In-vitro Diagnostics Market Size to Grow Rapidly in Future | Global Key Players - Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen

A recent report by Market Study Report, LLC, on ‘In-vitro Diagnostics Market’ provides a detailed analysis on the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and latest growth trends accepted by key players that form a part of the competitive spectrum of this business.

In-vitro Diagnostics Market will exceed USD 92 billion by 2024; as per a new research report.

In-vitro diagnostics market should witness considerable growth over the forecast timeframe owing to the growing awareness amongst patients regarding the availability of diagnostic tests. Technology integrated within these devices will improve efficiency of diagnostic devices proving beneficial for the industry growth. Various American organizations such as Center for Chronic Disease Control have implemented certain initiatives that will increase awareness levels for availability of technologically advanced diagnostics among the people that should impact positively in-vitro diagnostics market growth in the upcoming future.

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Some of the prominent industry players operating in in-vitro diagnostics industry is Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen. Strategic initiatives such as new product launch, mergers & acquisition will aid revenue generation for the company. For instance, in April 2017, Abbott declared acquisition of Alere that has enabled Abbott?s point-of-care testing product portfolio that will help Abbott to maintain its market position.

Technologically advanced countries such as Germany and UK 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 headquartered in Germany are leaders in providing point of care molecular diagnostics possessing highest accuracy and the results are displayed on the computers for complete analysis. Assays designed by such companies offer quicker and reliable analysis that will encourage its preference over other conventional methods available. However, high cost associated with the diagnostic procedures will hamper in-vitro diagnostics market growth.

Reagents and kits segment held largest market share of 67.7% in 2017 as a result of high prevalence of rare diseases that will have a positive impact on segmental growth. Escalating usage of molecular reagents for detection of various diseases such as Morgellons, Adie syndrome and Crohn disease will boost industry growth over the forecast timeframe. Moreover, key industry players such as Bio-Rad, Beckman Coulter and Cambio emphasize on manufacturing superior quality reagents that aid accurate diagnosis thereby, fosters in-vitro diagnostics industry growth over the forecast timeframe.

Data management software segment will grow at 4.5% CAGR over the projection years due to the increasing development in the software systems. Data management software facilitate the process of diagnosing the patients by providing accurate data at required time thereby influencing the segment growth positively in the near future.

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Molecular diagnostics segment accounted for 16.2% revenue share in 2017 and growth can be accounted to high cases of diabetes and other chronic infections that demand critical monitoring. According to International Diabetes Federation in 2017, there were around 7.4 million cases of diabetes in Germany that will increase the demand in upcoming years.

Oncology segment held USD 12.6 billion in 2017 as a result of rising cases of cancer globally. Additionally, growing prevalence of cancer in developing countries such as India will increase the demand for molecular diagnostic reagents and devices. In India, there are around 1.4 million cases of cancer every year that will boost segmental growth over the forecast timeframe.

Hospitals segment of in-vitro diagnostics market held largest revenue share of 30.6% and should expand significantly in the coming years due to increasing number of hospital admissions demanding critical monitoring and accurate diagnosis. According to Statista hospital care expenditures in 2017, was around USD 1,132.6 billion in the U.S. indicating strong demand for in-vitro diagnostics in the upcoming years.

U.S. in-vitro diagnostics market valued at USD 23.9 billion in 2017 and is expected to grow exponentially over the forecast timeframe. According to CDC, around 40% of the Americans expire due to chronic diseases that will enhance industry growth. Moreover, development of favorable reimbursement scenario will drive the business growth significantly.

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