Numerous factors are adding to the global in-vitro diagnostics market growth. These factors, according to the recent MRFR report, include rising prevalence of infectious and chronic disease, rising geriatric population, increase in the number of point of care testing centers & public and private diagnostic centers, ongoing R&D activities, and advancement in the healthcare sector. Rising awareness about personalized medicine and increasing adoption of automation and fully automated instruments in laboratories, are also adding to the global in-vitro diagnostics market growth.
The IVD market is anticipated to witness healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 8.16%, the market is projected to reach US$102,55 billion by 2023.
In-vitro diagnostics, simply put, are medical devices & accessories used for performing tests through samples such as tissue, urine, and blood for detecting infections, preventing diseases, monitoring drug therapies, and diagnosing medical conditions.
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The MRFR report provides an inclusive segmental analysis of the global in-vitro diagnostics market based on end user, application, technology, and product & services.
By product & services, the in-vitro diagnostics market is segmented into data management software, instruments, and reagents & kits. Of these, reagents & kits will lead the market during the forecast period. It is likely to grow at a 9.34% CAGR.
By technology, the global in-vitro diagnostics market is segmented into haematology, microbiology, molecular diagnostics, clinical chemistry, and immunoassay/immunochemistry. Of these, clinical chemistry will dominate the market during the forecast period for the rapid integration of the latest technologies in clinical diagnostics. Molecular diagnostics, meanwhile, will grow at the highest CAGR.
By application, the global in-vitro diagnostics market is segmented into non-infectious and infectious diseases. Of these, infectious diseases will have a major share in the market during the forecast period for the rising prevalence of infectious diseases. IVD tests in case of infectious diseases are used for detecting and identifying the responsible infectious agents as well as allowing healthcare professionals to discover the right treatment for the patient. Molecular tests, Immunoassays, and traditional microbiology are the three different types of in-vitro diagnostic tests for infectious diseases. It is used to diagnose and test different infectious diseases, including influenza, hepatitis, streptococcal infections, HIV, MRSA, among others.
By end user, the in-vitro diagnostics market is segmented into academic institutes, laboratories, and hospitals. Of these, hospitals will have a major share in the market during the forecast period as maximum tests are done in hospitals.
healthcare market-based companies in the in-vitro diagnostics market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The increasing preference of consumers will be a key growth driver for regional markets. However, the lack of investments from major companies will turn out to be a threat. For the forecast period 2018 to 2023. Each of these regional markets are studied in the report. Starting from North America, the regional market and healthcare vertical based companies are spread across the United States, Mexico, and Canada.
Problems related to supply chain will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the growth of communication channels as well as the rising industrialization, suggests the report. Similarly, the healthcare sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the in-vitro diagnostics market covers the Middle East and Africa. The global in-vitro diagnostics market forecasts based on the findings are presented for the forecast period till 2023.
Leading players profiled in the global in-vitro diagnostics market report include Qiagen N.V., Danaher Corporation, DiaSorin S.p.A, F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Ortho Clinical Diagnostics, BioMérieux S.A, Siemens AG, Sysmex Corporation, Grifols S.A, Becton Dickinson and Company, Bio-Rad Laboratories Inc, and Abbott Laboratories. Industry players have incorporated several strategies to cater to consumers growing needs and also stay ahead in the competition, such as joint ventures, mergers, strategic alliances, and others.
PerkinElmer, Inc. and Immunodiagnostic Systems Holdings PLC have revealed that the two companies have agreed on the terms of a proposed all-cash offer in which PerkinElmer would pay $155 million (£110 million) for IDS. The deal is scheduled to conclude in the third quarter of 2021, subject to shareholder approvals. PerkinElmer would be able to expand its overall Diagnostics operation, as well as its immunodiagnostics area, because of this purchase. Furthermore, the agreement will allow PerkinElmer to better serve clients throughout the world by combining its channel experience and testing capabilities with IDS' finest chemiluminescence solutions in endocrinology, autoimmune, and contagious diseases.
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