According to the research report titled ‘In-vitro Diagnostics Market Size By Type (Product [Reagents & Kits, Instruments], Service [Software, Testing Services]), By Technology (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Microbiology, Coagulation & Hemostasis, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/ Pharmacogenomics) By End-user (Hospitals, Point-Of-Care Testing, Laboratories, Academic Institutes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global in-vitro diagnostics market is expected to cross USD 97.2 billion by the year 2025.
 

According to the report, rising number of pathology labs which are equipped with advanced diagnostics machines is a major factor driving the in-vitro diagnostics market growth. Increasing awareness pertaining to advantages of personalized medicine has augmented their demand for treating various chronic diseases, which in turn is fostering the demand for in-vitro diagnostics products across the globe. However, high costs associated with in-vitro diagnostic services may hinder the market growth.
 

As per type, the report states that the in-vitro diagnostics services market segment was worth USD 47 billion in the year 2018 and is expected to register substantial growth during the forecast period. Growing demand for software in diagnostic testing solutions by medical professionals in order to detect chronic disorders are facilitating the business scenario. Moreover, rising adoption of advanced software to manage patient’s data will allow for accurate diagnosis, which in turn is contributing towards the popularity of in-vitro diagnostic services across the globe.
 

In terms of technology, molecular diagnostics segment is presumed to expand with a CAGR of 7% during 2019-2025. Factors such as growing demand for high quality diagnostics to detect chronic disorders coupled with rising prevalence of infectious diseases are favoring the market outlook.
 

Based on the application spectrum, the report cites that the diabetes applications of in-vitro diagnostics were worth USD 10 billion in the year 2018 and are predicted to witness momentous growth in the subsequent years. Increasing awareness pertaining to advantages of early diagnosis in tandem with high occurrence rate of diabetes are fueling the segmental growth.
 

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Citing the end-use landscape, academic institutes segment is expected to grow with a CAGR of 6% through 2025, primarily driven by rising R&D activities and rising adoption of in-vitro diagnostics for drug discovery activities.
 

As per the regional analysis, Europe market held 20% share of revenue in the year 2018 and is poised to witness continuous growth during the estimated timeframe. Growing elderly population and availability of advanced diagnostics instruments are contributing towards the popularity of the product across the region.
 

Thermo Fisher Scientific, Sysmex Corporation, Siemens AG, F. Hoffmann-La Roche Ltd., Qiagen, Ortho Clinical Diagnostics, LivaNova PLC (Sorin), Luminex, Johnson & Johnson Services Inc., Grifols S.A., Cephied (Danaher Corporation), bioMérieux SA, Bio-Rad Laboratories Inc., BD, and Abbott are the prominent companies operating in the in-vitro diagnostics market.