ALBANY, New York, October 17, 2018 /PRNewswire/ --
According to the report, the global in vitro diagnostics market was valued at US$55000 mn in 2016 and expected to expand with 5.6% CAGR over the forecast period from 2017 to 2025 in order to attain a value of US$89862.2 mn by the end of forecast period. Based on the type of technology, clinical chemistry segment dominated the global in vitro diagnostics market in 2016 with 25.2% in the overall market. Based on the region, North America dominated the global market for in vitro diagnostics owing to superior healthcare infrastructure and rise in awareness level among people.
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Rising Prevalence and Need for Their Treatment to be Beneficial for Growth
Prevalence of diseases such as diabetes, cancer, and immunodeficiency infections is rising globally and predicted to increase substantially over the forecast period. This rise in incidences of numerous infectious and chronic diseases are creating the need for the novel drugs for the treatment of these diseases is a key factor fuelling the growth of the global in vitro diagnostics market. Additionally, rising disposable income globally and especially in developing countries such as India and China which is leading to higher investment in the healthcare sector in order to improve healthcare infrastructure. This investment is expected to bolster the growth of the global market for in vitro diagnostics.
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Demand for minimally invasive surgeries due to its advantages of faster healing and higher safety is driving adoption of in vitro diagnostics in the operational procedures which are likely to drive the growth of the global in vitro diagnostics market. Alongside, the monitoring devices such as whole blood glucose monitoring systems for rising convenience of over-the-counter tests are driving the growth of the global in vitro diagnostics market. Additionally, the factors such as easy availability and easy handling of the in vitro diagnostics such as pregnancy tests are driving the growth of the global market for in vitro diagnostics market.
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Lack of Reimbursement Policies to Hamper Growth
Despite these factors for growth, some of the unfavorable and lack of important reimbursement policies are restraining growth of the global in vitro diagnostics market. In addition, lack of regulations for clinical laboratory in numerous countries is hampering the growth of the global in vitro diagnostics market. Nonetheless, growing geriatric population who are more susceptible to catch diseases are offering numerous growth opportunities for key players operating in the global in vitro diagnostics market. Additionally, growing research and development activities for the development of drugs and approval from authorized bodies are offering lucrative opportunities for growth.
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According to Transparency Market Research (TMR) observes that the global market for in vitro diagnostics has highly competitive and consolidated vendor landscape. Some of the key players such as Abbott and F. Hoffmann-La Roche Ltd are accounting for the leading share in the global in vitro diagnostics market. The in vitro diagnostics market is expected to witness a steady growth owing to growing innovation of new product and increasing research and development activities. Some of the prominent players operating in the in vitro diagnostics market are Abbott, Biomerieux SA, Becton Dickinson and Company, Gen-Probe Incorporated, and Danaher Corporation. Additionally, these players are adopting strategies such as acquisition, mergers, and partnerships.
This information is encompassed in the new report by TMR, 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."
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