Ocean View, DE -- (SBWIRE) -- 05/17/2020 -- In-vitro Diagnostic Services Market will exceed USD 63 billion by 2024; as per a new research report.

Growing number of pathology laboratories in developed as well as developing economies will impel the industry growth in upcoming years. Elderly population base suffering from chronic conditions will have high preference for laboratory diagnostic services that should escalate in-vitro diagnostic services market growth. Moreover, business growth will be triggered due to increasing automations in the diagnostic devices utilized in the pathology laboratory centers.

Rising number of liquid biopsy tests will positively impact the industry growth during forecast timeframe. Technological advancements in the liquid biopsy devices to have an accurate analysis of the tumor will increase its preference over the forecast timeframe. Also, favorable reimbursement scenario should drive business growth. For instance, insurance providers in the U.S. have developed new reimbursement policies for biopsy tests that will ensure high industry growth in coming years.

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Availability of diagnostic tests to detect diseases ay genetic level will augment the business growth over the forecast timeframe. Moreover, there are around 7000 different genetic diseases and 1 in 10 Americans suffer from at least one rare genetic disease. Improvements and automations in diagnostic services have enabled genetic disease detection at molecular level thereby will positively impact on the in-vitro diagnostic services industry growth.

Software segment will grow at 4.5% and is expected to have similar growth trends over the estimated forecast. Use of software in clinics, hospitals and pathology laboratories to maintain the data of patients should impact the segmental growth positively. Furthermore, availability of reliable and efficient software systems will enhance the business growth in the forthcoming years.

Hospitals segment of in-vitro diagnostic services industry held largest revenue share of 30.6% in 2017 and should expand enormously in foreseeable future due to rising number of hospital admissions demanding accurate diagnosis and critical monitoring. Additionally, improvement in the healthcare infrastructure of developed as well as developing countries will upsurge the segmental growth.

U.S. in-vitro diagnostic services market will grow at 5.6% over the forecast timeframe and high growth of this segment can be attributed to growing number of initiatives taken by the organizations that will create awareness regarding availability of services thereby, should augment business growth. In-vitro diagnostic services market is highly regulated ensuring improvised quality of diagnostic services escalating preference for services over the upcoming years.

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China in-vitro diagnostic services market was valued at USD 2.2 billion in 2017, as a result of the increasing incidences of cancer. Around 7500 people in China die due to cancer. Due to availability of superior quality diagnostic services, the mortality rates have reduced drastically in the recent years. Also, growing adoption rate of point-of-care testing services by the elderly based population requiring critical monitoring will upsurge the regional growth in forthcoming years.

Some of the prominent industry players operating include BioRad, DexCom, Nova Biomedical, OraSure, Pearl Pathways, Phenomenex, Qiagen, Roche diagnostics, Siemens, Sysmex and Thermo Fisher. These companies adopt several initiatives such as mergers, acquisitions and new product launch to achieve competitive advantage. For instance, in December 2017, Thermo Fisher collaborated with leading diagnostic player NeoGenomics and launched Oncomine Target Test. Collaborations with major industry players will improve product offerings and prove beneficial for company's growth.