According to The Insight Partners market research study titled “In-Vitro Diagnostics Market – Global Analysis and Forecasts by Product & Services, Technology, Application, and End User”, the global In-Vitro Diagnostics market is expected to reach US$ 107,658.83 Mn in 2027 from US$ 68,608.16 Mn in 2019. The market is estimated to grow with a CAGR of 5.8% from 2020-2027. The report highlights the trends prevalent in the global In-Vitro Diagnostics market and the factors driving the market along with those that act as deterrents to its growth.
The In-Vitro Diagnostics market by product & services is segmented into instruments, reagents & kits, and software & services. In 2019, the reagents & kits segment held a largest market share of 80.2% of the In-Vitro Diagnostics market. This segment is also expected to dominate the market in 2027 owing to increasing number of diagnostics tests and increasing prevalence of chronic conditions. Moreover, the instruments segment is anticipated to witness the considerable growth rate of 2.4% during the forecast period. Certain factors such as developing healthcare infrastructure and growing demand for rapid disease diagnosis are expected to drive the segment growth.
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Some of the prominent players operating in In-Vitro Diagnostics market are, F. Hoffmann-la Roche Ltd., Danaher, Abbott, Siemens AG, Sysmex Corporation, Thermo Fisher Scientific, Inc., BD, Biomérieux SA, Bio-Rad Laboratories, INC., and Qiagen. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in November 2015 Roche launched an in vitro diagnostic instrument namely VENTANA HE 600 system. The newly launched product is fully automated hematoxylin and eosin (H&E) tissue staining system which enhances patient and technician safety and produces exceptional staining quality.
In-vitro diagnostics tests are performed on the samples such as blood, plasma, urine, and tissues for detection of diseases. In-vitro diagnostics includes certain technologies such as molecular diagnostics, immunochemistry, clinical chemistry, and others. The market is driven by factors such as a significantly growing prevalence of chronic and infectious diseases. Additionally, increasing demand for modern diagnostic techniques and rising emphasis on rapid disease diagnosis are projected to drive the growth of the market but, inadequate healthcare infrastructure in emerging nations and poor reimbursement policies are likely to hamper the in-vitro diagnostics market growth over the forecast period. Increasing demand for advanced healthcare laboratories in countries such as India, China, Brazil, and others with an aim to deal with exponentially increasing patient population is likely to boost the market by 2027.
Key factors driving the market are rising prevalence of chronic and infectious diseases, increasing geriatric population, and rising awareness of in-vitro diagnostics. However, lack of healthcare infrastructure and reimbursement policies are likely to restrain the market growth to a certain extent.
Increasing prevalence of chronic and infectious diseases
The world is witnessing exponential growth in the prevalence of infectious diseases. These diseases are prominently caused due to pathogenic microorganisms, such as viruses, bacteria, parasites, and others. Certain factors such as poor sanitary conditions, lack of public hygiene, massive air pollution, and lack of safe drinking water are playing a significant role in the increasing prevalence of infectious diseases. For instance, according to data published by the World Health Organization (WHO) in 2019, an estimated 71.0 million people suffer from hepatitis C virus infection across the globe. For instance, according to data published by the Centers for Disease Control and Prevention (CDC) in 2019, an estimated 30 million people in the U.S. have diabetes. Moreover, according to the estimates, diabetes is the 7th leading cause of mortality in the U.S. Certain factors such as overweight conditions, genetic conditions, aging, and sedentary lifestyle are further anticipated to boost the prevalence of diabetes in the region. Hence, the rising incidence of infectious and chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory conditions are projected to drive the global market during the forecast period.
Furthermore, the developments and frequent product launches and increasing availability are one of the significant factors contributing to this growth rate. For instance, in October 2017, SYGNIS AG launched the advanced Universal Lateral Flow Assay (LFA) kit for expanding the range of lateral flow assay products and services. Therefore, owing to the presence of the various market players that are offering multiple reagents & kits and rise in the technological advancements are likely to propel the growth of the segment during the forecast period.
To comprehend global In-Vitro Diagnostics market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)
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