Pune, India -- (SBWIRE) -- 02/08/2018 -- According a report published by Infinium Global Research the global in-vitro diagnostics market was worth USD 62.5 billion in 2016 and it is projected to reach USD 92.7 billion in 2023, expanding at a CAGR of 6.0% between 2017 and 2023. Technological advancements and innovations to drive the growth in this market in the near future, owing to high level of competition among the key players in this industry.

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Demand for Personalized Medicine Is On the Rise

The global market for in-vitro diagnostic is driven by factors such as innovations, and need for personalized medicine. In several health conditions such as diabetes, HIV among others the personalized medicine allows the clinicians to reduce the occurrence of side effects of medicine on the patients. Clinicians also can manage the treatments through real time and customized approaches. Moreover in the oncology therapeutic area the demand for personalized medicine as it encompasses individualized treatment and patient management through real time diagnostic and treatments. As a result several companies operating in the in-vitro diagnostic market are focusing more on personalized medicine. Thus, the growth in demand personalization of the medicine is likely to augment the market size of in-vitro diagnostics market over the forecast period.

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North America is estimated to command the largest share of the market

North America accounted for the largest market for in-vitro diagnostic over the past couple years. The Europe accounted for the second largest market share after North America. Presence of medical reimbursement facilities and technological advancements in the region are considered to be the key factors driving the dominance of North America in global in-vitro diagnostic market. The Asia-Pacific region is anticipated to grow at the highest CAGR over the forecast period. The growth of Asia pacific in-vitro diagnostic market is considered to be driven by rapidly increasing per capita healthcare expenditure and higher focus on research in in-vitro diagnostic by key players across the region. Developing economies in Asia pacific such as India and China are likely to bring more opportunities for major player over the forecast period.

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Global In Vitro Diagnostics (IVDs) Market, by Test Type
- Central lab immunoassays
- Blood glucose monitoring
- Central lab clinical chemistry
- POC (Point of Care)
- Clinical molecular
- Microbiology
- Anatomic pathology
- Hematology
- Immunohematology
- Blood screening immunoassays
- Blood screening molecular
- Central lab critical care
- Central lab urinalysis
- Coagulation
- Other

Global in Vitro Diagnostics (IVDs) Market, by Test Location
- Central lab
- POC (Point of Care)
- Self-test/OTC

Companies Profiled Covered in this Report

The companies covered in the report include Abbott Laboratories, Inc., Siemens AG, Sysmex Corporation, Becton, Dickinson and Company, Ortho-Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Thermo Fisher Scientific, Inc., Qiagen N.V., Johnson & Johnson, Roche Diagnostics, Diasorin S.P.A., and Biomérieux SA.