Market Overview:
In vitro diagnostics tests that are carried out on samples of blood or tissue have gained substantial traction in the past few years owing to developments in the market. Market focused reports connected to the healthcare sector among others of late have been made accessible by Market Research Future which publishes reports on this industry.
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.
Chronic and infectious diseases have been on the rise in the past few years, which have necessitated the need for the development of the In-vitro diagnostics market. As In vitro diagnostics play significant role in risk assessment, and disease monitoring the demand curve of the market is on the rise since the past few years. As In vitro tests offer in depth information about various diseases as compared to conventional blood tests, they are being increasingly preferred by doctors. Increasing prevalence of lifestyle and chronic diseases is expected to drive market growth over the forecast period.
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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Market Segmentation:
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.
Regional Overview:
The regional analysis of the market includes regions such as Europe, the Americas, APAC and the Middle East and Africa. The Americas region directs the market for In-vitro diagnostics globally. Growing demand for advanced techniques and in-vitro diagnostics and increasing expenditure are the key factors for the development of the American market. The European region has the second biggest market share trailed by the Asia Pacific region. The Asia Pacific region is growing at a rapid rate in the forecast period. Owing to growing prevalence of chronic diseases, rising number of private diagnostic centers are the driving forces for the progress of the market. The absence of proper reimbursement policies in the developing countries and stringent FDA regulations are the main restraints for the development of the IVD market. On the other hand, in the Middle East and Africa regions, blood disorders have created a major problem owing to limited screening, unawareness of diseases, and restricted access to treatment.
Competitive Landscape
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.
Industry News
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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