In-vitro Diagnostic Services Market Growth Outlook with Industry Players Forecasts | BioRad, DexCom, Nova Biomedical, OraSure, Pearl Pathways, Phenomenex, Qiagene, Roche Diagnostics, Siemens, Sysmex, Thermo Fisher

In-vitro Diagnostic Services market was valued at USD 44.0 billion in 2017 and is expected to witness 5.4% CAGR from 2018 to 2024.

Rising number of cancer cases in Asian as well as western countries should drive in-vitro diagnostic services industry growth in upcoming years. According to Livemint in 2016, India had over 3.9 million cases of cancer that will accelerate the demand for in-vitro diagnostic services. Moreover, growing elderly population suffering from chronic diseases such as diabetes and cardiovascular disorders will influence the industry growth. In the U.S., there are around 78 million people in the age group of 65 years and above. Majority of elderly people suffer from at least one chronic disease or infection that should upsurge the demand for in-vitro diagnostic services in near future.

Increasing rate of detection of genetic and infectious diseases in developed economies will escalate in-vitro diagnostic services market growth. Over 133 million Americans are detected with at least one chronic disease that will increase the demand for in-vitro diagnostic services surging industry growth. American organizations such as National Association of Chronic Diseases implements certain initiatives that will raise awareness of disease detection among the population should positively influence in-vitro diagnostic services industry growth. However, high costs associated with diagnostic services will restrain industry growth.

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Growing prevalence of chronic diseases such as cancer should have positive impact on the demand for in-vitro diagnostic (IVD) services. According to WHO, in 2015, there were around 8.8 million deaths globally due to cancer that will augment demand for IVD services. Also, as reported by World Cancer Research Fund International, there were around 1.4 million cases of colorectal cancer globally that will assure inflated demand for diagnostic services in forthcoming years. However, excessive cost of the diagnostic services and software utilized will restrain the industry growth.

Testing services segment will grow at 5.7% over the forecast timeline and the high segmental growth will be attributed to the availability of superior quality in-vitro diagnostic services. Moreover, increasing mortality rates due to cancer and other viral infections should augment the business growth over forecast timeframe.

Laboratories segment held an enormous market share of 29.3% in 2017 and is anticipated to follow high growth trends in upcoming years. Increase in rate of detection of diabetes cases in South African and Asian countries will augment the segmental growth and escalate the demand for in-vitro diagnostic services. Additionally, growing incidence of chronic infections such as HIV and others will ensure high demand for laboratory diagnostic services. According to U.S. Statistics, around 1.1 million people in the U.S. were infected with AIDS that will positively influence business growth.

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U.S. market accounted for 89.7% regional revenue share in 2017 and high business growth can be attributed to the increasing geriatric population suffering from chronic disease such as diabetes. As per CDC in 2015, around 30.3 million Americans were detected with diabetes that should upsurge the demand for diagnostic services in near future. Also, developments in healthcare infrastructure will positively impact the business growth.

Germany market was valued at USD 1.4 billion in 2017. Business growth in the country will be triggered by rising adoption of technologically advanced diagnostic devices. Also, availability of improvised quality diagnostic devices used in blood, urine and other infectious diseases diagnosis coupled with development of reimbursement scenario will stimulate industry growth over the coming years.

Some of the prominent industry players operating in the BioRad, DexCom, Nova Biomedical, OraSure, Pearl Pathways, Phenomenex, Qiagen, Roche diagnostics, Siemens, Sysmex and Thermofisher. The key industry leaders will assure maximum profits by introducing innovative technology & devices into the industry. For instance, in October 2017, Roche Diagnostics received approval for Cobas, a Zika test used for accurate diagnosis of diseases. Development of such new tests will ensure profits for the firm.

In-vitro diagnostic services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

In-Vitro Diagnostic Services Market, By Service Type (USD Million)
o Software
o Standalone Software
o Software Update
o Others
o Testing Services
o Infectious Testing
o Diabetes Testing
o Molecular Testing
o Tissue Testing
o Others

In-Vitro Diagnostic Services Market, By End-user (USD million)
o Hospitals
o Point-Of-Care Testing
o Laboratories
o Academic Institutes
o Others

The above information is provided for the following regions and countries:

• North America
o U.S.
o Canada

• Europe
o Germany
o France
o UK
o Italy
o Spain
o Russia

• Asia Pacific
o China
o Japan
o India
o Australia

• Latin America
o Brazil
o Mexico

• Middle East Asia & Africa
o Saudi Arabia
o South Africa
o UAE

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This release was published on openPR.