In-Vitro Diagnostics (IVD) Market Estimated To Exhibit 8.16% CAGR Through 2023

In-Vitro Diagnostics Market Research Report 2020, Size, Trends, Share, Growth and Industry Analysis By Product & Services (Reagents & Kits, Instruments, Data management software), By Applications (Infectious Diseases,Non-infectious diseases), By End User- Global Forecast Till 2023

In-Vitro Diagnostics Market Overview

Global in vitro diagnostics market is expected to progress steadily over the forecast period from 2018 to 2023, due to the growing demand for precision medicine and the growing advances in molecular diagnostics. The global in vitro diagnostics market is profiled in detail in the latest research report from Market Research Future (MRFR), providing a complete analysis of the global in vitro diagnostics market with view to its historical growth trajectory, present conditions, and likely future growth. The market's movement has been captured and analyzed in the report with absolute accuracy, along with a detailed analysis of the market's major drivers and restraints. The leading players in the global in vitro diagnostics market are also profiled in the report, giving readers a complete overview of the market's competitive landscape.

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In vitro diagnostics refer to diagnostics performed on living samples such as blood or other tissue taken from inside the body. In vitro diagnostics provides a higher level of accuracy in diagnosing diseases of various kinds. This has driven the demand for in vitro diagnostics in the healthcare sector. The growing prevalence of pathogenic diseases has been a major driver for in vitro diagnostics, as markers for pathogenic diseases are often seen in the patient's blood. The growing efforts from government bodies aimed at wiping out diseases such as malaria and cholera have been a vital boost for the in vitro diagnostics market, as significant funds have opened up for research and advancement in the in vitro diagnostics sector. Growth of the healthcare sector in emerging regions of the world is likely to be a major driver for the in vitro diagnostics market over the forecast period.

The increasing demand for precision medication is also likely to drive the demand from the in vitro diagnostics market. The formulation of precision medication requires information about the patient's blood and tissue structure, including genetic analysis. This has emerged as one of the most promising areas within the in vitro diagnostics market in recent years, as genetic research and genomics have emerged strongly within the healthcare sector in the last few years. Growth in the demand for genetic analysis in the healthcare sector is likely to remain one of the crucial drivers for the global in vitro diagnostics market over the forecast period.

Competitive Analysis:

Leading players in the global in vitro diagnostics market include Danaher Corporation, Bio-Rad Laboratories Inc., Siemens AG, F. Hoffman-La Roche AG, Ortho Clinical Diagnostics, Grifols S.A., Qiagen NV, BioMerieux S.A., Sysmex Corporation, Becton Dickinson and Company, DiaSorin S.p.A., Abbott Laboratories, and Thermo Fisher Scientific.

In January 2020, Co-Diagnostics Inc. and CoSara Diagnostics Pvt. Ltd. launched new in vitro diagnostic tests in India, for the detection of HPV, tuberculosis, malaria, and hepatitis B and C.

In December 2019, Nanopec released a new class of nano-structured ceramic films intended for use in in vitro diagnostic kits.

Segmentation:

The global in vitro diagnostics market is segmented on the basis of product, technology, application, end use, and region.

By product, the global in vitro diagnostics market is segmented into reagents and kits, instruments, and data management software.

By technology, the global in vitro diagnostics market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, and hematology.

By application, the market is bifurcated into infectious diseases and noninfectious diseases.

By end use, the global in vitro diagnostics market is segmented into hospitals, laboratories, and academic institutes.

Regional Analysis:

The Americas holds a dominant share of 39.4% in the global in vitro diagnostics market and is likely to remain the leading revenue generator over the forecast period. Widespread technological advancement in the healthcare sector and growing healthcare expenditure are the major drivers for the in vitro diagnostics market in North America. Europe is the second largest regional market, followed by Asia Pacific. APAC is likely to make steady progress in the market over the forecast period, as leading economies in the region have taken several steps to enhance their healthcare sector and make it competent to global standards.

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