Canada In Vitro Diagnostics Market To Reach $4.36 Billion By 2030

Canada In Vitro Diagnostics Market Growth & Trends

The Canada in vitro diagnostics market size is expected to reach USD 4.36 billion by 2030, registering a CAGR of 2.6% during the forecast period, according to a new report by Grand View Research, Inc. Increasing R&D for the development of the technologically advanced in vitro diagnostics (IVD) systems for laboratories & hospitals to provide efficient, accurate, and error-free diagnosis is expected to fuel market growth. Moreover, the outbreak of COVID-19 disease has increased the growth at a significant rate.

High susceptibility to infections among the geriatric population is anticipated to increase the demand for in vitro diagnostic testing in Canada over the forecast period. The geriatric population is more likely to suffer from COVID-19 due to decreased immune function. According to the government of Canada, there were around 353,000 deaths between March 2020 and mid-May 2021, and people aged 65 and above accounted for around 80% of those deaths.

The country’s leading causes of death include heart disorders, cancer, chronic lower respiratory diseases, cerebrovascular diseases, and diabetes. Heart diseases and cancer accounted for the majority of deaths in Canada. Moreover, death rates from other disorders such as chronic lower respiratory diseases and cirrhosis/chronic liver disease have increased in recent years. The increasing number of cases of diabetes in Canada is anticipated to fuel market growth, with more than 10% of the population currently diagnosed with diabetes.

Moreover, the technological advancements in IVD testing are also expected to boost market growth during the forecast period. For instance, in February 2021, Thermo Fisher Scientific received approval from Health Canada for Applied Biosystems TaqPath COVID-19 HT Kit. Moreover, in June 2020, F. Hoffmann-La Roche Ltd received authorization for the Elecsys Anti-SARS-CoV-2 serology test under Health Canada’s Interim Order to make it available for laboratories and healthcare professionals. The introduction of novel products is expected to drive growth.

Key players in the Canada IVD industry are investing to expand their range of testing by undertaking R&D initiatives for the development of kits that target emerging diseases or by entering into agreements with other key manufacturing companies. In addition, innovative product launch in the market is a result of increasing R&D efforts and partnership programs established by players. For instance, in May 2021, LaunchWorks, a CDMO in molecular diagnostics, and Canadienzyme, a biotech spin-off company by two McGill University scientists, collaborated to produce RT-qPCR Master Mix, RT-qPCR testing reagent. Such initiatives undertaken by key players are expected to propel the market growth in the country.

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Canada In Vitro Diagnostics Market Report Highlights

• By technology, the molecular diagnostics segment held the largest revenue share in 2022, due to the increasing adoption of these tests for the detection of COVID-19 infection

• Based on technology, the coagulation segment is expected to register the highest CAGR during the forecast period, owing to higher adoption of IVD assays and a rise in demand for point-of-care diagnostics

• By application, the infectious diseases segment held the largest revenue share in 2022 owing to the rising prevalence of infectious diseases and the high adoption of IVDs for the detection of infectious diseases

• The hospital segment held the largest share of the Canada IVD market in 2022, whereas the homecare segment is expected to register the highest CAGR rate during the forecast period

Canada In Vitro Diagnostics Market Segmentation

Grand View Research has segmented the Canada in vitro diagnostics market based on product, technology, application, test location, end-use, and province:

Canada IVD Product Outlook (Volume, Number of Tests & Instruments; Revenue, USD Million, 2018 - 2030)

• Instruments

• Reagents

• Services

Canada IVD Technology Outlook (Volume, Number of Tests & Instruments; Revenue, USD Million, 2018 - 2030)

• Immunochemistry

• Instruments

• Reagents

• Services

• Hematology

• Instruments

• Reagents

• Services

• Clinical Chemistry

• Instruments

• Reagents

• Services

• Molecular Diagnostics

• Instruments

• Reagents

• Services

• Coagulation

• Instruments

• Reagents

• Services

• Microbiology

• Instruments

• Reagents

• Services

• Others

• Instruments

• Reagents

• Services

Canada IVD Application Outlook (Revenue, USD Million, 2018 - 2030)

• Infectious Diseases

• Diabetes

• Oncology

• Cardiology

• Nephrology

• Autoimmune Disease

• Drug Testing

• Others

Canada IVD Test Location Outlook (Revenue, USD Million, 2018 - 2030)

• Point of Care (POC)

• Home Care

• Laboratories

Canada IVD End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Primary Care

• Laboratories

• Home Care

• Others

Canada IVD Province Outlook (Revenue, USD Million, 2018 - 2030)

• Ontario

• Quebec

• West Canada

  • Alberta

  • Saskatchewan

  • Manitoba

  • British Columbia

• East Canada

  • Nova Scotia

  • Prince Edward Island

  • New Brunswick

  • Newfoundland and Labrador

• Rest of Canada

List of Key Players in the Canada In Vitro Diagnostics Market

• Abbott

• bioMérieux SA

• Bio-Rad Laboratories, Inc

• Siemens Healthcare GmbH

• QIAGEN

• Quidel Corporation

• F. Hoffmann-La Roche Ltd

• BD

• Danaher

• Agilent Technologies, Inc