In Vitro Diagnostics Market Trend & Growth Analysis 2021-2025

Global in-vitro diagnostics market is anticipated to witness a remunerative growth trend owing to the growing population of pathology labs equipped with cutting-edge diagnostics machines. Pathology labs, these days are adopting latest technology instruments to provide better quality services to patients.

This advanced technology empowers the detection of various diseases before their arrival. This in turn improves the total clinical outcome which would further prevent complications. Consequently, growing number of laboratories integrating technologically advanced machines would likely strengthen the in-vitro diagnostics market during the estimated time frame.

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Growing inclination towards personalized medications for treating severe chronic diseases would accelerate the demand for in-vitro diagnostics in the coming years. Advantages of personalized medicines like optimal dosage delivery, target and accurate treatment will also rise preference for it.

Subsequently, the demand for in-vitro diagnostics would significantly grow to develop new therapies for the treatment of chronic disorders. However, significant expense of in-vitro diagnostic services may obstruct market growth to a certain degree.

Based on Global Market Insights, Inc., estimates, the global in-vitro diagnostics market size is set to exceed $97.2 billion by 2025.

The services segment in the IVD market was estimated to be around $47 billion in 2018 and is projected to grow substantially over the estimated time frame. Rising need for software in diagnostic testing services by healthcare professionals to screen chronic disorders would boost segmental growth in the coming years. In addition, rising use of presently developed software to manage the data of patients will empower accurate diagnosis and drive the segment growth.

Molecular in-vitro diagnostics segment is likely to witness a CAGR of more than 7% over the forthcoming timeframe. Significant growth could be ascribed to rising demand for better quality diagnostics for identifying rare as well as chronic conditions. Furthermore, molecular diagnostics offer accurate and sensitive results and also have a quick turnaround time, which improves the total clinical outcomes.

The expanding disease burden across the world would also influence the demand for molecular diagnostics, thereby boosting the segment growth.

The diabetes segment registered around $10 billion in 2018 and will grow immensely over the projected time period. Diabetes is one of the main risk factors for blindness, heart attacks, kidney failure, amputation of lower limbs, and strokes.

Industry players and governments are undertaking numerous health initiatives like conducting awareness campaigns to make the population aware about the benefits of early diagnosis. Consequently, growing awareness among people as well as rising cases of diabetes will lead to rise in demand for in-vitro diagnostics in the coming years.

Academic institutes segment is projected to witness more than 6% growth over the projected time period. Increasing R&D activities for developing better quality of drugs for diseases like HPV, syphilis, malaria, HIV, and hepatitis infections will increase the demand for in-vitro diagnostics. Furthermore, more usage of in-vitro diagnostics in the process of drug discovery has boosted its demand in academic institutes, which would further lead to segment growth.

Europe in vitro diagnostics industry held a revenue share of more than 20% back in 2018 and is further projected to witness substantial growth. Increasing number of baby boomers throughout the region would boost in-vitro diagnostics demand for discovery of various ailments. Moreover, availability of technologically advanced instruments like blood gas analysis and clinical chemistry for exact diagnosis of ailments will encourage regional growth.

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Overall, the above-mentioned determinants are likely to offer a diverse range of growth opportunities for the in-vitro diagnostics market. The competitive landscape of the market includes companies like Siemens, Johnson & Johnson, Thermo Fisher Scientific, Roche Diagnostics, Becton Dickinson, Cephied, BioRad, Qiagen, Danaher, LivaNova, Grifols, BioMerieux, Luminex, and Abbott among others.

These companies are further engaging in activities like product launches, research & development, mergers, acquisitions, geographical expansions, and collaborations to gain a competitive edge in the market.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

This release was published on openPR.