In-Vitro Diagnostics Market 2019 Global Growth Status, Opportunities And Competitive Landscape with Forecast To 2023

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.

Market Drivers and Restraints:

IVD is more precise than conventional test procedures and thereby gaining a quick popularity. In fact, many of the modern test procedures cannot be carried out without using IVD technology. Medical diagnostic device manufacturers are likely to capitalized on the market opportunity that has emerged. Demand for IVD services has grown substantially in recent years, which is attributable to the rising number of private diagnostics centers. Moreover, advances in diagnostics technology coupled with the expanding global geriatric population, which is necessitating faster and more accurate diagnosis is likely to provide an impetus to the in-vitro diagnostics market in the forthcoming years. Other factors such as increased occurrence of chronic diseases and acceptance of molecular diagnostics in personalized medicines have also raised the importance of IVD.

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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.

Key Players for Global In-Vitro Diagnostics Market

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.

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.

Regional Analysis for Global In-Vitro Diagnostics Market

The Americas account for the largest share of over 39% of the global in-vitro diagnostics market. The region is divided into North America and South America, with North America being the larger market due to the concentration of developed economies such as the US and Canada. The regions increasing aged population is a key demographic which is encouraging the growth of the IVD market. Moreover, the North American region has witnessed and continues to witness high numbers of chronic diseases occurrences which contribute to the growth of the regional market. This among other factors have resulted in the region attaining a leadership position in the global in-vitro diagnostics market.

Europe accounts for the second largest market which has a comparable growth pattern to that of the Americas. Several health organizations have been working toward raising awareness of point-of-care testing in the region which has encouraged market growth. Moreover, increasing healthcare budgets and a focus on the early diagnosis of diseases are expected to help the region retain its market position over the forecast period.

Asia Pacific (APAC) accounts for the fastest growing market, while the Middle East and Africa (MEA) account for the lowest share of the market. Both regions are expected to witness similar CAGRs during the forecast period. The APAC is a lucrative market due to the presence of a considerable patient population and an increasing demand for advanced healthcare. Increasing expenditure on the development of healthcare infrastructure is expected to encourage market growth. Moreover, countries such as India and China have high birthrates which also fuels the demand for in-vitro diagnostics. Meanwhile, the MEA region is significant due to the presence of massive opportunity in the market.

Segmentations for Global In-Vitro Diagnostics Market

MRFR’s report includes a through segmental analysis of the global in-vitro diagnostics market based on product & services, technology, application and end-user. Based on product & services, the market has been segmented into reagents & kits, instruments, and data management software. In 2017, the reagents and kits segment accounted for the largest market share. The segment is expected retain its top position over 2023, exhibiting a CAGR of 9.34%. By technology, the market has been segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology and hematology. The clinical chemistry segment currently commands for more than one-third share of the market. This is primarily owing to the rapid integration of advanced technologies in clinical diagnostics. Meanwhile, the molecular diagnostics segment is projected to capture the highest during the assessment period. By application, the market has been segment into infectious diseases, and non-infectious diseases. In 2017, the infectious diseases segment accounted for over 60% of the market share. High prevalence of infectious disease is the primary driver of the segment’s growth. By end user, the market has been segmented into hospitals, laboratories and academic institutes. The hospitals segment holds the most dominant position – a majority of test are performed in hospitals. Hospitals continue to witness high patient influx despite the growing number of diagnostics centers.

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