As per the latest report published by Market Research Future (MRFR) the global market for in-vitro diagnostics will record a CAGR of 8.16% between 2018 and 2023. The market is expected to surpass a valuation of USD 102,500 Mn by the end of the assessment period. In-vitro diagnostics (IVD) combines the application of reagents, medical devices and accessories for performing complex test procedures on biological specimens such as tissue, blood and urine taken from human body. In-vitro diagnostics is increasingly used for diagnosis of medical conditions and detection of infection. IVD has emerged as an important medical technology for overcoming challenges faced in diagnosis and management of diseases. Such factors are supporting the growth of the global IVD market.
In-Vitro Diagnostics Industry Updates:
In September 2018, OptraSCAN®, a leading end-to-end digital pathology solution provider, has announced that its whole-slide scanners have received CE Mark approval for in-vitro diagnostics use.
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Companies Covered
Thermo Fisher Scientific, Abbott Laboratories, DiaSorin S.p.A, Becton Dickinson and Company, Sysmex Corporation, BioMérieux S.A, Qiagen N.V., Grifols S.A, Ortho Clinical Diagnostics, F. Hoffmann-La Roche AG, Siemens AG, Bio-Rad Laboratories Inc., and Danaher Corporation.
The report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
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, in the report, has been segmented on the basis of product & service, technology, application, end-user, and region. Products and services included in the in-vitro market are reagents & kits, instruments, data management software, and services. Reagents and kits account for a majority market share of 74.8% due to the increasing adoption of point-of-care testing. The services segment is projected to grow at the highest CAGR during the assessment period.
The technology used for in-vitro diagnostics is broadly segmented into clinical chemistry, immunoassay/immunochemistry, molecular diagnostics, hematology, microbiology, and others. The increasing preference for advanced technology due to its ability to provide faster results has catapulted the clinical chemistry segment into a leadership position. Meanwhile, the molecular diagnostics market is expected to grow with the highest CAGR of 6.41% during the forecast period.
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In-vitro diagnostics have applications in non-infectious diseases and infectious diseases. IVD is used more commonly in the diagnosis of infectious diseases which valued USD 38,685 in 2017. However, the non-infectious diseases segment is expected to grow at the highest CAGR of 9.48% during the assessment period.
End-users of in-vitro diagnostics include laboratories, academic institutes, hospitals, and others. Hospitals account for a share of 39.4% of the market due to the fact that a majority of in-vitro diagnostic tests are performed in hospital laboratories. Meanwhile, the laboratories segment is likely to witness the fastest growth at the highest CAGR during the review period.
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