ALBANY, New York, June 18, 2018 /PRNewswire/ --
A recent report on the market for in-vitro diagnostic tests finds that it will rise at a 5.6% CAGR over the course of the forecast period starting from 2017 and ending in 2025. By the end of the period, the in-vitro diagnostic market projected worth as per the report would be US$89,862.2 mn from US$55,000 mn in 2016.
Depending upon the type of technology, the global market for in-vitro diagnostic tests is segmented into molecular diagnostics, point of care, clinical chemistry, immunoassays, hematology, whole blood glucose monitoring, coagulation and hemostasis, and clinical microbiology, among others. Of these, the segment of clinical chemistry accounts for a leading share in the market - in 2016 it was around 25.2%. From a geographical standpoint, North America holds a dominant share in the market owing to a superior healthcare framework, thrust on cutting-edge research and development, and greater degree of awareness about different health conditions among its people, particularly in the U.S.
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Rising Occurrence of Chronic Ailments and Infectious Diseases Drives Market Growth
Mainly fuelling the in-vitro diagnostics market is the increasing occurrence of infectious diseases and chronic ailments across the globe. Elaborates the lead analyst who helped to prepare the TMR report, "The market is expected to benefit from increasing instances of diabetes, human immunodeficiency infections, cancer, and obstructive pulmonary diseases. Further, growing spends on healthcare, including advanced treatment, is also predicted to create favorable opportunities for the market to grow. Rising preference for minimally invasive or non-invasive procedures is opening up new avenues for growth too."
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As per the TMR report, progress in treatment monitoring and rising availability of over-the-counter tests are other factors benefitting the market for in-vitro diagnostic tests.
Complicated Reimbursement Policies Prevents Market from Achieving Full Potential
One factor, on the flipside, bogging down the market's growth is the complex and limited number of reimbursement policies. Notwithstanding such bottlenecks, the market will continue soaring in the near term because of epigenomics-based diagnostics tool gaining traction and the effectiveness of molecular diagnostics in uncovering diseases early on. This, in turn, is because of the pressing need for early and precise diagnosis and the subsequent greater allocations of research and development of the same.
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A noticeable trend in the in-vitro diagnostics market is that it is no longer limited to clinical labs. For example, pregnancy tests that could only be done previously in laboratories, can now be safely conducted at home with a test kit. Those save time and yield accurate results too. Similarly it has become possible to test blood sugar levels at home as well.
Product development via extensive research and development is an important tool being used by savvy players in the global in vitro diagnostics market. Companies that have come to hold prominent positions on account of it and other sagacious strategies are Hoffmann-La Roche Ltd., Danaher Corporation, Biomerieux SA, Becton Dickinson and Company, and Abbott.
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