Market Research Future (MRFR) has thoroughly studied the trends and patterns in the Global In-Vitro Diagnostics Market and portends the market to expand at a CAGR of 8.16% over the forecast period of 2018-2023.
Market Drivers and Restraints:
The Global In-Vitro Diagnostics Market is expected to post a healthy CAGR of 8.16% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in an in-depth study. The global in-vitro diagnostics market was valued at USD 69,284.16 Mn in 2017 and is likely to catapult to USD 102,555.24 Mn by 2023.
The growth of the Global In-Vitro Diagnostics Market is stemmed from the rise in the prevalence of chronic diseases on a global scale. Diseases such as tuberculosis, diabetes, cancer, and cardiovascular diseases have become very common and the pool of patients suffering from other varieties of infectious and non-infectious diseases have also become massive. Early and efficient diagnosis of such diseases has generated considerable demand for in-vitro diagnostic procedures within the market.
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There has been a surge in the preference for personalized medicine which has contributed significantly to the market growth. Utilization of advanced diagnostic techniques helps to tailor treatment and therapeutics as per a patient’s genetic profile to offer the best and appropriate treatment for speedy recovery. This has further accelerated the growth of the global in-vitro diagnostics market.
On the other hand, lack of favorable reimbursement scenario for in-vitro diagnostics is expected to restrain the growth of the market. Additionally, varying international structures restrict the effective implementation of strategies on a global scale. Meanwhile, the developing countries present significant growth opportunities for market expansion due to towering demand for advanced diagnostic services.
In-Vitro Diagnostics Industry Updates:
In September 2018, OptraSCAN®, a leading end-to-end In-Vitro Diagnostics solution provider, has announced that its whole-slide scanners have received CE Mark approval for in-vitro diagnostics use.
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.
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.
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.
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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.
Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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
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