Albany, NY -- (SBWIRE) -- 04/22/2019 -- Global In Vitro Diagnostics Market: Overview: This report on in vitro diagnostics market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, providing in vitro diagnostics products as well as new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides the overall information and data analysis of the global in vitro diagnostics market with respect to the leading market segments based on major types, applications, end users, and geographies.
TMR analysts report that the global in-vitro diagnostics market, which was worth US$55000 mn in 2016, is likely to reach a value of S$89862.2 mn by the end of 2025. The market is forecasted to rise at a 5.6% CAGR over the forecast period of 2017 to 2025.
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The segment of clinical chemistry is projected to gain significant traction in the coming years. The technology held over 25% share in the global in-vitro diagnostics market in 2016. Regionally, North America is expected to account for significant revenue in the market over the forecast period. This could be due to the well-established healthcare infrastructure in the region.
Rise in Prevalence of Chronic Ailments to Drive Growth
In 2017 it was estimated that around 23.5 million Americans were living with autoimmune diseases, the National Health Institute (NIH) said. During the forecast period, the prevalence is expected to increase. In 2018, an estimated 1.7 million new cancer cases are reported and approximately 609,640 people are likely to death from cancer, the American Cancer Society (ACS reports). Regular diagnostic testing is needed for the growing geriatric population that is prone to disease. This is one of the key drivers of market growth.
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In addition, it is estimated, in terms of accuracy, portability and cost effectiveness, that technological developments will accelerate demand for IVD devices. Improved technologies such as micro-fluid miniaturization, biochips, and nano-biotechnology should help boost the demand for PoC products. Such improvements have resulted in increased access to points of diagnosis testing and the results of the tests are expected to be fast and effective.
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