In-Vitro Diagnostics Market Synopsis
The increasing burden of diseases such as CVDs, tuberculosis, cancer, diabetes, etc. is poised to increase the demand for in-vitro diagnostics in the years to come. According to Market Research Future (MRFR)’s analysis, the global in-vitro diagnostics market is anticipated to strike 8.16% CAGR across the forecast period 2018 to 2023. The market’s valuation is projected to reach USD 102,555.24 Mn by 2023.
The market is expected to grow substantially in the developing nations over the next couple of years. However, on the contrary, the lack of favorable reimbursement policies remains an impediment to market growth.
The key players operating in the global in-vitro diagnostics market and profiled in this MRFR report are Abbott Laboratories, F. Hoffmann-La Roche AG, Sysmex Corporation, Siemens AG, Qiagen N.V, BioMérieux S.A, Bio-Rad Laboratories Inc, Becton Dickinson and Company, Ortho Clinical Diagnostics, DiaSorin S.p.A, Grifols S.A, Danaher Corporation, and Thermo Fisher Scientific.
In-Vitro Diagnostics Market Segmentation:
On the basis of product & services, the global in-vitro diagnostics market has been segmented into reagents & kits, instruments, and data management software.
On the basis of application, the in-vitro diagnostics market has been bifurcated into infectious diseases, and non-infectious diseases.
On the basis of technology, the global in-vitro diagnostics market has been segmented into clinical chemistry, molecular, hematology, immunoassay/immunochemistry, microbiology, and others.
On the basis of end-users, the in-vitro diagnostics market has been segmented into laboratories, academic institutes, hospitals, and others.
In-Vitro Diagnostics Market Regional Analysis:
The global in-vitro diagnostics market, by region, has been segmented into Americas, Europe, the Middle East & Africa (MEA) and Asia Pacific. Americas is expected to hold the maximum share of the market over the next couple of years. The region is sub-segmented into North America and South America. Among these, North America is expected to exhibit a steeper rise in the growth curve in the foreseeable future. The consolidation of developed economies in the region such as the U.S., and Canada is anticipated to have a positive impact on the growth of the in-vitro diagnostics market over the next couple of years. The increasing population of older adults is expected to boost the revenue creation for the market players. In addition, the rising burden of chronic diseases such as cancer, obesity, diabetes, etc. is projected to catalyze the proliferation of the regional market in the years to come. Americas is prognosticated to lead the growth of the global market across the review period.
Europe is the second leading region and is poised to expand at a substantial pace in the forthcoming years. The endeavors directed towards organizing awareness campaigns about point-of-care testing is likely to catapult the in-vitro diagnostics market on upward trajectory over the next couple of years. The increasing healthcare expenditure, especially on early diagnosis, is forecasted to accelerate revenue creation for the players of the in-vitro diagnostics market in the years to come.
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Asia Pacific is the fastest growing regional segment and is likely to remain highly lucrative over the next couple of years. The rising patient population in Asia Pacific is expected to have a favorable influence on the future trajectory of the in-vitro diagnostics market over the next couple of years. Also, the rapid developments in the healthcare sector of the region supported by the governments are anticipated to catapult the regional in-vitro diagnostics market on upward trajectory. The fast-developing economies, such as China and India have high birth rates. This, in turn, is expected to catalyze the growth of the in-vitro diagnostics market on an upward trajectory in the forthcoming years. Meanwhile, the MEA is prognosticated to have the least share of the market and is projected to exhibit massive developmental opportunities.