Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth.
The global In Vitro Diagnostics Market to grow from USD 68.12 billion in 2018 to USD 87.93 billion by 2023, at a CAGR of 5.2% during the forecast period.
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Based on applications, the IVD market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications (neurological tests, endocrine tests, blood analysis tests, pregnancy tests, and general clinical applications). The infectious diseases segment accounted for the largest share of the IVD applications market in 2017.
Based on technology, the In Vitro Diagnostics Industry is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The immunochemistry/immunoassay segment is expected to dominate the market in 2018.
Based on end user, the IVD market is segmented into laboratories (large/reference laboratories, medium-sized laboratories, and small laboratories), hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period.
Key Market Drivers: -
1 Rising Geriatric Population and Subsequent Growth in the Prevalence of Chronic and Infectious Diseases
2 Increasing Adoption of Fully Automated Instruments and Automation in Laboratories
3 Growing Awareness on Personalized Medicine
4 Increasing Adoption of Point-Of-Care Testing
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe.
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Top Key Players:-
The prominent players in the global in vitro diagnostics market include Roche Diagnostics (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), Agilent Technologies (US), and QIAGEN (Germany).