Northrook, IL -- (SBWIRE) -- 08/07/2020 -- According to the new market research report "In Vitro Diagnostics Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast" published by MarketsandMarkets™.

How the Market Growth looks like and Industry Segmentation?

The Global In Vitro Diagnostics Market to grow from USD 87.93 billion, by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.

On the basis application, the in vitro diagnostics market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications. The infectious diseases segment is expected to account for the largest share of the in vitro diagnostics market during the forecast period. The large share of this segment can be attributed to the rising prevalence of infectious diseases as well as multi-drug-resistant infectious diseases across the globe and the growing need for effective diagnostic tools for these diseases.

On the basis of end user, the in vitro diagnostic market is segmented into laboratories, hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The hospitals segment is expected to account for the largest share of the in vitro diagnostics market during the forecast period. The large share of this segment can be attributed to the large volume of diagnostic tests carried out in hospitals.

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Market Dynamics:

Driver: Increasing adoption of fully automated instruments and automation in laboratories;

The market is gaining traction due to the increasing adoption of fully automated instruments in diagnostic laboratories. As compared to non-automated instruments, fully automated instruments are more scalable, high-performance, help in decreasing hands-on time, eliminate batch testing, and deliver faster results to physicians. Due to these advantages, market players are increasingly focusing on developing automated instruments. Moreover, automation in laboratories enables, expedites, and increases the efficiency and effectiveness of diagnostic tests in laboratories. Total lab automation system is capable of handling all aspects of the testing process, from the loading of specimen tubes to generating results for all major lab disciplines

Opportunity: Development of condition-specific markers and tests;

Biomarkers have gained significant clinical value and interest in the medical industry, as they are very useful in the screening, diagnosis, and treatment of diseases. In the diagnosis process, markers can determine staging, grading, and selection of the initial therapy. During treatments, they can be used to monitor therapy, select additional therapies, or monitor recurrent diseases. Technological advancements in genomics, proteomics, and molecular pathology have helped introduce new biomarkers with potential clinical value. The integration of biomarkers and the availability of biomolecular tools are expected to help in the development of a new range of condition-specific tests, thus creating new opportunities for the IVD market.

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Geographical Regions Mapped in Report:

North America is expected to hold the largest market size in the global in vitro diagnostics market during the forecast period, followed by the European region. Availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the region are responsible for the large share of the North American in vitro diagnostics market.

Key Market Players;

Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany).