U.S. IVD market exceeded USD 23.9 billion in 2017 and is expected to grow exponentially over the forecast timeframe. According to CDC, around 40% of the Americans expire due to chronic diseases that will enhance industry growth. Moreover, development of favorable reimbursement scenario will drive the business growth significantly.
Global In-vitro diagnostics Market will surpass USD 92 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
Growing preference of elderly population towards personalized medicines for treatment of numerous chronic disorders will propel the market growth over forecast timeframe. Extended use of in-vitro diagnosis devices to develop novel therapies that treat disorder at molecular level will accelerate industry growth. More than 22 million people in Germany are in age group of 60-80 years and majority of them suffer from at least one chronic disorder that will upsurge the demand for in-vitro diagnosis.
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Reagents and kits segment held largest market share of 67.7% in 2017 as a result of high prevalence of rare diseases that will have a positive impact on segmental growth. Escalating usage of molecular reagents for detection of various diseases such as Morgellons, Adie syndrome and Crohn disease will boost industry growth over the forecast timeframe. Moreover, key industry players such as Bio-Rad, Beckman Coulter and Cambio emphasize on manufacturing superior quality reagents that aid accurate diagnosis thereby, fosters IVD market 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 market growth over the forecast timeframe.
Data management software segment will grow at 4.5% CAGR over the projection years due to the increasing development in the software systems. Data management software facilitate the process of diagnosing the patients by providing accurate data at required time thereby influencing the segment growth positively in the near future.
Laboratories segment of IVD market accounted for 29.3% revenue share due to increasing number of well-equipped laboratories that deliver superior quality diagnostic services to the patients. Integration of advanced technology within the diagnostic devices have enabled accurate diagnostic decisions that have improved the surgical performance stimulating the segmental growth.
Germany market should grow at 4.6% during the forecast period owing to increasing technological advancements that have added improvisations in the existing in-vitro diagnostic devices. Furthermore, ageing demographic condition in Germany will have a positive impact on industry in foreseeable future. The geriatric population of Germany in 2017 was around 22 million that should positively influence in-vitro diagnostic market growth.
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Some of the prominent industry players operating in the IVD market are Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen. Key industry players focus on strategic initiatives to improve their market position.
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