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The IVD Reagents Market is expected to reach $79.76 billion by 2031, at a CAGR of 5.3% from 2024 to 2031.
Research and development (R&D) activities at academic and government research institutions have seen a notable surge in recent years. This increase is largely attributed to escalating healthcare concerns, the intricate nature of clinical trials, and the high rate of drug failures in earlier phases of development.
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In the United States, key government agencies such as the Department of Defense (DOD), the National Institutes of Health (NIH), the Department of Energy (DOE), and NASA account for an impressive 97% of global R&D investments. The NIH stands out as the largest provider of funding for both basic and applied research, allocating around 84% of its budget to universities, medical schools, and various research institutes. In fact, the U.S. Department of Health & Human Services (HHS) reported a significant increase in the NIH’s research budget, which rose from USD 41.7 billion in 2019 to USD 131.8 billion in 2022.
Research America indicates that investments in medical and health R&D in the U.S. grew by 7.0% between 2019 and 2020, reaching a total expenditure of USD 245.1 billion in 2020. The pharmaceutical, medical technology, biotechnology, and health IT sectors represented the largest contributors to these investments, primarily driven by ongoing research and the soaring demand for drugs to manage chronic illnesses.
The World Health Organization (WHO) reported that chronic diseases were responsible for nearly 75% of all deaths globally in 2020. During that time, the number of individuals with diabetes surged 2.5 times compared to 2019. As a result, the complexities and mortality rates associated with chronic conditions like cardiovascular diseases, diabetes, cancer, and chronic respiratory diseases are expected to further enhance funding for research initiatives.
Advancements in nucleic acid amplification and detection technologies have also revolutionized disease diagnosis, contributing to a quicker response in developing treatments as the prevalence of various diseases continues to rise.
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Several significant initiatives have emerged to support research on infectious diseases:
>>> In March 2020, Canada pledged USD 205.5 million (CAD 275 million) towards coronavirus research, which significantly bolstered global funding.
>>> Amazon Web Services, Inc. announced in March 2020 that it would provide USD 20 million to expedite the development of diagnostic tests for coronavirus.
>>> In January 2020, the Imperial College of London revealed that an international team had secured a five-year grant of USD 24.9 million (EUR 22.5 million) from the EU’s Horizon 2020 Research and Innovation Actions for a project aimed at creating a rapid test to diagnose multiple conditions—including pneumonia, tuberculosis, and sepsis—from a single blood sample in under two hours.
Additionally, the rising investments in biopharmaceutical R&D are further driving research efforts in in vitro diagnostics (IVD), thereby increasing the demand for IVD reagents. According to EvaluatePharma, global biopharmaceutical R&D spending is projected to grow from USD 238 billion in 2022 to USD 285 billion by 2028. This escalating expenditure is expected to facilitate the development of new therapeutics and antibodies designed for diagnostic and research purposes, thus enhancing the utilization of IVD reagents in the forthcoming years.
The IVD reagents market is forecasted to grow at a compound annual growth rate (CAGR) of 5.3%, reaching approximately USD 79.76 billion by 2031, as reported by Meticulous Research®.
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IVD Reagents Market Research Summary
| Particulars | Details |
| Number of Pages | 389 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 5.3% |
| Market Size (Value) | USD 79.76 Billion by 2031 |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Ireland, Denmark, Belgium, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa |
| Key Companies | Thermo Fisher Scientific (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Abcam plc (U.K.), Hologic Inc. (U.S.), InBios International, Inc. (U.S.), SDIX, LLC (U.S.), BioTechne Corporation (U.S.), Bio-Synthesis Inc. (U.S.), RayBiotech, Inc. (U.S.), Sino Biological Inc. (China), Oy Medix Biochemica Ab (Finland), QIAGEN N.V. (Netherlands), and Beckman Coulter, Inc. (U.S.) |
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