The Global In-Vitro Diagnostics (IVD) Market is projected to register a CAGR 8.16% during the forecast period from 2018 to 2023. In-Vitro Diagnostics (IVD) Market Research Report, By Product & Services (Reagents & Kits, Instruments, Data management software), By Applications (Infectious Diseases,Non-infectious diseases), By End User– Global Forecast Till 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 (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.
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.
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 – Global In-Vitro Diagnostics Market
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.
Key Players – Global In-Vitro Diagnostics Market
The prominent players profiled by MRFR in the report on the global in-vitro diagnostics market are Abbott (the U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Biomérieux (France), Ortho Clinical Diagnostics (the U.S.), Johnson & Johnson (the U.S.), Siemens Healthcare GmbH (Germany), Sysmex (Japan), Becton Dickinson (the U.S.), Thermo Fisher Scientific Inc. (the U.S.), Accelerate Diagnostics (the U.S.), Hycor Biomedical (the U.S.), Diagnostic Biosystems (the U.S.), Eurogentec (Belgium), Orgentec Diagnostics (US), Immunarray PVT. LTD (the U.S.), Werfen Group (Spain), Danaher Corporation (the U.S.), Bio-Rad Laboratories INC (the U.S.), Stago Diagnostica (France), Alere Inc (the U.S.) and others.
Segmentations – Global In-Vitro Diagnostics Market
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.
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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.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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LIST OF TABLE
TABLE 1 MARKET SYNOPSIS 19
TABLE 2 LIST OF ASSUMPTIONS 21
TABLE 3 PERSONALIZED THERAPY AUTHORIZED IN GERMANY 31
TABLE 4 GLOBAL IN-VITRO DIAGNOSTICS MARKET, BY PRODUCT & SERVICES 2015-2023 (USD MILLION) 40
TABLE 5 GLOBAL IN-VITRO DIAGNOSTICS MARKET FOR REAGENTS & KITS, BY REGION 2015-2023 (USD MILLION) 41
Continued…
LIST OF FIGURE
FIGURE 1 GLOBAL IN-VITRO DIAGNOSTICS MARKET: MARKET STRUCTURE 22
FIGURE 2 RESEARCH PROCESS OF MRFR 24
FIGURE 3 TOP-DOWN & BOTTOM-UP APPROACH 27
FIGURE 4 VALUE CHAIN 38
FIGURE 5 GLOBAL IN-VITRO DIAGNOSTICS MARKET, BY PRODUCT & SERVICES 2017 & 2023 (USD MILLION) 40
FIGURE 6 GLOBAL IN-VITRO DIAGNOSTICS MARKET, BY TECHNOLOGY 2017 & 2023 (USD MILLION) 44
Continued…
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