In Vitro Diagnostics Market | Ongoing Trends and Recent Developments | Major Key Players like Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US)

Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth.

The In Vitro Diagnostics Market is projected to reach USD 87.93 billion by 2023 from USD 68.12 billion in 2018, at a CAGR of 5.2%.

The oncology segment is expected to grow at the highest CAGR in the in vitro diagnostics market

The IVD market, by application is segmented into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other applications (including genetic disease screening and human leukocyte antigen typing). The infectious diseases accounted for the largest share of this market, while oncology is expected to grow at the highest CAGR during the forecast period. The increasing number of cancer cases across the globe, growing demand for personalized medicine treatment, the increasing utility of biomarkers, and availability of funding for cancer research are some of the major factors propelling the growth of this application segment.

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Based on technology, the in vitro diagnostics market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are some of the factors contributing to the growth of this market segment.

Point-of-care testing segment will continue to grow at higher rate till 2023.

On the basis of end users, the in vitro diagnostics market is segmented into hospitals, laboratories, poit-of-care testing, patient self-testing, academic institutes, and other end users. The hospitals segment held the largest share of this market in 2017, while point-of-care testing segment is expected to register highest growth during the forecast period.

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Regional Analysis: -

The in vitro diagnostics market, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, North America dominates the market; and Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as government efforts to increase awareness about the early detection of diseases and regular health check-ups; continuously rising healthcare expenditure; increasing number of hospitals and clinical diagnostic laboratories in India and China; and strengthening research base for diagnostic procedures across India, China, and Japan.

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Top Key players: -

The prominent players in the global in vitro diagnostics market include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Agilent Technologies (US), and QIAGEN (Germany).

Major players in this market are continuously focusing on securing higher market shares through product launches, expansions, agreements, partnerships, collaborations, and acquisitions.

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