In-Vitro Diagnostics Market Insight
The in-vitro diagnostic (IVD) market is growing pervasively over the past few years. IVD offers quick results allowing multiple tests with customization. The range of advantages that in-vitro diagnostics provide in a clinical or research set-up is enabling the market to garner huge market prominence, globally. Besides, factors such as the proliferation of precision medicines and rising prevalence of chronic diseases are accelerating the growth of the market.
According to an eminent research firm – Market Research Future (MRFR), the global in-vitro diagnostics market is expected to rise to USD 102,555.24 MN by 2023, from USD 69,284.16 MN in 2017. In its recently published research, MRFR also asserts that the market would post a 6.5% CAGR during the review period (2018-2023). Tremendously popular, IVD devices perceive a considerable market demand, witnessing substantial technological advances in techniques and devices used for diagnosis.
In-vitro diagnostic helps early detection of a medical condition which further allows planning the line of treatment to manage the disease efficiently. IVD can also be used in next-generation sequencing tests in precision medicine to determine potentially effective therapies for patients, scanning their DNA and genomic variations. There is a massive demand for IVD devices in various regions to manage increasing chronic diseases and disorders.
Conversely, the lack of proper reimbursement policies in developing countries and stringent FDA norms are obstructing the growth of the market. Nevertheless, increasing government funding to encourage the adoption of the in-vitro diagnostic would support market growth over the forecast period.
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In-Vitro Diagnostics Market – Segments
The report is segmented into five dynamics to widen the scope of understanding,
By Product & Services: Reagents & Kits, Instruments, and Data management software.
By Technology: Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, and Hematology, among others.
By Application: Infectious diseases and Non-infectious diseases.
By End-user : Laboratories, Hospitals, Academics & Medical Institutions, among others.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World (RoW).
In-Vitro Diagnostics Market – Regional Analysis
North America leads the global in-vitro diagnostics market, accounting for over 39% of the total market. Rising prevalence of chronic diseases is contributing to the growth of the regional market. Increasing demand for advanced techniques in diagnostics and higher expenditure are the major factors supporting the growth of the regional market. Besides increasing the aged population in the region is a crucial demographic, encouraging the growth of the IVD market. Furthermore, the proliferation of precision medicines in the region is fostering the North American in-vitro diagnostics market, creating a huge demand.
Europe takes the second leading position in the global in-vitro diagnostics market. Initiatives and support from the governments and private health organizations are encouraging the regional market growth, raising awareness of point-of-care testing.
Moreover, the increasing healthcare budgets and focus on early diagnosis to manage chronic diseases well, are expected to help the region to retain its market position over the forecast period. The region is expected to show extensive growth throughout the forecast period, witnessing financial support from the government for R&D activities.
The in-vitro diagnostics market is brisk in Asia pacific, which offers promising growth opportunities for the market players. Increasing occurrences of chronic diseases alongside, the increasing numbers of private diagnostic centers in the region are driving the growth of the market.
In-Vitro Diagnostics Market – Competitive Analysis
Highly competitive, the In-vitro diagnostics market appears to be fragmented due to the presence of several well-established players. To gain a substantially large market share, these players initiate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch, among others. Some of the players with international presence try to expand their footprint in developing regions.
This, as a result, makes it further difficult for the regional players to compete with them in terms of product portfolios, product differentiation, quality, and pricing. These players also create alliances with e-commerce partners and distribution agreements with strong local presence in regions such as Western Europe and APEJ.
In-Vitro Diagnostics Market Major Players:
Players leading the global in-vitro diagnostics market include Abbott Laboratories, Thermo Fisher Scientific, DiaSorin S.p.A, Sysmex Corporation, Becton Dickinson and Company, BioMérieux S.A, Grifols S.A, Qiagen N.V., Ortho Clinical Diagnostics, Siemens AG, F. Hoffmann-La Roche AG, Danaher Corporation, and Bio-Rad Laboratories Inc., among others.
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In-Vitro Diagnostics Industry/Innovation/Related News:
September 23, 2019 —- SCIEX, a global leader in life science analytical technologies, announced that a suite of its medical devices has been approved by NVISA, the Brazilian Health Regulatory Agency. Brazil's clinical diagnostics labs face significant challenges with increasing workloads, and a greater demand for rapid, accurate results.
In such a scenario, SCIEX's accredited devices, including the QTRAP 4500MD LC-MS/MS, Triple Quad 4500MD LC-MS/MS, Topaz and Citrine systems, would enable it to meet the needs of Brazilian clinical labs to attain new quality standards in diagnostic testing. ANVISA approval would lead SCIEX to a new era in Brazil's clinical in the in-vitro diagnostics field.