Albany, NY -- (SBWIRE) -- 09/22/2020 -- The global in-vitro diagnostics market is predicted to experience brisk development in the coming years, according to a Transparency Market Research (TMR) report. The in-vitro diagnostics market comprises of a highly competitive business landscape, with a large pool of vendors across the globe. Players in the global in-vitro diagnostics market are keen on focusing on research and development of innovative products. This is a key activity adopted by vendors in order to gain a brand presence in the global in-vitro diagnostics market.
Another key strategy being adopted by vendors in the global in-vitro diagnostics tests engaging in mergers and acquisitions. This is expected to aid vendors in penetrating the global market. A good instance, is the joint agreement between Sysmex Corporation and JVCKENWOOD Corporation to establish a new enterprise Creative Nanosystems Corporation. Instances like these are expected to open new avenues in the global in-vitro diagnostics market in the coming years.
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.
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.
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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.
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.
Preference for Minimally Invasive Surgeries to Boost Opportunity
Demand in the global in-vitro diagnostic market for non-invasive or minimally invasive processes brings new horizons. In addition, some of the other factors that support market growth are further developments in monitoring treatment and increased accessibility of over – the-counter tests. Early-stage demand for the treatment of a disease helps the market to develop traction. The fact that clinical laboratories are not needed in the tests is another reason behind the popularity of the in vitro diagnostic market. Pregnancy testing is now done with a test kit in a safe manner. As it a safe and convenient way, this is fuelling the global in-vitro diagnostics tests market.
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A key factor that may hamper the in-vitro diagnostics market is the complexity involved in reimbursement of the tests. This could deter the market growth to some extent.
This review is based on TMR's report titled, "In Vitro Diagnostics Market (Technology – Point of Care, Molecular Diagnostics, Immunoassays, Clinical Chemistry, Whole Blood Glucose Monitoring, Hematology, Clinical Microbiology, and Coagulation and Hemostasis; Application – Drug Testing, Infectious Disease, Oncology, Metabolic Disease, and Autoimmune Disease; End User – Diagnostics Laboratories, Hospitals, Academic & Research Centers, and Home Care) – Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017–2025."Top of Form
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Technology
Point of Care
Molecular Diagnostics
Polymerase Chain Reaction(PCR)
Isothermal Nucleic Acid Amplification Technology
Microarray
Hybridization
DNA Sequencing and Next Generation Sequencing
Other MDX Technologies
Immunoassay
Enzyme-Linked Immunosorbent Assays (ELISA)
Radioimmunoassay (RIA)
Enzyme-Linked Immunospot (ELIspot) Assay
Rapid Tests
Other Immunoassay Techniques
Clinical Chemistry
Basic Metabolic Profile
Electrolyte Panel
Liver Panel
Lipid Panel
Renal Panel
Thyroid Function Panel
Specialty Chemical Tests
Whole Blood Glucose Monitoring
Hematology
Clinical Microbiology
Coagulation and Hemostasis
Others
Application
Drug Testing
Infectious Disease
Oncology
Metabolic Disease
Autoimmune Disease
Others
End User
Diagnostics Laboratories
Hospitals
Academic & Research Centers
Home Care
Others
Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of the Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
Rest of Asia Pacific
Latin America (LATAM)
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
South Africa
Israel
Rest of Middle East & Africa
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