Sellbyville, DE -- (SBWIRE) -- 12/19/2018 -- The In-vitro diagnostics Market to cross USD 92 billion by 2024; according to a new research report by Global Market Insights. Rising adoption rate of automated laboratory equipment and machines will boost IVD market growth over the coming years. Developed countries such as Germany and UK have progressed well in adoption of advanced technology enabling modifications in the medical diagnostic equipment and machinery. Growing implementation of technologically advanced diagnosis equipment should foster business growth. Increased accuracy offered by diagnostic devices will improve performance of surgical procedures enhancing in-vitro diagnostics industry growth in upcoming years.

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Clinical chemistry segment accounted for 20.9% revenue share in 2017 due to wide-ranging applications including detection of blood glucose levels, hormone fluctuations and other. Rising preference of diagnosis for treatment of hormonal disorders will upsurge segmental revenue size during the forecast timeline. For instance, in India, around 1 in 10 people were diagnosed with hormonal disorders in 2017. Moreover, modifications added by the key industry players in diagnostic devices have enhanced its reliability and efficiency thereby should contribute to significant segmental revenue share over the forecast timeframe.

Product segment held USD 18.7 billion in the year 2017 due to increasing demand for diagnostic instruments and reagents globally. Growing burden of infectious diseases will upsurge demand for molecular diagnostics kits and reagents that will boost business growth. For instance, in India there were around 2.7 million cases of TB that created hike in the demand for in-vitro diagnostics market thereby surging segmental growth over the forecast timeframe.

Services segment of service type held USD 34.8 billion in 2017 as a result of rise in disorders caused due to nicotine addiction. High incidences of lung cancer in UK alone has created a hike in the demand for accurate diagnostic services. In UK, 13.1% of the total cancer registrations account to lung cancer that will escalate in-vitro diagnostics industry growth over the forecast timeframe.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Grifols
- Danaher Corporation
- Sorin Group
- Luminex Corporation Roche Diagnostics Middle East
- Becton Dickinson
- BioRad
- Abbott
- Thermo Fisher Scientific
- bioMérieux
- QIAGEN

Hospital segment of IVD market will grow at 4.5% over the forecast timeframe due to increasing hospital admissions annually coupled with high prevalence of chronic diseases among geriatric population. Extended use of molecular diagnostics in the hospitals for detection of various rare diseases proves beneficial for in-vitro diagnostics market growth that should impact positively on business growth. As reported by Global Genes, in U.S. annually, 30 million people suffer from rare diseases that will boost IVD market growth in upcoming future.

Oncology segment held USD 12.6 billion in 2017 as a result of annually rising number of cancer cases. According to Wiley Online Library in 2015, there were around 4.2 million people suffering from cancer in China. Furthermore, availability of superior quality molecular diagnostic tools has reduced the mortality rates due to cancer that will stimulate in-vitro diagnostics industry growth.

U.S. dominated North America in-vitro diagnostic services market and was valued at USD 16.7 billion in 2017 as a result of increasing demand for diagnostic services and growing adoption rate of software. Development in public healthcare system will increase the availability of superior quality diagnostic services that should impel industry growth in upcoming years.

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In-vitro Diagnostics Market, By Product Type (USD million)
o Reagents & kits
o Instruments
In-vitro Diagnostics Market, By Service Type (USD million)
o Data Management Software
o Services