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Global In-Vitro Diagnostics Market Will Reach USD 87.3 Billion by 2024: Zion Market Research(June 22, 2018)
According to the report, global in-vitro diagnostics market was valued at around USD 62.0 billion in 2017 and is expected to reach approximately USD 87.3 billion in 2024, growing at a CAGR of 5.01% between 2018 and 2024.
New York, NY, June 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “In-Vitro Diagnostics Market by Product (Reagents & Kits and Instruments), by Reagents & Kits (Clinical Chemistry, Immuno-Chemistry, Hematology, Microbiology Culture, Infectious Disease, Genetic Testing, and Others), by Instruments (CC/IA Systems, Micro Array, Sample Processing, Cell Counting, Blood Grouping, and Others), by Software (LIS, Middleware, POC, Support Software, and Others), by Application (Diabetes, Cardiology, Infectious Disease, Cancer, and Others), and by End-User (Laboratories, Hospitals, Point of Care Testing, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2024’’. According to the report, global in-vitro diagnostics market was valued at around USD 62.0 billion in 2017 and is expected to reach approximately USD 87.3 billion in 2024, growing at a CAGR of 5.01% between 2018 and 2024.
In-Vitro Diagnostics (IVD) are medical devices and accessories that help in the detection of samples collected from a human body in order to diagnose a particular medical condition, monitor drug therapy, and prevent disease. IVD devices and allied products include reagents, kits, software, calibrators, and control materials. The U.S. Food & Drug Administration (FDA) defined IVD as those ‘reagents, instruments and systems intended for diagnosing disease or other conditions’. IVD tests are carried out by specialist physicians, general practitioners, and other certified healthcare professionals. IVD tests can also aid in managing of chronic health conditions like diabetes, cancer, obesity, etc. Besides, the test result can offer insight on effective treatment regime to be provided to the patients. Like all diagnostic tests, IVD helps to enhance care quality, endorse wellness, facilitate early detection of disease, and lessen healthcare cost.
Browse through 88 Tables & 50 Figures spread over 130 Pages and in-depth TOC on "Global In-Vitro Diagnostics Market Size & Trends Report 2017: Industry Growth, Overview, and Forecast, 2024”.
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Global in-vitro diagnostics market growth is bolstered by technological advancements in IVD tests, increasing incidences of chronic & infectious diseases, growing demand for personalized medicine, the emergence of minimally invasive technologies, and rising government expenditure on healthcare. Stringent regulatory policies and unclear reimbursement policies are likely to restrict in-vitro diagnostics market growth for the forecast period.
The global in-vitro diagnostics market is segmented in terms of products, software, application and end users. Product segment is further bifurcated in terms of reagents & kits and instruments. Reagents & Kits comprise clinical chemistry, immunochemistry (immunoassay), hematology, microbiology culture, infectious disease, genetic testing, and others. Immunochemistry (immunoassay) held the largest market share for IVD within reagents & kits segment in 2017. Likewise, instrument segment is further categorized as CC/IA systems, microarray, sample processing, cell counting, blood grouping, and others. Software segment comprises of LIS, middleware, POC support software, and others. POC software is projected to grow with the highest rate in the forecast period. The growth momentum is provided by rising demand for Android & iOS applications for on the go diagnostics. Application segment is classified as cardiology, infectious disease, cancer, diabetes, and others. Likewise, the end-user segment is segregated as laboratories, hospitals, the point of care testing, and others. Hospitals hold the largest market share in terms of revenue owing to rising volume of class II & class III IVD products being used readily for testing.
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North America & Europe are amongst the foremost revenue generating markets for IVD product. The in-vitro diagnostics market growth in both these regions is fostered by ever-increasing R&D expenditure, the noteworthy presence of manufacturers, high-income population, the existence of novel technologies in clinical laboratories, and transparency in regulatory guidelines. The U.S. accounted for more than 70% of total North American in-vitro diagnostics market in terms of revenue in 2017. Germany, France, and the United Kingdom are amongst the leading markets for IVD products within the European region. Demand for IVD products has spiked in central and Eastern Europe within growing influx of immigrants in the last five years.
