The Global In-Vitro Diagnostics Market is expected to post a healthy CAGR of 8.16% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in an in-depth study. The global in-vitro diagnostics market was valued at USD 69,284.16 Mn in 2017 and is likely to catapult to USD 102,555.24 Mn by 2023.
The Market is estimated to grow rapidly during the forecast period. The major factor influencing the growth of the market include rising occurrence of chronic diseases, increasing geriatric population and increase in expenditure on healthcare. According to Centres for Medicare and Medicaid Services (CMS), average American spends more than USD 11,500 per year on healthcare and total spending of america is around USD 3.9 trillion. Majority of the population (around 90%) takes benefit of insurance system, other factors driving the market are increasing number of diagnostics centres, increasing acceptance of molecular diagnostics and increase in lifestyles diseases like diabetes.
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Key Players for Global In-Vitro Diagnostics Market
The prominent players profiled by MRFR in the report on the global in-vitro diagnostics market are
Abbott (the U.S.),
F. Hoffmann-La Roche Ltd (Switzerland),
Biomérieux (France),
Ortho Clinical Diagnostics (the U.S.),
Johnson & Johnson (the U.S.),
Siemens Healthcare GmbH (Germany),
Sysmex (Japan),
Becton Dickinson (the U.S.),
Thermo Fisher Scientific Inc. (the U.S.),
Accelerate Diagnostics (the U.S.),
Hycor Biomedical (the U.S.), and More
Diagnostic Biosystems (the U.S.), Eurogentec (Belgium), Orgentec Diagnostics (US), Immunarray PVT. LTD (the U.S.), Werfen Group (Spain), Danaher Corporation (the U.S.), Bio-Rad Laboratories INC (the U.S.), Stago Diagnostica (France), Alere Inc (the U.S.) and others.
In-Vitro Diagnostics Industry Updates:
In February 2019, Fujirebio Diagnostics, Inc., received Breakthrough Device Designation by the US FDA for its Lumipulse G β-Amyloid Ratio (1-42/1-40) quantitative in vitro diagnostic test. The new devices program is specifically designed to speed up the development and review of certain medical devices which is used in the treatment or diagnosis of life-threatening diseases.
Market Drivers and Restraints:
The in-vitro diagnostics products include reagents, instruments and any other system or equipment that is required to carry out the diagnostics procedure. The rapid increase in chronic and infectious diseases and rise in geriatric population are some of the major factors that are inducing high demand for in-vitro diagnostics in the global market, which in turn is propelling the growth of the global in-vitro diagnostics market.
Incorporation of advanced technology for diagnostic purposes has fastened the process altogether leading to the significant growth of the global in-vitro diagnostics market. However, strict regulatory framework imposed by the government on the manufacturing of IVD products and lack of reimbursement policies are likely to create hindrance in the growth of the global in-vitro diagnostics market during the forecast period.
The market is immensely growing due to the increasing demand for advanced diagnostic techniques. Additional factors that influence the market growth are increasing technological advancement in healthcare that supports the desired results, further increasing the market growth.
Moreover, the government funding to encourage the adoption of in-vitro diagnostic are pervasively fostering the market growth. On the other hand, factors such as the lack of proper reimbursement policies in the developing countries and strict FDA regulations are obstructing the market growth.
Regional Analysis for Global In-Vitro Diagnostics Market
The global in-vitro diagnostics market is geographically segmented into Americas, Europe, Asia Pacific and the Middle East and Africa. The Americas dominate the global in-vitro diagnostics market owing to the increased healthcare expenditure by the population of this region and increasing penetration of advanced technology in the healthcare sector of this region. The Europe region constitutes of second largest share in the global in-vitro diagnostics market owing to the easy adoption of advanced technology and high prevalence of chronic diseases among the population of this region. The Asia Pacific region is projecting noteworthy growth in the global in-vitro diagnostics market owing to the rapid development of the healthcare sector and increasing number of private diagnostic centers in this region. Whereas, low penetration of advanced technology in the healthcare sector of the underdeveloped areas of the Middle East and Africa region is creating hindrance in the growth of the global in-vitro diagnostics market in this region.
Segmentations for Global In-Vitro Diagnostics Market
The Global In-Vitro Diagnostics Market has been segmented on the basis of techniques, application and end users. Based on techniques, the in-vitro diagnostics market has been segmented into Immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics and clinical chemistry. The immunodiagnostic segment is sub-segmented into enzyme-linked immunosorbent assays (ELISA), chemiluminescence immunoassays (CLIAS), fluorescence immunoassays (FIAS), colorimetric immunoassays (CIC), and radioimmunoassay (RIA) and other immune assay techniques.
Based on applications, the in-vitro diagnostics market has been segmented into infectious diseases, cancer, cardiac diseases, and immune systems disorders, nephrological diseases, gastrointestinal diseases. The infectious diseases segment is sub-segmented into acinetobacter infections, actinomycosis, hepatitis (A, B, C, D, and E) and others. The cancer segment is sub-segmented into skin, lung, brain and others. The cardiac diseases segment is sub-segmented into heart failure, cerebrovascular disease, congenital heart disease and others.
Based on end users, the in-vitro diagnostics market has been segmented into laboratories, academics and medical institutions and others.
Related Report:
Molecular Diagnostics Market Research Report, By Type of Techniques (PCR and Real-Time PCR, Fluorescence In-Situ Hybridization) By Applications (Infectious Diseases, Oncology, Blood Screening) By End User – Global Forecast till 2023
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