In Vitro Diagnostics Market worth $106.5 billion by 2027

Posted on 2020-05-20 by MarketsandMarkets in Biotech, Healthcare, Pharmaceuticals // 0 Comments

Pune, India , 2020-May-20 — /EPR Network/ —

The report “In Vitro Diagnostics Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) – Forecast to 2023″ The in vitro diagnostics market is projected to reach USD 106.5 billion by 2027 from USD 68.1 billion in 2018, at a CAGR of 4.9%. Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period.

Download PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=703

Based on application, the infectious diseases segment is expected to dominate the market during the forecast period.

Based on applications, the IVD market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications (neurological tests, endocrine tests, blood analysis tests, pregnancy tests, and general clinical applications). The infectious diseases segment accounted for the largest share of the IVD applications market in 2017. The large share of this segment can be attributed to the rising prevalence of infectious diseases as well as multi-drug-resistant infectious diseases across the globe and the growing need for effective diagnostic tools for these diseases.

Based on technology, the immunochemistry/immunoassays segment is expected to dominate the market in 2018

Based on technology, the in vitro diagnostics market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are some of the factors contributing to the growth of this market segment.

Based on end user, point-of-care testing is expected to witness the highest growth during the forecast period.

Based on end user, the market is segmented into laboratories (large/reference laboratories, medium-sized laboratories, and small laboratories), hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period. The rising prevalence of infectious diseases in developing countries and increasing incidence of cardiac diseases and diabetes are the major factors driving the demand for POC tests. The growing use of POC devices within hospitals and clinical settings, especially in remote and rural areas, is also fueling the demand for POC tests and thereby contributing to the growth of the IVD market.

North America is expected to dominate the in vitro diagnostics market in 2018.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by the adoption of fully automated instruments, availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the US.

Speak To Analyst :- https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=703

The prominent players in the global in vitro diagnostics market include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Agilent Technologies (US), and QIAGEN (Germany).

About MarketsandMarkets™

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, “Knowledgestore” 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.

Matched content

Editor’s pick