In-Vitro Diagnostics Market to Ascent Exponentially at 10.5% CAGR By 2023 | Abbott, Laboratories Becton Dickinson, and Company, Bio-Rad Laboratories Inc., BioMérieux S.A | MRFR Unleashing Forecast

The latest research Global In-Vitro Diagnostics Market and Competitive Landscape - 2018, provides comprehensive insights into In-Vitro Diagnostics pipeline, epidemiology, market valuations, product sales, market forecast, product forecasts, and market shares. This study accurately estimates and forecast In-Vitro Diagnostics Market size and drug sales. This research also provides insights into In-Vitro Diagnostics Market epidemiology and late stage pipeline.

The Global In-Vitro Diagnostics (IVD) Market is projected to record a moderate CAGR of 8.16% through the review period (2018 to 2023). The global in-vitro diagnostics report is expected to grow to generate a market value of USD 102,555.24 million by the end of 2023.

The global market for in-vitro diagnostics is expected to be driven by influential factors such as the increasing prevalence of chronic diseases globally, such as tuberculosis, diabetes, cardiovascular disorders, cancer, among others, which is driving the demand for in-vitro diagnostics among the patients. The growing awareness among consumers regarding the benefits of early and timely diagnostics is the most significant factor fueling the demand in the market.

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Regional Analysis for Global In-Vitro Diagnostics Market

Based on the region, the market has been segmented into the Americas, Europe, asia Pacific, and the middle east and Africa.

The Americas account for the largest market share of the global in-vitro diagnostics market and are expected to retain the dominant market position over the review period. This is attributable to the presence of developed countries such as the U.S. and Canada. Additionally, the presence of geriatric population, and increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders, among others.

Europe holds the second largest regional market in the global in-vitro diagnostics market, owing to the efforts undertaken by multiple health organizations to spread awareness of point-of-care testing in the region. Furthermore, the rising healthcare expenditure by the government with a primary focus towards the improvement of early diagnosis services provided to consumers is expected to drive the market over the review period.

The Asia Pacific is assessed as the fastest growing region in the global in-vitro diagnostics market over the evaluation period. The Asia Pacific (APAC) is expected to grow as a profitable region to the presence of a large patient pool, increasing demand for advanced healthcare services, and the increasing expenditure by the government to ensure the expansion of healthcare infrastructure are the driving factors impacting the growth of the global in-vitro diagnostics market over the assessment period. Additionally, the higher birthrates in the populated developing countries of India and China are likely to fuel the demand for in-vitro diagnostics in the region.

The middle east and Africa (MEA) region are expected to account for a comparatively smaller market share over the review period. This is accredited to the gradual growth of the market, owing to the improving healthcare sector, lack of awareness regarding in-vitro diagnostics, among certain underdeveloped regions of Africa.

Key Players for Global In-Vitro Diagnostics Market

The key players of the global market for in-vitro diagnostics are Abbott, Laboratories Becton Dickinson, and Company, Bio-Rad Laboratories Inc., BioMérieux S.A, Danaher Corporation, DiaSorin S.p.A, F. Hoffmann-La Roche AG, Grifols S.A, Ortho-Clinical Diagnostics, Qiagen N.V., Siemens AG, Sysmex Corporation, Thermo Fisher Scientific.

Segmentations for Global In-Vitro Diagnostics Market

The global market for in-vitro diagnostics has been segmented based on product & service, technology, application, and end-user.

Based on products and services, the market has been segmented into data management software, instruments, reagents & kits, and services. Reagents and kits segment accounts for the majority of the market share, owing to the increasing adoption of point-of-care testing. Additionally, the services segment is likely to grow at the highest CAGR during the evaluation period.

Based on technology, the global in-vitro diagnostics market is segmented into clinical chemistry, hematology, immunoassay/immunochemistry, microbiology, molecular diagnostics, and others. The growing preference for advanced technology owing to its ability to deliver faster results has projected the clinical chemistry segment into a leading position. Meanwhile, the molecular diagnostics market is anticipated to rise at the highest CAGR of 6.41% through the forecast period.

Based on applications, The market has been segmented into non-infectious diseases and infectious diseases. IVD is used more commonly in the diagnosis of infectious diseases; hence, it is expected to grow the largest application segment over the review period. Nevertheless, the non-infectious diseases segment is anticipated to grow at the highest CAGR of 9.48% during the evaluation period.

Based on end-user, the market is segmented into academic institutes, hospitals, laboratories, and others. Hospitals account for a significant market share of the global in-vitro diagnostics market. This is attributed to the majority of in-vitro diagnostic tests performed in hospital laboratories. Meanwhile, the laboratories segment is expected to witness the fastest growth at the highest CAGR during the assessment period.

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