In Vitro Diagnostic Market worth $ 87.93 Billion by 2023

According to the new market research report "In Vitro Diagnostic Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast to 2023", The report studies the global in vitro diagnostics market from the forecast period of 2018 to 2023. The market is projected to reach USD 87.93 Billion by 2023 from USD 68.12 Billion in 2018, at a CAGR of 5.2%.

Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period.

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Based on application, the infectious diseases segment is expected to dominate the market during the forecast period.

Based on applications, the IVD market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications (neurological tests, endocrine tests, blood analysis tests, pregnancy tests, and general clinical applications). The infectious diseases segment accounted for the largest share of the IVD applications market in 2017. The large share of this segment can be attributed to the rising prevalence of infectious diseases as well as multi-drug-resistant infectious diseases across the globe and the growing need for effective diagnostic tools for these diseases.

Based on technology, the immunochemistry/immunoassays segment is expected to dominate the market in 2018

Based on technology, the in vitro diagnostics market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are some of the factors contributing to the growth of this market segment.

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Based on end user, point-of-care testing is expected to witness the highest growth during the forecast period.

Based on end user, the market is segmented into laboratories (large/reference laboratories, medium-sized laboratories, and small laboratories), hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period. The rising prevalence of infectious diseases in developing countries and increasing incidence of cardiac diseases and diabetes are the major factors driving the demand for POC tests. The growing use of POC devices within hospitals and clinical settings, especially in remote and rural areas, is also fueling the demand for POC tests and thereby contributing to the growth of the IVD market.

North America is expected to dominate the in vitro diagnostics market in 2018.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by the adoption of fully automated instruments, availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the US.

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The prominent players in the global in vitro diagnostics market include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Agilent Technologies (US), and QIAGEN (Germany)

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This release was published on openPR.