Pune, India, April 29, 2019 (GLOBE NEWSWIRE) -- Global In-Vitro Diagnostics Market is set to touch a valuation of USD 102,554.24 million by 2023, as per the insightful report by Market Research Future (MRFR). It can register a CAGR of 8.16% during the assessment period (2018-2023).
Market Outlook
Rising prevalence of non-communicable diseases and the spike noticed in these cases is the primary driver of the IVD market. Favorable fiats by governments which expedite the approval of products can play a vital role in shaping the market landscape. This is exemplified by the Lumipulse G β-Amyloid Ratio (1-42/1-40) quantitative in-vitro diagnostic test by Miraca Holdings which got approved as a device for detecting Alzheimer’s disease. In addition, the government in India introduced new rules for easing the approval process. Moreover, funding by private and public firms to improve the existing devices will augment market demand considerably. Molecular diagnostics, precision medicine, and bioinformatics are advanced technologies which may disrupt the in-vitro diagnostics market in the future.
The paucity of reimbursement schemes which offer coverage to IVD devices can hamper market growth.
Competition Analysis
Well-known names in the in-vitro diagnostics market include Siemens AG, Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories Inc., Ortho Clinical Diagnostics, DiaSorin S.p.A, Becton Dickinson and Company, Sysmex Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Qiagen N.V., Grifols S.A, and BioMérieux S.A.
Launch of new products is a prime strategy of these players. In April 2019, Bruker Corporation introduced close to 238 new samples of bacteria and yeast to the MALDI Biotyper platform. This would assist pathologists in detecting strains or proteins with ease.
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Segmentation Analysis
The global in-vitro diagnostics market is segmented by product & services, technology, application, and end-user.
By product & services, reagents & kits held the largest market share in 2017 thanks to the ascending rate of point-of-care testing services.
By technology, the clinical chemistry segment is projected to dominate the in-vitro diagnostics market over the forecast period thanks to its capacity to attain rapid results of its analysis of body fluids. On the other hand, molecular diagnostics can net revenues for the market at 6.41% CAGR over the forecast period. Its extensive use in the detection of chronic and infectious diseases can facilitate the growth of the segment.
By application, infectious diseases held the lion’s share in the market and valued at USD 38,635 million in 2017. Its counterpart, non-infectious diseases can accumulate revenue for the market at 9.48% CAGR over the assessment period.
By end-user, hospitals accounted for a large market share owing to the large patient volume handled by these institutes. Laboratories can register the highest CAGR over the assessment period due to lax regulations pertaining to the use of IVDs. Recently, the laboratory partner of Biolidics Limited was given approval for offering clinical testing services. This can drive the demand in the in-vitro diagnostics market.
APAC to be the Largest Revenue Generator
Region-wise, the In-Vitro Diagnostics Market is segmented into Asia Pacific (APAC), Americas, Europe, and the Middle East & Africa (MEA).
The Americas accounted for a large market share in 2017 thanks to availability of advanced testing services in the U.S. and Canada. The inflated healthcare expenditure and the rising numbers in the domestic geriatric populace are factors which can purportedly drive market growth.
The APAC region can exhibit a brisk growth rate due to the improving healthcare infrastructure. This is evident with the mushrooming of various diagnostic centers and hospital chains introducing diagnostic units to cater to the large patient volume.
Europe can display a commendable growth rate over the forecast period owing to changing policies and awareness campaigns undertaken by several nations for point-of-care testing services. The focus on the early diagnosis of diseases can augment regional market growth.
Browse the market data and information spread across 100 pages with 241 data tables and 17 figures of the report “In-Vitro Diagnostics Market- Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/in-vitro-diagnostics-market-1165
Industry News
Bioinformatics to the Rescue
Bioinformatics, a new branch within scientific research, can store, compile, and analyze data which can lead to breakthroughs in genomics. The technology earned its stripes by displaying its potential in NCDs and non-curable diseases. The collaboration between bioinformatics and software development companies is expected to culminate in effective platforms which can pinpoint diseases at a preventive stage. In April 2019, QIAGEN and NeuMoDx decided to collaborate and increase the list of assays in accordance with the growing numbers of unknown diseases. The platform developed by these two companies will witness its launch in Europe.
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