In-Vitro Diagnostics Market: Global Opportunity Analysis and Future Assessment 2019-2027
An overview of conceptual frameworks, analytical approaches of the In Vitro Diagnostics market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. In-Vitro Diagnostics Market is expected to grow with a significant rate in the near future.
Global In-Vitro Diagnostics Market Dynamics
In-vitro diagnostics are tests performed in laboratories on biological samples such as blood, urine, tissue, etc. In vitro diagnostic are not only used for diagnosis but also provides useful information on monitoring of disease and treatment. Two-thirds of today’s clinical diagnoses involve in vitro diagnostics, hence they are referred to as the backbone of healthcare. In-vitro diagnostics market has witnessed substantial growth in the last decade owing to technological advancements in testing methods as well as in analyzer instruments. According to the EPRS report, there are over 40,000 different IVD products available in the European market and per capita, annual spending on IVD is approximately US$ 26. In-vitro diagnostics help to reduce the healthcare cost by making treatments more efficient and precise.
Evolving regulations for in-vitro diagnostics is the major driving force for market growth over the forecast period. For instance, regulation of medical devices in the European Union (EU) is undergoing a significant transformation with expanding scope for in vitro diagnostics, which is expected to impact the increased product approvals for IVDin the region. Significant progress in point-of-care testing is another factor driving the growth of the Global In-Vitro Diagnostics Market. Introduction of molecular-based assays and identification of a range of biomarkers has opened up huge new opportunities for growth of the global in-vitro diagnostics market.
The global in-vitro diagnostics market was valued at US$ XX bn in 2018and expected to reach at a value of US$ XX bn by 2027, expanding at a robust CAGR of X.X% over the forecast period of 2019-2027.
Global In-Vitro Diagnostics Market Competitive Landscape
Global market for in vitro diagnostics is dominated by Abbott Laboratories, Merck KGaG, F. Hoffman-La Roche AG, Becton Dickinson & Company, Danaher Corporation, Thermo Fisher Scientific Inc., Qiagen N.V., Diasorin S.P.A., biomerieux SA, Alere Inc., Bayer AG, Bio-Rad Laboratories Inc., Sysmex Corporation, etc. to name a few.
Global In Vitro Diagnostics Market Segmentation
The global in vitro diagnostics market is segmented on the basis of product type, technology, end user and region. On the basis of product type,in vitro diagnostics market is segmented as reagents and kits, analyze, and consumables. Based on technology, the global market is segmented as immunochemistry, molecular diagnostics, hematology, point-of-care diagnostics, tissue diagnostics, and clinical chemistry. On the basis of end-user, the global in-vitro diagnostics market is segmented into hospitals, diagnostic centers, clinics, home care settings, and others.
By-Products & Services
By End User
Global In Vitro Diagnostics Market Regional Segmentation
On the basis of region, the global in-vitro diagnostics market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America in-vitro diagnostics market is expected to be the most dominating market throughout the forecast period due to growing number of product approvals. Presence of key players in Europe makes it the second-largest market for in vitro diagnostics. Asia Pacific in-vitro diagnostics market is expected to witness the highest growth rate due to increasing number of local players in China and India. In terms revenue in 2018, North America is accounted to hold more than 40% of the market share, owing to favorable government regulations and presence of the key players in the region, also advancement in technology and advanced healthcare infrastructure also lead to the growth of In-vitro diagnostics market in this region.
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ABOUT THE AUTHOR
Leo Starc has done a post-graduation in Business Studies. He is now working as a full-time market analyst at Meridian Market Consultants, a US-based, leading market research and consultancy firm. Recently, he complete his assignment for Global In-Vitro Diagnostics Market, in which he give facts and statistics for the concern market at a global level.