(USA, NY, New York City): According to Market Research Future (MRFR), the global in vitro diagnostics market was valued at USD 69.2 billion in 2017 and is expected to reach USD 102.5 billion by 2023. The latest research report from Market Research Future studies the global in vitro diagnostics market in detail in order to present a detailed overview of the global market. Future growth prospects of the global in vitro diagnostics market are profiled in the report, including a detailed analysis of the major drivers and restraints affecting the market. Leading players in the global in vitro diagnostics market are also profiled in the report, in order to provide readers with an accurate overview of the competitive landscape of the global market.
In vitro diagnostics have become an important part of diagnostic procedures in recent years due to the growing product development in the field. Technological advancements in in vitro diagnostics have made in vitro diagnostics ever more reliable and consistent. This has been a major driver for the global in vitro diagnostics market. Technological advancements have been crucial for the global in vitro diagnostics market, as in vitro diagnostics rely heavily on technologies, electronics, and software platforms. Many leading players in the medical devices field have been busy with product advancements in the in vitro diagnostics market over the last few years.
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The growing prevalence of infectious as well as noninfectious diseases around the world is likely to be a major driver for the global in vitro diagnostics market over the forecast period. Apart from the growing prevalence, increasing awareness about these diseases is also likely to be a major driver for the global in vitro diagnostics market over the forecast period, as more people are consulting doctors and seeking medical help for these diseases. This has led to a growing demand for a wide variety of in vitro diagnostic procedures.
Leading players in the global in vitro diagnostics include Danaher Corporation, Bio-Rad Laboratories Inc., Siemens AG, F. Hoffman-La Roche AG, Ortho Clinical Diagnostics, Grifols S.A., Qiagen NV, Biomerieux S.A., Sysmex Corporation, Becton Dickinson and Company, DiaSorin SpA, Abbott Laboratories, and Thermo Fisher Scientific. Technological advancement in in vitro diagnostics is likely to be a major strategy for players in the global in vitro diagnostics market over the forecast period.
The global in vitro diagnostics market is segmented on the basis of product type, technology, application, end use, and region.
- By product, the global in vitro diagnostics market is segmented into reagents and kits, instruments, and data management software. The reagents and kits segment holds an overwhelmingly dominant share in the global in vitro diagnostics market and is likely to remain the leading contributor to the market over the forecast period.
- By technology, the global in vitro diagnostics market is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, and hematology. Immunoassays and clinical chemistry hold dominant shares in the global in vitro diagnostics market.
- By application, the global in vitro diagnostics market is segmented into infectious and non-infectious diseases.
- By end use, the global in vitro diagnostics market is segmented into hospitals, laboratories, and academic institutes. The hospitals segment holds the largest share in the global in vitro diagnostics market over the forecast period.
The in-vitro diagnostics market’s geographical distribution comprises Europe, South America, the Middle East & Africa (MEA), North America, along with Asia Pacific (APAC).
In 2017, North America and South America together formed a share of nearly 40% in the global market. The North American market, in particular, can expect to stay highly profitable throughout the evaluation period. Additionally, the Asia Pacific market is more than likely to attain the highest growth rate over the forecast timeframe.
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The North American market has been gaining at a stunning rate, mainly due to the escalating cases of infectious and chronic diseases in the United States and the rapidly growing elderly population. The soaring preference for effective point-of-care testing as well as personalized medicine, presence of Affordable Care Act (ACA) and the rising use of automated instruments also strengthen the market position in the region. The expanding application scope of molecular diagnostics along with increasing range of condition-specific tests and markers with innovations in proteomics and genomics could create lucrative opportunities for the regional market. Surge in FDA approvals encourage players to focus more on new launches, which in turns, aids in market growth.
The Asia Pacific market can procure the fastest growth rate in the years to come, backed significantly by rapidly emerging economies like India and China. Improving healthcare infrastructure and the escalating number of people opting for early diagnosis in view of mounting awareness levels coupled with the growth in the prevalence of chronic ailments also benefit the APAC market.
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