In Vitro Diagnostics Market Forecast To Reach USD 103.74 Billion By 2027 | Top Key Players Danaher Corporation, Roche Diagnostics, Siemens AG, Abbott Laboratories, Inc

The global In Vitro Diagnostics Market is forecast to reach USD 103.74 Billion by 2027, according to a new report by Reports and Data. Healthcare providers are dependent on various tools to diagnose diseases and guide the care plan. The most commonly used diagnostic tool is IVDs. It can be defined as clinical tests, which analyze samples collected from the human body like blood. Various regulatory agencies regulate these tests like US Food and Drug Administration.

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Companies considered and profiled in this market study

Danaher Corporation, Roche Diagnostics, Siemens AG, Abbott Laboratories, Inc., Thermo Fisher Scientific, Sysmex Corporation, Biomérieux Sa, Becton Dickinson, Johnson & Johnson, and Bio-Rad Laboratories, Inc.

Manufacturers of the medical devices used for these tests are required to submit reports to these regulatory bodies to confirm the accuracy of these tests prior to launching it to the market. Various market factors are boosting the growth of the market. One of these mentionable factors is the increase in the incidence rate of chronic diseases across all age cohorts. In regards to region, Europe can be seen to occupy a prominent market share. The market share held by the region is resultant of increasing geriatric population, rising incidence rate of infectious diseases like H1N1 and chronic diseases like cancer.

For the purpose of this report, Reports and Data have segmented the global In-Vitro Diagnostics market according to Technology, Product, End-user, Application, and Region:

Technology Outlook (Revenue, USD Billion; 2016-2027)
Immunoassay/Immunochemistry
Molecular Diagnostics
Clinical Chemistry
Hematology
Microbiology
Urinalysis
Coagulation and Hemostasis
Others

Product Outlook (Revenue, USD Billion; 2016-2027)
Instruments
Reagents & Kits
Services
Data Management Software

End-user Outlook (Revenue, USD Billion; 2016-2027)
Laboratories
Hospital
Patient Self-Testing
Point-Of-Care Testing
Academic Institutes
Others

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Application Outlook (Revenue, USD Billion; 2016-2027)
Diabetes
Infectious Diseases
Cardiology
Oncology
Nephrology
Autoimmune Diseases
HIV/Aids
Drug Testing/Pharmacogenomics
Others

Regional Outlook (Revenue, USD Billion; 2016-2027)
North America
Europe
Asia Pacific
MEA
Latin America

Further key findings from the report suggest

1. The In-Vitro Diagnostics market held a market share of USD 68.10 Billion in the year 2018 that is forecasted to grow at a rate of 4.7% during the forecast period.

2. In context to Technology, the Immunoassay/Immunochemistry segment generated the highest revenue of USD 17.03 Billion in the year 2018, with a growth rate of 4.9% during the forecast period. The rising incidence rate of infectious and chronic diseases and applicability of the technology in detecting particular substances in body fluid along with its traits like high specification have resulted in its elevated application in diagnosing these conditions, which contributes to the market share occupied by this segment.

3. In context to Application, the Oncology segment is projected to witness the fastest growth rate of 5.6% during the forecast period, which is expected to hold 13.0% of the market by 2027. The growth rate witnessed by the segment is resultant of increasing incidence rate of cancer and the applicability of this diagnostics in early detection of cancer.

4. In context to End-user, the Hospital segment is dominating the market occupying 0% of the market in 2018, with a CAGR of 4.8% during the forecast period. Increasing rate of hospitalization associated with conditions like cancer, cardiovascular diseases results in increased demand for IVD in hospitals, which contributes to the market share held by the segment.

5. In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 5.3% during the forecast, which is expected to hold 2% of the market by 2027. The growth rate witnessed by the region is resultant of developing healthcare infrastructure and increasing incidence rate of chronic diseases in this region.

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Key selling points of this research study

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2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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