The Global In-Vitro Diagnostics Market is expected to post a healthy CAGR of 8.16% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in an in-depth study. The global in-vitro diagnostics market was valued at USD 69,284.16 Mn in 2017 and is likely to catapult to USD 102,555.24 Mn by 2023.
The growth of the Global In-Vitro Diagnostics Market is stemmed from the rise in the prevalence of chronic diseases on a global scale. Diseases such as tuberculosis, diabetes, cancer, and cardiovascular diseases have become very common and the pool of patients suffering from other varieties of infectious and non-infectious diseases have also become massive. Early and efficient diagnosis of such diseases has generated considerable demand for in-vitro diagnostic procedures within the market.
There has been a surge in the preference for personalized medicine which has contributed significantly to the market growth. Utilization of advanced diagnostic techniques helps to tailor treatment and therapeutics as per a patient’s genetic profile to offer the best and appropriate treatment for speedy recovery. This has further accelerated the growth of the global in-vitro diagnostics market.
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On the other hand, lack of favorable reimbursement scenario for in-vitro diagnostics is expected to restrain the growth of the market. Additionally, varying international structures restrict the effective implementation of strategies on a global scale. Meanwhile, the developing countries present significant growth opportunities for market expansion due to towering demand for advanced diagnostic services.
In-Vitro Diagnostics Industry Updates:
In February 2019, Fujirebio Diagnostics, Inc., received Breakthrough Device Designation by the US FDA for its Lumipulse G β-Amyloid Ratio (1-42/1-40) quantitative in vitro diagnostic test. The new devices program is specifically designed to speed up the development and review of certain medical devices which is used in the treatment or diagnosis of life-threatening diseases.
In September 2018, OptraSCAN®, a leading end-to-end digital pathology solution provider, has announced that its whole-slide scanners have received CE Mark approval for in-vitro diagnostics use.
The market is immensely growing due to the increasing demand for advanced diagnostic techniques. Additional factors that influence the market growth are increasing technological advancement in healthcare that supports the desired results, further increasing the market growth.
Moreover, the government funding to encourage the adoption of in-vitro diagnostic are pervasively fostering the market growth. On the other hand, factors such as the lack of proper reimbursement policies in the developing countries and strict FDA regulations are obstructing the market growth.
Key Players :
The notable players in the global in-vitro diagnostics market include F. Hoffmann-La Roche AG,
BioMérieux S.A, Bio-Rad Laboratories Inc., Danaher Corporation Ortho Clinical Diagnostics,
DiaSorin S.p.A, Becton Dickinson and Company, Sysmex Corporation, Abbott Laboratories,
Grifols S.A, Thermo Fisher Scientific, Qiagen N.V, and Siemens AG.
Segmentations :
The Global In-Vitro Diagnostics Market has been segmented based on product & services, technology, application, and end user.
By product & services, the global in-vitro diagnostics market has been segmented into reagents & kits, instruments, and data management software. The reagents and kits segment led the market in 2017 and is expected to retain its position throughout the forecast period with a CAGR of 9.34%.
By technology, the global in-vitro diagnostics market has been segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology, and hematology. The clinical chemistry segment accounts for more than one-third share of the global market owing to the rapid incorporation of advanced technologies in clinical diagnostics. However, the molecular diagnostics segment is expected to capture the highest CAGR over the forecast period.
By application, The Global In-Vitro Diagnostics Market has been segmented into infectious diseases and non-infectious diseases. The infectious diseases segment holds the majority share of 60% of the global market and led the market in 2017. The growth of the segment can be attributed to the surging prevalence of infectious diseases on a global scale.
By end user, the Global In-Vitro Diagnostics Market has been segmented into hospitals, laboratories, and academic institutes. The hospitals segment is leading the market. The continued high influx of patients in hospitals result in major tests being carried out in hospitals which drives the segment.
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Regional Analysis :
By region, the Global In-Vitro Diagnostics Market has been segmented into North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA).
The Americas, both North, and South America, collectively accounted for almost 40% share of the global market in 2017. North America is a highly lucrative market for in-vitro diagnostics, mainly due to the presence of advanced economies such as the US and Canada who spend massive amounts as healthcare expenditure. The widespread prevalence of chronic diseases in the region coupled with the rise in geriatric population is also favoring the growth of the market.
Europe in-vitro diagnostics market is also driven by similar factors as the Americas. Healthcare o0rganizations across Europe have initiated towards raising awareness of point-of-care testing in the region which fosters the growth of the market. Moreover, expanding the healthcare budget in the developed economies and a greater focus on early diagnosis is expected to boost the growth of the market.
APAC is slated to be the fastest growing market for in-vitro diagnostics. Presence of a considerable patient population and growing demand for advanced healthcare drive the market in APAC. High expenditure on the development of healthcare infrastructure also promotes market growth. Additionally, countries such as India and China have high natality rate which generates high demand for in-vitro diagnostics.
The MEA market stores massive opportunity for market growth, especially the Middle East region which is investing heavily on healthcare infrastructure.
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