July 09, 2020
According to the research report titled ‘Global In Vitro Diagnostics (IVD) Market: Analysis By Product, By Technology, Application, End User, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) – By Region , By Country, available with Market Study Report LLC, global in vitro diagnostics market was valued at USD 61,700.22 million in the year 2018 and is anticipated to register an appreciable growth rate through 2024.
Rise in geriatric population is creating requirement for quality healthcare. Diagnostics play a major role in healthcare as several clinical decisions are based on diagnostic test results. They help in providing patient-specific personalized treatment and drugs. Increasing number of patients suffering from chronic and infectious diseases due to air & water pollution, genetic modification of disease-causing microbes, and unhealthy lifestyle, is expected to drive the growth of global in vitro diagnostics market over the forecast period.
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Elaborating on the technology, global in vitro diagnostics market is split into centralized & POC, diabetes care, molecular diagnostics, and tissue diagnostics. Molecular diagnostics segment is projected to fuel the market growth, attributable to high prevalence of chronic diseases such as genetic disorders, and cancer, coupled with rising demand for non-invasive prenatal testing.
Speaking of the end-user spectrum, the market is classified into hospitals, laboratory, home test, and others. home test segment is expected to record a high growth rate due to the cost effectiveness, ease of testing, and accurate results of home test kits.
Based on the product terrain, the market is divided into reagents and kits, medical devices and services. Among them, the foremost segment is estimated to witness strong CAGR over the forecast duration, owing to their high consumption in diagnostic process, resulting in a sustained product demand. Growing investment by major players in development and automation of IVD products as per the disease specificity is expected to augment the market growth in the coming years.
Considering the regional overview, worldwide in vitro diagnostics market is categorized into Asia Pacific, Latin America, North America, Europe, and Rest of the World.
Key players operating in global in vitro diagnostics market include Sysmex, Siemens Healthineers, F. Hoffman-La Roche AG, Biomerieux, Danaher, Bio-Rad Laboratories, Ortho Clinical Diagnostics, Thermo Fisher Scientific, Abbott, and Becton Dickinson among others.