Global In-vitro Diagnostics Market is Estimated to Value Over USD 91.6 Billion by 2026 End

  • 01 Oct 2019

Global In-vitro Diagnostics Market is estimated to value over USD 91.6 billion by 2026 end and register a CAGR of over 4.8% during the forecast period 2019 to 2026.

 

By undertaking in-vitro diagnostics, one can detect diseases and infections by collecting the specimen from the body of a human to cure diseases. In-vitro diagnostics can range from reagents, instruments or any system that is involved in the diagnostic process. The rise in chronic diseases and the expansion of the geriatric population are factors which have augmented the global in-vitro diagnostics market growth. The rise in the number of private and public diagnostic centres, as well as point of care centres, is likely to push for the growth of the in-vitro diagnostics market. Additionally, the healthcare sector has seen considerable innovations and developments, primarily due to the investments by government institutions which has fueled the growth for this market. But there have been drawbacks, owing to the rigid laws and regulations enacted by the government in the manufacture of IVD products and the inconsistencies associated with the reimbursement policies. These factors have negatively impacted market growth. Research and development activities about IVD are expected to showcase new opportunities for market growth. 

 

The reagent segment includes biological, chemical, or immunological components, preparations or even solutions, which the manufacturer tends to use during the in-vitro diagnosis process. Considering the high costs of the diagnostic platforms, manufacturers will often lease equipment rather than selling technology to end-users. During these transactions, the lease will be combined with contracts to purchase the necessary assays or reagents for the equipment. Several diagnostic companies have over 75% of excess sales from consumables such as reagents and assays. With such agreements, there is a guarantee of the generation of cyclic revenues linked with the commercial transactions of reagents and other consumables. Developing nations have implemented immunoassay reagent programs to manufacture immunoassay reagents, that is both affordable and high quality. From these projects, kits have been made available and has been showcased to augment market growth.

 

Regions such as North America demonstrate substantial market growth for In-Vitro Diagnostic and has been predicted to control the market in the years to come. Well-Structured healthcare industry and high presence of chronic diseases are factors which have rendered some positive changes in the North American market. Furthermore, the United States has exhibited robust market growth owing to the rise in healthcare expenditure as well as the acceptance of point-of-care testing.

 

While the market for in-vitro consists of many major players, there are also smaller to midsize companies who are making their presence felt in the market by adopting technological changes and improvements in their products. These strategies are carried out by launching products at a much lower price. Some of these companies include Siemens Healthcare, Abbott Laboratories, Qiagen N.V., Thermo Fischer Scientific Inc, F. Hoffmann-La Roche AG, have acquired a sizeable market share.

 

Global In-vitro Diagnostics Market Segmentation:

 By Technology

  • Immunoassay 
  • Hematology
  • Clinical Chemistry
  • Molecular Diagnostic
  • Coagulation
  • Microbiology
  • Others

By Application

  • Infectious Disease
  • Diabetes
  • Oncology
  • Cardiology
  • Nephrology
  • Autoimmune Disease
  • Drug Testing
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

FutureWise Key Takeaways:

  • Growth prospects
  • SWOT analysis
  • Key trends
  • Key data-points affecting market growth

 

Objectives of the Study:

  • To provide with an exhaustive analysis on the In-vitro diagnostics market by technology, by application and by region
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market
  • To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
  • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
  • Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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