In-Vitro Diagnostics Market Insight
The in-vitro diagnostic (IVD) market is growing pervasively over the past few years. IVD offers quick results allowing multiple tests with customization. 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.
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.
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In-Vitro Diagnostics Market – Segments
The report is segmented into five dynamics to widen the scope of understanding,
By Product & Services: Reagents & Kits, Instruments, and Data management software.
By Technology: Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, and Hematology, among others.
By Application: Infectious diseases and Non-infectious diseases.
By End-user : Laboratories, Hospitals, Academics & Medical Institutions, among others.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World (RoW).
In-Vitro Diagnostics Market – Regional Analysis
North America leads the global in-vitro diagnostics market, accounting for over 39% of the total market. Rising prevalence of chronic diseases is contributing to the growth of the regional market. Increasing demand for advanced techniques in diagnostics and higher expenditure are the major factors supporting the growth of the regional market. Besides increasing the aged population in the region is a crucial demographic, encouraging the growth of the IVD market. Furthermore, the proliferation of precision medicines in the region is fostering the North American in-vitro diagnostics market, creating a huge demand.
Europe takes the second leading position in the global in-vitro diagnostics market. Initiatives and support from the governments and private health organizations are encouraging the regional market growth, raising awareness of point-of-care testing.
Moreover, the increasing healthcare budgets and focus on early diagnosis to manage chronic diseases well, are expected to help the region to retain its market position over the forecast period. The region is expected to show extensive growth throughout the forecast period, witnessing financial support from the government for R&D activities.
The in-vitro diagnostics market is brisk in Asia pacific, which offers promising growth opportunities for the market players. Increasing occurrences of chronic diseases alongside, the increasing numbers of private diagnostic centers in the region are driving the growth of the market.
In-Vitro Diagnostics Market – Competitive Analysis
Highly competitive, the In-vitro diagnostics market appears to be fragmented due to the presence of several well-established players. To gain a substantially large market share, these players initiate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch, among others. Some of the players with international presence try to expand their footprint in developing regions.
This, as a result, makes it further difficult for the regional players to compete with them in terms of product portfolios, product differentiation, quality, and pricing. These players also create alliances with e-commerce partners and distribution agreements with strong local presence in regions such as Western Europe and APEJ.
In-Vitro Diagnostics Market Key Players:
Players leading the global in-vitro diagnostics market include Abbott Laboratories, Thermo Fisher Scientific, DiaSorin S.p.A, Sysmex Corporation, Becton Dickinson and Company, BioMérieux S.A, Grifols S.A, Qiagen N.V., Ortho Clinical Diagnostics, Siemens AG, F. Hoffmann-La Roche AG, Danaher Corporation, and Bio-Rad Laboratories Inc., among others.
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