The Asia Pacific is the fastest growing in-vitro diagnostics market for the forecast period. The Asia Pacific accounted for over 32% of the total market in 2017. The market growth is supported by shifting healthcare policies, aging population, rising healthcare expenditure, and escalating population. Increasing healthcare expenditure would persuade procurement and sale of IVD products in the region. United Nation Population Fund (UNFPA) stated that by the end of 2050 one out of four people in the Asia Pacific will be over 60 years old. The geriatric population in the region is likely to triple between 2010 and 2050 and reach around 1.3 billion. Women will comprise more than 53% of the total aging population in the Asia Pacific by the end of 2050. Aging population will result in rising prevalence of chronic diseases like cancer, tuberculosis, etc. Early on detection and right care management would permit government and healthcare bodies to manage the disease, paving way for IVD products demand in the region. Countries like India, China, Japan, Vietnam, and Indonesia are key markets for IVD products.
Browse the full "In-Vitro Diagnostics Market by Product (Reagents & Kits and Instruments), by Reagents & Kits (Clinical Chemistry, Immuno-Chemistry, Hematology, Microbiology Culture, Infectious Disease, Genetic Testing, and Others), by Instruments (CC/IA Systems, Micro Array, Sample Processing, Cell Counting, Blood Grouping, and Others), by Software (LIS, Middleware, POC, Support Software, and Others), by Application (Diabetes, Cardiology, Infectious Disease, Cancer, and Others), and by End-User (Laboratories, Hospitals, Point of Care Testing, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/in-vitro-diagnostics-market
The Middle East & Africa is accounted to reach over 2% of global healthcare expenditure according to World Bank in 2018. Healthcare expenditure in particularly of GCC countries is likely to reach around USD 71.3 billion by 2020 from USD 40.3 billion in 2015. Over the years, durable medical equipment manufacturers have readily invested heavily to develop innovative products in the region. Orthopedic, oncology and diabetic medical devices are expected to witness the highest growth in the region due to an aging population and increasing chronic cases.
Latin America is anticipated to witness significant growth for the IVD products for the forecast period. The growth is largely attributed to growing base for geriatric population, increasing the number of chronic diseases, and government initiatives to spread awareness programs on disease & infections amongst local manufacturers. The government bodies throughout ‘Latin America initiated Alianca Latino Americana para o Desenvolvimento do Diagnostico in Vitro’ (ALADDiV). Through ALADDiV, Latin American countries are looking forward to spearheading research within the in-vitro diagnostics market in the region. ALADDiV aims at creating a collaborating network amongst academy, industry, healthcare professionals, and public & private laboratories in Latin America. Brazil, Argentina, Chile, and Peru are key markets for in-vitro diagnostics in Latin America.
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Thermo Fisher Scientific., Roche Diagnostics, Danaher Corporation, Bio-Rad Laboratories, Inc., Becton Dickinson and Company, Agilent Technologies, Biomrieux Sa, Qiagen, Sysmex Corporation, and Ortho-Clinical Diagnostics are some of the leading players involved in the global in-vitro diagnostics market.
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The report segments global In Vitro Diagnostic market as follows:
In-Vitro Diagnostic Market: Products Segment Analysis
- Reagents & Kits
In-Vitro Diagnostic Market: Reagents & Kits Segment Analysis
- Clinical Chemistry
- Microbiology Culture
- Infectious Disease
- Genetic Testing
In-Vitro Diagnostic Market: Instruments Segment Analysis
- CC/IA Systems
- Sample Processing
- Cell Counting
- Blood Grouping
In-Vitro Diagnostic Market: Application Segment Analysis
- Infectious Diseases
In-Vitro Diagnostic Market: Software Segment Analysis
- Support Software
In-Vitro Diagnostic Market: End-User Industry Segment Analysis
- Point of Care Testing
In-Vitro Diagnostic Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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