In-Vitro Diagnostics Market Analysis
In-vitro diagnostics market is likely to touch USD 102,500 million at an 8.16% CAGR between 2018-2023, as per the recent Market Research Future (MRFR) report. In-vitro diagnostics, simply put, are medical devices & accessories used for performing tests through samples such as tissue, urine, and blood for detecting infections, preventing diseases, monitoring drug therapies, and diagnosing medical conditions.
Numerous factors are adding to the global in-vitro diagnostics market growth. These factors, according to the recent MRFR report, include rising prevalence of infectious and chronic disease, rising geriatric population, increase in the number of point of care testing centers & public and private diagnostic centers, ongoing R&D activities, and advancement in the healthcare sector. Rising awareness about personalized medicine and increasing adoption of automation and fully automated instruments in laboratories, are also adding to the global in-vitro diagnostics market growth.
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On the contrary, inadequate reimbursement policies and strict government rules to manufacture IVD products are factors that may limit the global in-vitro diagnostics market growth during the forecast period.
In-Vitro Diagnostics Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global in-vitro diagnostics market based on end user, application, technology, and product & services.
By product & services, the in-vitro diagnostics market is segmented into data management software, instruments, and reagents & kits. Of these, reagents & kits will lead the market during the forecast period. It is likely to grow at a 9.34% CAGR.
By technology, the global in-vitro diagnostics market is segmented into haematology, microbiology, molecular diagnostics, clinical chemistry, and immunoassay/immunochemistry. Of these, clinical chemistry will dominate the market during the forecast period for the rapid integration of the latest technologies in clinical diagnostics. Molecular diagnostics, meanwhile, will grow at the highest CAGR.
By application, the global in-vitro diagnostics market is segmented into non-infectious and infectious diseases. Of these, infectious diseases will have a major share in the market during the forecast period for the rising prevalence of infectious diseases. IVD tests in case of infectious diseases are used for detecting and identifying the responsible infectious agents as well as allowing healthcare professionals to discover the right treatment for the patient. Molecular tests, Immunoassays, and traditional microbiology are the three different types of in-vitro diagnostic tests for infectious diseases. It is used to diagnose and test different infectious diseases, including influenza, hepatitis, streptococcal infections, HIV, MRSA, among others. In case of non-infectious diseases, IVD is used for prenatal and neonatal screening, tissue typing for transplantation, hereditary disease screening, and detect cancer markers in the blood.
By end user, the in-vitro diagnostics market is segmented into academic institutes, laboratories, and hospitals. Of these, hospitals will have a major share in the market during the forecast period as maximum tests are done in hospitals.
In-Vitro Diagnostics Market Regional Analysis
By region, the global in-vitro diagnostics market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period for high healthcare expenditure and easier accessibility. Besides, the presence of top key players, technological advances in in-vitro diagnostics, well-established diagnostic infrastructure, and favorable government regulations are also adding market growth.
The global in-vitro diagnostics market in the APAC region will grow at a quick pace for improving healthcare infrastructure and a huge target population.
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In-Vitro Diagnostics Market Key Players
Leading players profiled in the global in-vitro diagnostics market report include Qiagen N.V., Danaher Corporation, DiaSorin S.p.A, F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Ortho Clinical Diagnostics, BioMérieux S.A, Siemens AG, Sysmex Corporation, Grifols S.A, Becton Dickinson and Company, Bio-Rad Laboratories Inc, and Abbott Laboratories. Industry players have incorporated several strategies to cater to consumers growing needs and also stay ahead in the competition, such as joint ventures, mergers, strategic alliances, and others.
For More See Related News: https://www.globenewswire.com/news-release/2019/04/29/1811405/0/en/In-Vitro-Diagnostics-IVD-Market-Slated-to-Bring-in-USD-102-554-24-million-by-End-of-2023-POC-Testing-to-Expedite-In-vitro-Diagnostics-Industry-Demand-Says-MRFR.html
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