Albany, New York, Nov. 29, 2018 (GLOBE NEWSWIRE) -- The in vitro diagnostics quality control market is predicted to witness a strong market growth during the forecast period of 2017 – 2022 owing to rapid advancement in the healthcare sector and rise in chronic diseases throughout the world. The players in the market are constantly focusing on bringing new technology to make the product more efficient. Players are flowing hefty amount of money behind research and development team in order to develop unique product and widen their products portfolio which will help them to meet the rising demand thus, aiding players to have firm foothold in the untapped regions.
Players are undergoing strategic partnerships such as mergers and acquisitions in order to outrun their competitors in the market. Some of the major players in the in vitro diagnostics quality control market consists of Sysmex Corporation, Siemens Healthineers, Seracare Life Sciences Inc., Roche Diagnostics, Randox Laboratories, and Thermo Fisher Scientific Inc.
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In a recent study done by Transparency Market Research, the global in vitro diagnostics quality control market is likely to expand at a steady CAGR rate of 3.3% during the assessed period. The market which was worth at US$710.8 mn by the end of 2017 is expected to reach a valuation of US$837 mn by the end of the tenure period. Based on product type, the market is classified into data management solutions, quality assurance services, and quality control products.
Of these quality control products is further divided into urnine-based products, whole blood-based products, serum/plasma-based products, and other quality control products. Of these, white blood based products is known to hold the major share due to comprehensive assessment property. On the basis of geography, North America is likely to hold the leading position in the market. This region is expected to hold a share of 37% and will be valued at US$311.7 mn.
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Lack of Certified Labs in Rural Areas to Deter Market Growth
It has been noted that though the global in vitro dianostics quality control market is likely to grow exponentially riding on several drivers, the market is also confronted with restraints which are likely to hamper market growth. Lack of awareness among consumer regarding benefits associated with quality control, particularly in the rural areas is considered to be a major roadblock in the market which will pull down the market in a drastic way.
In vitro diagnostics quality control required certified labs for administration. Lack of certified labs in developing countries to deter market growth. However, it is expected that various government initiatives to develop the healthcare sector in the region will bode well with the market growth.
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Rapid Progression in Technology to Favor Market Growth
Rapid advancement in technology is likely to play a pivotal role in pushing the market to grow stupendously. Progression in technology has helped various sector in the healthcare sector by providing better treatment and enhanced equipment to extend life span. Advancement in technology empowered in vitro diagnostics quality control, as a result it become more accurate while having in vitro diagnostics. Rising demand for accuracy in diagnostics to provide a major head start for the market growth. Rise in advancement of technology in developing countries to bolster market growth.
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