In-Vitro Diagnostics Market Estimated to grow at a significant CAGR by 2025
Posted by Shristi on November 19th, 2019
“The Global In-Vitro Diagnostics Market was valued at US$ 65.3 Bn in 2018 and is expected to grow at a significant CAGR over six years forecast period 2019-2025 owing to increasing investments in the development of condition-specific markers and tests by the market players”.
Precision Business Insights (PBI) in its report titled “Global In-Vitro Diagnostics Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2018 and Forecast 2019-2025” assesses the market performance over six years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
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The global in-vitro diagnostics market was valued at US$ 65.3 Bn in 2018 and growing at a CAGR of 5.5% over the forecast period owing to rising incidence of chronic diseases such as autoimmune diseases, cancer, and inflammatory diseases coupled with growing number of geriatric population across the world. For instance, according to NIH, in 2017, almost 23.5 Mn autoimmune diseases cases were registered in United States. Moreover, launch of new products into the market and advancements in technology in offering accurate and precise results are anticipated to drive the growth of the market. In addition, the number of public and private diagnostic centers have been increased drastically coupled with increasing investments by the market players are projected to fuel the growth of the market over the forecast years. However, unfavorable medical reimbursement owing to which the medical testing segment has declined 38% over the past 2 decades and stringent government principles for manufacturing IVD products are expected to restrain the growth of the market over the forecast years.
Global in-vitro diagnostics market segmented on the basis of product type, techniques, application, end user, and region.
Immunochemistry segment accounted for higher revenue share
Based on techniques, global in-vitro diagnostics market is segmented into immunochemistry, molecular diagnostics, clinical chemistry, tissue diagnostics, hemostasis and coagulation, and others. Immunochemistry segment accounted for the largest market share in 2018 and is expected to grow with highest CAGR over the forecast period owing to the rising inclination towards these technologies over conventional methods and offers faster and accurate results.
North America holds leading position in Global In-Vitro Diagnostics Market
PBI’s global in-vitro diagnostics market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America is expected to account for larger revenue share in 2018 and the same trend is projected to follow over 2019-2025 owing to increasing procedures number in molecular diagnostics in screening cancer and genetic disorders. Moreover, presence of good number of market players in the region with the support of government to advance the products drives the growth of the market. Asia Pacific is expected to grow with a significant CAGR over the forecast years owing to rise in number of diagnostic centers in the region, mainly in emerging countries such as India, Indonesia etc. Healthcare sector is well developing in the region and increasing healthcare expenditure is anticipated to drive the growth of the market.
For More Information @ https://www.precisionbusinessinsights.com/market-reports/global-in-vitro-diagnostics-market/
Key player’s profiles in the report are Becton, Dickinson and Company (U.S.), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Thermo Fisher Scientific, Inc. (U.S.), Sysmex Corporation (Japan), bioMérieux (France), Bio-Rad Laboratories, Inc. (U.S.), Qiagen N.V. (Germany), Diasorin S.P.A. (Italy).Ortho-Clinical Diagnostics, Inc. (U.S.), and Johnson and Johnson (U.S.).
By Product Type
By End User
Middle East and Africa (MEA)
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About the AuthorShristi
Joined: September 17th, 2019
Articles Posted: 60
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