Northrook, IL -- (SBWire) -- 11/20/2019 --The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, increasing adoption of fully-automated instruments and automation in laboratories, increasing adoption of point-of-care testing, and growing awareness of personalized medicine are the key factors driving the growth of the in vitro diagnostics market.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.2% during the forecast period, the global In Vitro Diagnostics Market is estimated to reach USD 87.93 Billion by the end of 2023. In 2018, North America was the largest regional market.
On the basis of technology, the IVD market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The large share of this segment is primarily attributed to the growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high-sensitivity and accuracy.
On the basis of end user, the IVD market is segmented into laboratories, hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The hospitals segment accounted for the largest share of the IVD market in 2017, owing to the large volume of diagnostic tests carried out in hospitals. However, the point-of-care testing segment is estimated to grow at the highest CAGR during the forecast period.
Globally, the number of laboratory tests being conducted has increased owing to the rising burden of various diseases worldwide. To meet this demand, the number of laboratories in the public as well as private sector is increasing. In most countries, it is mandatory for clinical laboratories to secure accreditation from regulatory bodies to perform diagnostic tests. Moreover, accreditation to the International Organization for Standardization (ISO) 15189:2012 and other similar standards is becoming mandatory in various countries.
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What Drives the Market?
The growth of the global market for in-vitro diagnostics is primarily influenced by the following factors:
1. Rising Geriatric Population
2. Growth in the Prevalence of Chronic and Infectious Diseases
3. Increasing Adoption of Fully Automated Instruments and Automation in Laboratories
4. Growing Awareness of Personalized Medicine
Geographical growth scenario of In Vitro Diagnostics Market:
North America is expected to command the largest share of the market in 2018 owing to the availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the region. However, Asia Pacific is expected to register the highest growth rate during the forecast period due to rising healthcare expenditure; increasing number of hospitals and clinical diagnostic laboratories in India and China; increasing incidence of chronic and infectious diseases; rapid development in the healthcare infrastructure of developing countries such as India, China, and South Korea; and increasing per capita income of the middle-class population in the region.
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Leading market players and strategies adopted:
The prominent players in the global In Vitro Diagnostics Market include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Agilent Technologies (US), and QIAGEN (Germany)
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In Vitro Diagnostics Market Worth $87.93 Billion by 2023
North America is expected to dominate the in vitro diagnostics market in 2018.