IVD (In Vitro Diagnostics) Market to reach USD 126.6 billion by 2032, with a growing CAGR of 4.8%
The IVD (In Vitro Diagnostics) market is growing rapidly, mainly driven by the increasing prevalence of infectious and chronic conditions, noncommunicable diseases (NCDs) in particular. NCDs cause 41 million deaths annually, accounting for 74% of the total deaths globally; 17 million occur at less than 70 years of age. Of these early deaths, an alarming number occurs in low- and middle-income countries, suggesting that there is an immediate necessity to develop the right diagnostics that would allow detection in its early stage. With the ever-growing burden, there is a significant increase in the demand for sophisticated IVD technologies.