The Global In-Vitro Diagnostics Market is projected to register a CAGR 8.16% during the forecast period from 2018 to 2023. This projects above-average growth for the market. In-vitro diagnostics include tests which are performed on tissue, blood or other samples taken from the human body and are used extensively for the testing of a large number of medical problems. Valued at USD 69,284.16 Mn in 2017, the global in-vitro diagnostics report is expected to grow to generate a market value of USD 102,555.24 Mn by the end of 2023.
This MRFR perspective presents a detailed analysis of the global market for in-vitro diagnostics along with a five-year revenue for, until 2023. An exhaustive discussion on all the key market elements (drivers, restraints, growth trends and opportunities) is available in the research documents. The scope of the discussion also covers various IVD product & services such as reagents & kits, instruments and data management software. IVD technologies mentioned in the document include immunoassay/immunochemistry, molecular diagnostics, clinical chemistry, microbiology and hematology. Revenue analysis based on IVD application is also available in the report. Academic institutes, hospitals, and laboratories are analyzed under end-user market opportunity.
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In-Vitro Diagnostics Industry Updates:
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.
Market Drivers and Restraints:
The in-vitro diagnostics products include reagents, instruments and any other system or equipment that is required to carry out the diagnostics procedure. The rapid increase in chronic and infectious diseases and rise in geriatric population are some of the major factors that are inducing high demand for in-vitro diagnostics in the global market, which in turn is propelling the growth of the global in-vitro diagnostics market.
Incorporation of advanced technology for diagnostic purposes has fastened the process altogether leading to the significant growth of the global in-vitro diagnostics market. However, strict regulatory framework imposed by the government on the manufacturing of IVD products and lack of reimbursement policies are likely to create hindrance in the growth of the global in-vitro diagnostics market during the forecast period.
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.
Regional Analysis for Global In-Vitro Diagnostics Market
The global in-vitro diagnostics market is geographically segmented into Americas, Europe, Asia Pacific and the Middle East and Africa. The Americas dominate the global in-vitro diagnostics market owing to the increased healthcare expenditure by the population of this region and increasing penetration of advanced technology in the healthcare sector of this region. The Europe region constitutes of second largest share in the global in-vitro diagnostics market owing to the easy adoption of advanced technology and high prevalence of chronic diseases among the population of this region. The Asia Pacific region is projecting noteworthy growth in the global in-vitro diagnostics market owing to the rapid development of the healthcare sector and increasing number of private diagnostic centers in this region. Whereas, low penetration of advanced technology in the healthcare sector of the underdeveloped areas of the Middle East and Africa region is creating hindrance in the growth of the global in-vitro diagnostics market in this region.
Key Players for Global In-Vitro Diagnostics Market
The prominent players in the global Invitro Diagnostics market are F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories, Siemens AG, Thermo Fisher Scientific Inc., Becton Dickinson & Company, bioMerieux SA, Sysmex Corporation, Ortho Clinical Diagnostics, Bio-Rad Laboratories, and others.
Hoffmann-La Roche AG is the holds the largest share for the global Invitro Diagnostics market in 2017. F. Hoffmann-La Roche AG is a biotech organization, with genuinely differentiated solutions in oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system. The company is dedicated to developing innovative diagnostic tests and medicines.
Danaher Corporation holds second position in terms of market share in the global Invitro Diagnostics market in 2017. The company works in the fields of design, manufacturing, and marketing of industrial and consumer products and operates in five segments, namely, dental, test and measurement, environmental, industrial technologies, and life science and diagnostics.
Abbott Laboratories holds third position in terms of market share in the global Invitro Diagnostics market in 2017. The company operates through four reportable segments, namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. Furthermore, the company has two non-reportable segments, namely, diabetes care and medical optics.
Thermo Fisher Scientific Inc. specializes in various biotechnology products such as analytical instruments, laboratory supply chain programs and e-commerce, laboratory equipment, lab services, specialty diagnostics, and others.
Segmentations for Global In-Vitro Diagnostics Market
The global in-vitro diagnostics market has been segmented on the basis of techniques, application and end users. Based on techniques, the in-vitro diagnostics market has been segmented into Immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics and clinical chemistry. The immunodiagnostic segment is sub-segmented into enzyme-linked immunosorbent assays (ELISA), chemiluminescence immunoassays (CLIAS), fluorescence immunoassays (FIAS), colorimetric immunoassays (CIC), and radioimmunoassay (RIA) and other immune assay techniques.
Based on applications, the in-vitro diagnostics market has been segmented into infectious diseases, cancer, cardiac diseases, and immune systems disorders, nephrological diseases, gastrointestinal diseases. The infectious diseases segment is sub-segmented into acinetobacter infections, actinomycosis, hepatitis (A, B, C, D, and E) and others. The cancer segment is sub-segmented into skin, lung, brain and others. The cardiac diseases segment is sub-segmented into heart failure, cerebrovascular disease, congenital heart disease and others.
Based on end users, the in-vitro diagnostics market has been segmented into laboratories, academics and medical institutions and others.
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