Market Highlights
As per the latest report published by Market Research Future (MRFR) the global market for in-vitro diagnostics will record a CAGR of 8.16% between 2018 and 2023. The market is expected to surpass a valuation of USD 102,500 Mn by the end of the assessment period. In-vitro diagnostics (IVD) combines the application of reagents, medical devices and accessories for performing complex test procedures on biological specimens such as tissue, blood and urine taken from human body. In-vitro diagnostics is increasingly used for diagnosis of medical conditions and detection of infection. IVD has emerged as an important medical technology for overcoming challenges faced in diagnosis and management of diseases. Such factors are supporting the growth of the global IVD market.
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IVD is more precise than conventional test procedures and thereby gaining a quick popularity. In fact, many of the modern test procedures cannot be carried out without using IVD technology. Medical diagnostic device manufacturers are likely to capitalized on the market opportunity that has emerged. Demand for IVD services has grown substantially in recent years, which is attributable to the rising number of private diagnostics centers. Moreover, advances in diagnostics technology coupled with the expanding global geriatric population, which is necessitating faster and more accurate diagnosis is likely to provide an impetus to the in-vitro diagnostics market in the forthcoming years. Other factors such as increased occurrence of chronic diseases and acceptance of molecular diagnostics in personalized medicines have also raised the importance of IVD.
Global In-Vitro Diagnostics Market: Segmental Analysis
MRFR’s report includes a through segmental analysis of the global in-vitro diagnostics market based on product & services, technology, application and end-user. Based on product & services, the market has been segmented into reagents & kits, instruments, and data management software. In 2017, the reagents and kits segment accounted for the largest market share. The segment is expected retain its top position over 2023, exhibiting a CAGR of 9.34%. By technology, the market has been segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology and hematology. The clinical chemistry segment currently commands for more than one-third share of the market. This is primarily owing to the rapid integration of advanced technologies in clinical diagnostics. Meanwhile, the molecular diagnostics segment is projected to capture the highest during the assessment period. By application, the market has been segment into infectious diseases, and non-infectious diseases. In 2017, the infectious diseases segment accounted for over 60% of the market share. High prevalence of infectious disease is the primary driver of the segment’s growth. By end user, the market has been segmented into hospitals, laboratories and academic institutes. The hospitals segment holds the most dominant position – a majority of test are performed in hospitals. Hospitals continue to witness high patient influx despite the growing number of diagnostics centers.
Global In-Vitro Diagnostics Market: Regional Analysis
The in-vitro diagnostics market has been covered across North America, Europe, South America, the Middle East & Africa (MEA) and Asia Pacific (APAC). North America and South America collectively accounted for close to 40% share of the market in 2017. North America, in particular, is expected to remain highly lucrative market for in-vitro diagnostics. Easier accessibility along with high healthcare expenditure has a positive impact on the region’s market. The market in Asia-Pacific is likely to increase at a relatively higher CAGR over 2023.
Growth In-Vitro Diagnostics Market: Competitive Landscape
MRFR in its report has profiled some of prominent market players, which include Abbott Laboratories, Bio-Rad Laboratories Inc, Becton Dickinson and Company, Grifols S.A, Sysmex Corporation, Siemens AG, BioMérieux S.A, Ortho Clinical Diagnostics, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, DiaSorin S.p.A, Danaher Corporation and Qiagen N.V
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