The global 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%, as per a report by MarketsandMarkets.
How growing significance of companion diagnostics presents an opportunity?
Companion diagnostics include tests or assays intended to assist healthcare providers in making treatment decisions for patients, based on the best response to therapy. The co-development of companion diagnostics with therapeutic products has the potential to significantly alter the drug development process and commercialize drug candidates by yielding safer drugs with enhanced therapeutic efficacy quickly and cost-effectively. With an increase in the demand for high-priced specialist therapies and safer drugs, the market for companion diagnostics has high growth potential. The growing importance of companion diagnostics is also providing growth opportunities for the diagnostics segment and, in turn, the IVD market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=703
Pharmaceutical companies are increasingly collaborating with diagnostic companies to make safer and more effective drugs. For instance, in October 2016, HTG Molecular Diagnostics Inc. (US) and Merck KGaA (Germany) entered into a comprehensive companion diagnostics master agreement. Similarly, in November 2015, Thermo Fisher Scientific Inc. (US) entered into an agreement with Novartis International AG (Switzerland) and Pfizer Inc. (US) to develop an NGS companion diagnostic oncology test.
Why operational barriers faced in conducting diagnostic tests is a challenge?
Clinical laboratories across major markets are still evolving; technicians face operational challenges in ensuring effective sample procurement, storage, and transportation, especially while adopting novel technologies such as NGS and lab-on-a-chip PCR devices. Laboratory space also needs to be reconfigured to meet the requirements of conducting specific molecular diagnostic tests used for pathogen detection, as a means of avoiding cross-contamination and ensuring efficient time management. This results in considerable cost escalation to maintain and operate advanced molecular diagnostic instruments, particularly those capable of handling a single sample type. Furthermore, due to the rapid mutation of microbes and the increasing outbreak of epidemics, clinical laboratories need to adopt innovative technologies capable of rapid sample diagnosis. However, the dearth of skilled and technically knowledgeable laboratory technicians to operate advanced molecular diagnostic products has hindered their overall adoption, particularly in emerging markets.
In addition, a reluctance to move from manual operations towards automation is another challenge for market growth. Many providers find it difficult to make the transition to IT-based approaches from manual or traditional approaches, or may not prefer to make the shift at all.
Request Sample Report Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=703
Browse Related Reports:
IVD Market in BRIC by Product & Service (Instruments, Reagents, Software), Technology (Immunoassay, Hematology, Microbiology), Application (Diabetes, Cardiology, Infectious Diseases), Country (Brazil, Russia, India, China) – Forecast to 2022
Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software) – Global Forecast to 2023
Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) – Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States