North America In-vitro Diagnostics Market is set to grow at 5.6% CAGR up to 2024: Abbott, Johnson & Johnson, Siemens, Sorin, Thermo Fisher

According to the Graphical Research new growth forecast report titled “North America In-vitro Diagnostics Market analysis based on Product Type, Service Type, Technology, Application, End-User, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 39 billion by 2024.

Integration of advanced technology within the diagnostic devices will improve accuracy and efficiency of these devices that should have a positive impact on in-vitro diagnostics industry growth. Technologically advanced countries such as the U.S. and Canada focus their efforts on R&D to manufacture automated laboratory diagnostic machines and equipment for accurate detection of diseases. For instance, companies such as Qaigen, provides point of care molecular diagnostic devices possessing highest accuracy and the results are displayed on the computers for complete analysis escalating its preference in the coming years over other conventional options available.

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In-vitro diagnostics market should grow significantly as a result of increasing prevalence of chronic diseases such as diabetes and cancer. As reported by National Cancer Institute, in 2018, there will be 1,735,350 cases of cancer that will escalate the business growth significantly in the near future. However, high costs associated with the diagnostic devices may affect industry growth.

Reagents & kits segment will grow at 6.6% during the forecast timeframe owing to escalating demand for such product types used in diagnosis of viral, fungal and bacterial diseases. Moreover, manufacturers have improvised on product offerings by providing molecular reagents and kits of better quality. For instance, development of superior quality SDS PAGE electrophoresis reagents for a better analysis and detection of diseases at gene level will upsurge the segmental growth.

Data management software segment accounted for 20.7% revenue share in 2017 and the segmental growth can be accounted to high efficiency of software available that are reliable and proficient in managing the patient data. Above-mentioned will increase its preference over other software available for keeping track of diseases thereby, should favor segmental growth.

Molecular diagnostics technology segment will grow at 8.3% CAGR over the forecast timeframe. The high segmental growth can be accounted to increasing prevalence of genetic diseases demanding critical monitoring and novel target therapy at gene level. Moreover, growing use of molecular diagnostic devices in process of drug discovery will augment business growth in the upcoming years.

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Diabetes segment was valued at USD 3.9 billion in 2017 and is expected to have high growth rate as a result of growing prevalence of diabetes in developed countries due to increasing incidences of obesity amongst the individuals. Availability of superior quality glucose detecting diagnostic devices enabling quick and reliable results will escalate business growth.

Point-of-care segment had enormous market size of USD 6.2 billion in 2017 and the high growth of the segment can be accounted to the growing use of point-of care molecular diagnostic devices for detecting blood glucose levels even at home. Hospitals have also adopted the point-of-care diagnostic devices that will impact the segmental growth positively.

U.S. in-vitro diagnostics market should witness high growth and held a momentous share of USD 23.9 billion in as a result of high prevalence of viral infections in the U.S. population including Zika virus leading to increasing demand for in vitro diagnostics. According to CDC 2017 reports statistics estimated that 5,710 people were suffering from Zika virus infection. These infected people need an advanced diagnostic testing to diagnose the disease, thereby augmenting the in-vitro diagnostics market growth.

Key industry competitors operating in North America in-vitro diagnostics market are Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen. Strategic initiatives adopted by prominent industry players will help them to sustain the market competition. For instance, in September 2016, Becton Dickinson launched next-generation wireless diagnostic system for detection of influenza A and B, thereby expanding its product portfolio.

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Segments We Cover:

In-vitro Diagnostics Market Statistics, By Product Type
Reagents & kits, Instruments

In-vitro Diagnostics Market Trends, By Service Type
Data Management Software, Services

In-vitro Diagnostics Market Growth, By Technology
Clinical Chemistry, Immunoassay/Immunochemistry,Molecular Diagnostics, Hematology, Microbiology, Coagulation and Hemostasis, Urinalysis, Other

In-vitro Diagnostics Market, By Application
Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics, Other

In-vitro Diagnostics Market, By End-user
Hospitals, Point-Of-Care Testing, Laboratories, Academic Institutes, Other

The above information is provided for the following countries:
U.S, Canada

About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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