IVD Reagents Market

The IVD reagents market is expected to grow at a compound annual growth rate (CAGR) of 7.7% from its estimated USD 60.45 billion in 2024 to USD 87.41 billion by 2029. The growing adoption of NGS for genetic testing and the rising demand advanced point-of-care are the main factors propelling the growth of the IVD reagents market. While the growth of companion diagnostics is an upcoming trend in the IVD reagents market.

The IVD reagents market is fragmented, with top companies holding significant market shares. The top three players in this market include F. Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US), and Siemens Healthineers AG (Germany). Players in this market are focusing on adopting organic and inorganic growth strategies such as expansions, and acquisitions to increase their IVD reagents portfolio, cater to customer needs, increase their profitability and expand their presence in the global IVD reagents market.

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F. Hoffmann-La Roche Ltd (Switzerland)

F. Hoffmann-La Roche Ltd is leading with the highest market share in the IVD reagents market. It has a strong portfolio of IVD reagents products. F. Hoffmann-La Roche Ltd offers a strong product portfolio featuring FDA- and CE-marked approved reagents, which played a key role in sustaining its competitive market presence. The Diagnostics Division observed a 7% jump in base business sales revenue which is majorly due to growth in immunodiagnostic products focused on cardiac testing and diagnostic solutions.

Abbott (US)

Abbott is the second largest player in our market. The company has a very strong innovation and product development portfolio. It has 21 manufacturing site dedicated towards diagnostic products. The company derives significant revenues from North America, specifically the US. To further expand the market presence and maintain its position in the market, Abbott focuses on organic & inorganic strategies, such as product launches, acquisitions, and collaborations. For instance, in 2023 Abbott (US) has collaborated with The America Diabetes Association (US) for technology innovation focused on diabetes diagnosis.

Danaher Corporation (US)

Danaher Corporation is the third largest player in the IVD reagents market. The company has wide geographical presence across the Americas, Europe, the Middle East & Africa, and the Asia Pacific. Danaher Corporation also aims to expand its sales force in North America region and also focuses on international expansions. In March 2023, Danaher Corporation launched its first 77,000 sq ft manufacturing facility in India.

Related Reports:

IVD Reagents Market by Type (Antibodies, Nucleic Acid Probes), technology (Hematology), Application (Genetic Testing, Autoimmune disease), Test Type (Laboratory Test, Point-of-care Tests), End User (Hospitals & Clinics) & Region - Global Forecast to 2029

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