The global In-Vitro Diagnostics Market is predicted to be valued at USD 99.51 Billion by 2027, growing at a CAGR of 4.6%, according to the latest report by Emergen Research. The market growth can be accredited to the escalating expansion of the genomic and proteomic services and the rapid innovations in the industry. The untapped sectors of the industry are anticipated to generate lucrative growth opportunities over the next decade. Furthermore, the expanding R&D activities and facilities of molecular diagnostics and the accelerating development of new and improved products are adding to the market growth. The various applications of in-vitro diagnostics in therapeutic areas is further propelling the industry’s growth.
The escalating geriatric populace, rising prevalence of unhealthy lifestyles that leads to chronic health issues, and rising cases of infectious diseases are some other elements driving the industry growth. Additionally, the increasing awareness about personalized medicine and escalating adoption of point-of-care testing is also contributing to the industry’s expansion. However, stringent regulatory policies and insufficient reimbursement are expected to impede the growth of the market.
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Rising incidences of surgical interventions and the growing prevalence of chronic conditions such as diabetes, cancer, gastrointestinal diseases, infectious diseases, and cardiac diseases are expected to influence market growth positively.
Key Highlights from the Report:
- The reagent segment occupied the industry’s largest share in 2019, accounting for 37.1% of the industry share. Developing countries extensively use local immunoassay reagents programs to develop cost-efficient and high-quality reagents.
- Immunoassay segment is predicted to account for a significant share of the industry in the projected timeframe. A substantial proportion of this segment can be attributed to the rising preference for these technologies in clinical diagnostics.
- In-vitro diagnostics are extensively used in hospitals and clinics for a variety of applications. A surging caseload of hypertension, diabetes, kidney disorders, and hematological conditions are anticipated to positively impact market growth. Moreover, escalating partnerships, mergers, and acquisitions are further supporting industry’s growth.
- North America commanded the market growth and is expected to continue its dominance over the projected timeframe. The regional development can be accredited to the United States due to the increasing investment in the healthcare industry and the escalating adoption of point-of-care testing.
- Major participants of the industry include Thermo Fisher Scientific, Inc., Siemens Healthineers, Danaher Corporation, Roche Diagnostics, Abbott Laboratories, bioMérieux, Ortho Clinical Diagnostics, DiaSorin, Sysmex Corporation, and QIAGEN, among others.
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For the purpose of this report, Emergen Research has segmented the global In-Vitro Diagnostics Market on the basis of product, device, application, technique, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Reagents & Kits
- Data Management Software
- Semi-Automated Instruments
- Fully Automated Instruments
Devices Outlook (Revenue, USD Billion; 2017-2027)
- Disposable IVD Devices
- Reusable IVD Devices
Application Outlook (Revenue, USD Billion; 2017-2027)
- Gastrointestinal Disease
- Infectious Diseases
- Nephrological Disease
- Cardiac Disease
- Drug Testing /Pharmacogenomics
- Autoimmune Diseases
Technique Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Chemistry
- Coagulation and Hemostasis
- Molecular Diagnostics
- Other IVD Technologies
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Homecare Settings
- Diagnostic Laboratories
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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