The global in-vitro diagnostic (IVD) market is growing significantly due to innovative condition specific markers for advance genomic and proteomic services in the industry. Massive unexplored market in in-vitro diagnostic industry of developing economies are creating ample opportunities for the in vitro diagnostic market to grow at a considerable rate in the coming years. The advanced research and development facilities in molecular diagnosis, new product developments and increasing investments by the companies are further accelerating the demand of in-vitro diagnostic in the industry. In addition, innovative launch of various techniques, having application in multiple therapeutic areas, are supporting the growth of in vitro diagnostic market in the coming years.
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In-vitro diagnostic are the tests performed outside the human body in an artificial environment. Demand for in-vitro diagnosis is increasing due to increasing prevalence of chronic diseases. According to Centre for Disease Control and Prevention, in 2012, approximately 117 million people had some of the chronic diseases in the U.S. In order to diagnose various conditions, such as infectious disease, sexually transmitted diseases, oncology, chronic diseases, and genetic testing, the number of diagnostic tests are increasing.
The in-vitro diagnostic market is categorized on the basis of technology, products and services, application and end users. On the basis of products and services of in-vitro diagnostic, the market is categorized as reagents and kits, instruments, data management software/hardware and services. On the basis of technology, the market is categorized as clinical chemistry, immunochemistry, microbiology, coagulation and hemostasis, hematology, molecular diagnostics, and others. Moreover, applications of in-vitro diagnosis are further categorized as diabetes, autoimmune disease, cardiology, infectious disease, oncology, nephrology, drug testing, HIV, and others.
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Asia-Pacific is the fastest growing region in the in-vitro diagnostic market. The major reasons for the fastest growth in the region are increasing healthcare expenditure, increasing investment by leading players and the government, increasing government initiatives, and large patient population in the region. Moreover, the in-vitro diagnostic market is growing due to increasing awareness of healthcare in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the in-vitro diagnostic market are Roche Diagnostics, Abbott Laboratories, Ortho Clinical Diagnostics, Inc., Biomerieux, Thermo Fisher Scientific, Inc., Siemens Healthcare, Johnson & Johnson, Becton Dickinson and Company, Danaher Corporation, Sysmex Corporation, and Bio-Rad Laboratories, Inc.
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