scientific Inc. (US) introduced a testing/laboratory center for advanced lab services and instrumentation for pharma development worldwide.
-In December 2023, Danaher Corporation (US) acquired Abcam (UK) to grow its biological segment, which is critical for advancing drug discovery, life sciences research, and diagnostics.
-In December 2023, F. Hoffmann-La Roche Ltd (Switzerland) entered into a definitive agreement to acquire LumiraDx’s (US) point-of-care technology, thus combining multiple diagnostic modalities on a single platform.
-In May 2022, Hologic, Inc. (US) received CE marking for two new molecular assays, Panther Fusion EBV Quant Assay and Panther Fusion BKV Quant Assay, expanding its transplant pathogen monitoring menu on the Panther Fusion system.