Global In-vitro Diagnostics Market, by Product Type (Instruments and Reagents & Kits), by Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation & Hemostasis, Urinalysis, and Others), by Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disorders, and Others), by End User (Hospital, Pathology Laboratories, Point-of-Care Diagnostics, Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 60,274.1 million in 2017, and is projected to exhibit a CAGR of 4.6% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
Key players in the market are focused on gaining product approvals from regulatory authorities, in order to deliver novel products to address the critical unmet needs of patients. For instance, in 2016, Abbott’s RealTime HIV-1 quantitative assay received CE mark for dried-blood-spot testing and was accepted in the World Health Organization’s list of pre-qualified diagnostics. Similarly, in 2015, QIAGEN received the U.S. marketing (PMA) approval of its therascreen EGFR RGQ PCR Kit (therascreen EGFR test) as a companion diagnostic to guide the use of AstraZeneca’s IRESSA (gefitinib) in the treatment of patients with advanced or metastatic non-small cell lung cancer (NSCLC).
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Moreover, rising investment and funding by market players and other organizations is expected to boost the market growth. For instance, in December 2018, Arkray, Inc. established Arkray Middle East Branch in Dubai to expand its business in the Middle East. Similarly, in January 2015, Medical & Biological Laboratories Co., Ltd. established its business in Belgium, in order to strengthen its business in Europe. It is responsible for the production of companion diagnostic kit, which aids the therapeutic decision for colon cancer prior to the treatment.
Browse 36 Market Data Tables and 25 Figures spread through 262 Pages and in-depth TOC on ‘In-vitro Diagnostics Market’- Global Forecast to 2026, by Product Type (Instruments and Reagents & Kits), by Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology, Coagulation & Hemostasis, Urinalysis, and Others), by Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Disorders, and Others), by End User (Hospital, Pathology Laboratories, Point-of-Care Diagnostics, Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Furthermore, rise incidences of cancer, is expected to drive the market growth. According to the National Cancer Institute 2017, over 60% of the global cancer cases occurred in Africa, Asia, and North and South America, with 70% of the world’s cancer deaths occurring in these regions.
Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance their product portfolio. For instance, In January 2017, Qiagen N.V. acquired OmicSoft Corporation to expand its bioinformatics portfolio. The acquisition will add Qiagen with additional features to manage, analyze, and share both primary data and analyzed results. Similarly, in 2016, F. Hoffmann-La Roche Ltd entered into a collaborative agreement with Good Start Genetics to provide Good Start’s carrier screening service for inherited genetic disorders.
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Key Takeaways of the Global In-vitro Diagnostics Market:
The global in-vitro diagnostics market is expected to exhibit a CAGR of 4.6% over the forecast period, owing to increasing incidences of cancer and autoimmune diseases. According to the Arthritis Foundation, 2017, around 41 people are diagnosed with Rheumatoid arthritis (RA) out of every 100,000 people in the U.S. The Foundation further states that about 1.3 million Americans have RA.
Among product type, the reagents and kits segment held a dominant position in the global in-vitro diagnostics market in 2018, owing to increasing investment in manufacturing activities by the market players. For instance, in August 2016, Alere Inc. opened a new diagnostics manufacturing facility in India. The new factory produces rapid tests for the detection of infectious diseases.
Among technology, the immunoassay segment held a dominant position in the global in-vitro diagnostics market in 2018, owing to increasing installation of analyzers. According to College of American Pathologists (CAP) product data, an estimated 184,136 immunochemistry analyzers were installed globally in 2014.
Key players operating in the global in-vitro diagnostics market include Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd.
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