In-Vitro Diagnostics Market Outlook and in-Depth Analysis 2020-2024 by Top Players Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen

According to a study, in-vitro diagnostics market size will grow at a sizeable rate by 2024. Expanding footfall of the healthcare infrastructure and adoption of technologically advanced diagnostic equipment will foster in-vitro diagnostics market share. Industry participants have upped the focus on technology integration. Specifically, the adoption of precession analytical instrument has enhanced diagnostic and analysis decision during surgery, auguring well for the industry outlook.

Rampant chronic diseases such as cancer and diabetes have furthered the demand for in-vitro diagnostics kits and instruments. Regulations put forth by watchdogs such as EDCA (European Diagnostic Clusters Alliance) have played an invaluable role in undergirding the production of in-vitro tools and equipment.

Leading companies are likely to seize opportunities to stay ahead of the curve. In doing so, regional trends are all but poised to help stakeholders gain an edge in the landscape. Some of the trends which are expected to be witnessed in the next few years are delineated below:

Immunoassays/Immunochemistry technology to remain in the mix in Europe

With the trend for rapid, accurate and cost-effective services gaining considerable traction, immunoassays are likely to spearhead the trend in Europe. These technologies have become a viable tool for an improved and reliable performance of surgical procedures. The industry value from the immunoassays segment in Europe was more than USD 3 billion in 2017, robust outlook is projected for the next few years.

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Use of molecular diagnostics will be noticeable in drug discovery process. Essentially, the uptake of PCR techniques, DNA probes, micro arrays and fluorescence in-situ hybridization will help diagnose diseases, including Down’s syndrome and sickle cell anemia. In-vitro diagnostics market share from the molecular diagnostics segment will expand at a strong CAGR of 7.6% through 2024 in Europe.

Point of care diagnostic devices to be sought-after

Rising incidence of diabetes has signified the importance of point of care diagnostic devices across the U.K., France, Italy and Germany. It is worth noting that stakeholders are cashing in on technologically advanced glucose meters for they have increased efficiency. The point of care diagnostic devices segment in Europe logged USD 3.3 billion in value during 2017 and will continue to gain impetus through 2024.

In-vitro diagnostics services in laboratories will gain ground in the backdrop of presence of with state-of-the-art diagnostic machines and equipment. Moreover, easy availability of skilled labors will further the operational efficiency. The laboratories segment held around 29.4% of the total market share in 2017, with robust outlook projected through 2024.

Footfall of reagents and kits to expand in North America

The industry forecast predicts reagents and kits to underscore the global in-vitro diagnostics market value. A notable trend for products used in diagnosis of fungal, viral and bacterial diseases will potentially boost the growth potential. In addition, leading manufacturers are offering molecular reagents and kits of optimized quality. The reagents & kits segment is likely to expand at a robust CAGR of 6.6% through 2024 in North America.

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The U.S. and Canada will exhibit increased inclination for in-vitro diagnostics services in the wake of rampant chronic disorders warranting relentless monitoring. The services segment in North America will witness a healthy CAGR of around 5.8% up to 2024, partly attributed to presence of skilled technicians.

Microbiology technology to remain catalyst in the U.S.

Considering the rise of fungal, viral and bacterial infections, technological advancements in microbiology will cater to the demand for in-vitro diagnostic procedures. The U.S. will be a major ground for microbiology diagnostic devices. The industry revenue from the microbiology segment in North America was forecast to register 5.8% share in 2017. Stakeholders will continue to prefer microbiology to conventional devices in the next few years.

Industry leaders have exhibited inclination for molecular diagnostic technology owing to pervasive genetic diseases across the region. End-users have shown traction for novel target therapy and critical monitoring at gene level. The molecular diagnostics technology segment will observe a bullish CAGR of 8.3% through 2024 in North America owing to the demand for the drug discovery process.

Stakeholders in APAC expect growth potential in data management software

The data management software service will be the trend-setter in India, China and Japan owing to the innate ability to leverage the assessment of gene sequencing information through diffraction techniques and quantification assessment. In addition, strategic collaboration will further solidify the market position in the region. The data management software segment value in APAC stood at USD 1.7 billion in 2017 and will witness an upward trajectory in the next few years.

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Considering the presence of skilled technicians and labors to operate laboratory equipment and instruments, the uptake of services will be pronounced across the region. Moreover, hospitals and laboratories will be the key recipients of services. The in-vitro diagnostics market value from the services segment will expand at an impressive CAGR of 6.1% through 2024.

Drug testing/pharmacogenomics to be major application area in India and China

Use of in-vitro diagnostics for drug testing will help stakeholders gain competitive edge, mainly linked to the growth of genotyping technologies. It is worth noting that regulatory guidelines have leveraged quality enhancements in drug discovery process with in-vitro diagnostics devices in India and China. The drug testing/pharmacogenomics segment in APAC is forecast to expand at a strong CAGR of 6.4% through 2024.

Growing presence of the urinalysis technology will foster the demand for in-vitro diagnostic devices. According to NCBI, close to 120 million people were plagued with chronic kidney disorder in China in 2014. The urinalysis segment will observe a strong CAGR of 6.1% in the coming years, owing to soaring geriatric population in the region.

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