The In Vitro Diagnostics market size surpassed US$ 65.4 billion in 2019 and expected to hit US$ 85.23 billion by 2027, According to Precedence Research
OTTAWA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The In Vitro Diagnostics market is anticipated to hit a compound annual growth rate (CAGR) of around 5% over forecast period 2020-2027.
In vitro diagnostics are medical devices that are diagnoses a medical condition using assays and reagents. Tests can be performed on tissue or blood taken from human body. IVD become essential tool in order to diagnose and identify diseases plus offers projection and forecasting treatment response in clinical practice. Various in vitro diagnostics techniques available at present include hematology, immunodiagnostics, molecular diagnostics and tissue diagnostics. In vitro diagnostic can also be utilized to check a person’s health condition and offer them preventive measures. These IVDs may include next generation tests which require scanning persons DNA to detect genomic variations. Increasing demand for self-tests and point-of-care is projected to accelerate the growth of IVD treatments. Point-of-care testing segment of IVD market is growing rapidly as healthcare systems increasing their reliance on these technologies for informed patient care decisions with easy-to-use tests that offer speed and accuracy.
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Development in molecular diagnostics and growing adoption of precision medicine has extended in vitro diagnostics application areas in modern medicine. Additionally, diagnostics center invests enough amounts on Research and Development. For instance, in 2018, players such as Roche, Sysmex and bioMerieuxspent around USD 1.4 billion, USD 158 million and USD 326 million respectively on R&D activities.
Existence of research organizations that offer clinical research, consulting services, and laboratory testing to cater the swelling demand for rapid diagnosis and treatment plans is likely to fuel the IVD market.
The growth of the IVD market is attributed to increasing geriatric population and rapid prevalence of acute and chronic diseases.
The in vitro diagnostic may include next generation sequencing tests which diagnoses persons DNA to catch genomic variations.
Emerging economies are predicted to offer lucrative opportunities for key players in the IVD market.
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The in vitro diagnostics market is expected to grow at a CAGR of around 5% over the forecast period and the market growth is majorly driven by increasing geriatric population. United Nations forecasted there were around 962 million people with age beyond 60 years in 2017. Further, substantial growth in the prevalence of acute as well as chronic diseases, growing adoption of automatic means and automation in laboratories will drive the IVD market. Growth in the condition specific tests increases significance for IVD tests in developing countries such as India and China which in turn propel the opportunities for key players in the market. Major factors driving the growth are technological advancement as well as focus of key players on constant introduction of innovative products. In addition, availability of Medicaid and Medicare facilities owing to increasing demand for disease diagnosis using IVD is projected to fuel growth in the IVD market over the forecast period. However, rigorous government regulations and adverse reimbursement policy may hinder the IVD market growth. Nonetheless, developing economies offers lucrative growth opportunities for manufacturers involved in the in vitro diagnostics market.
Increasing global spending on healthcare owing to increasing geriatric population and growing adoption of treatments and continuous advancements in technology is expected to propel the in vitro diagnostics market growth in the near future. However, the growth in developed market is predicted to remain steady whereas Asia Pacific and other developing markets will lead the in vitro diagnostics market over the forecast period.
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North American led to in vitro diagnostics market in 2019, owing to supportive government regulations, leading healthcare infrastructure and advancements into in vitro diagnostics system. In addition, owing to increasing awareness regarding viral disease detection and development of in vitro diagnostics kits for hospital labs is expected to drive the market growth in North America. For example, Lexent Bio entered partnership with Illuminia, Inc. in order to develop an IVD in vitro diagnostic kit for product offering of next generation sequencing based cancer diagnostics. On the other hand, Asia Pacific is anticipated to witness highest CAGR during the estimated time. Huge target population and upgrading healthcare infrastructure boosts the growth of IVD market in the region.
Key Players & Strategies
The in vitro diagnostics market is intensively competitive with presence of a large number of emerging players. The key market players include Alere, Inc., Hoffmann-La Roche Ltd., Arkray, Beckman coulter and many others. Major players in the market are developing innovative products and planning strategic initiatives, like mergers, acquisitions and collaborations in order to acquire significant market share and extend their product range. For instance, in 2018, Roche Diagnostics dominated the industry and revenues were double that of its competitors in the same year. Abbott Diagnostics acquired Alere and firmly held the second position in revenue. This acquisition led Abbott as the leader in point of care testing across the globe.
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