Global In-Vitro Diagnostics Market Is Set For A Rapid Growth And Is Expected To Reach Around USD 87.3 Billion by 2024

18-Jun-2018 | Zion Market Research

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. 

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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

Global In Vitro Diagnostic Market

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.

The Asia Pacific is the fastest growing in-vitro diagnostics market for the forecast period. The market growth is supported by changing healthcare policies, aging population, increasing healthcare expenditure, and growing population. Healthcare expenditure in the Asia Pacific is projected to reach around USD 2,000 billion by 2020 increasing from USD 1,537 billion in 2015. Countries like India, China, Japan, Vietnam, and Indonesia are key markets for IVD products. North America & Europe are amongst the leading revenue generating markets for IVD product. Market growth in both these regions is fostered by increasing R&D expenditure, the significant presence of manufacturers, high-income population, the presence of novel technologies in clinical laboratories, and clarity in regulatory guidelines. 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 the Central and Eastern Europe within rising influx of immigrants in last five years. 

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. 

The report segments global In Vitro Diagnostic market as follows:

In-Vitro Diagnostic Market: Products Segment Analysis

  • Reagents & Kits
  • Instruments

In-Vitro Diagnostic Market: Reagents & Kits Segment Analysis

  • Clinical Chemistry
  • Immuno-Chemistry
  • Hematology
  • Microbiology Culture
  • Infectious Disease
  • Genetic Testing
  • Others

In-Vitro Diagnostic Market: Instruments Segment Analysis

  • CC/IA Systems
  • MicroArray
  • Sample Processing
  • Cell Counting
  • Blood Grouping
  • Others

In-Vitro Diagnostic Market: Application Segment Analysis

  • Diabetes
  • Cardiology
  • Infectious Diseases
  • Cancer
  • Others

In-Vitro Diagnostic Market: Software Segment Analysis

  • LIS
  • Middleware
  • POC
  • Support Software
  • Others

In-Vitro Diagnostic Market: End-User Industry Segment Analysis

  • Laboratories
  • Hospitals
  • Point of Care Testing
  • Others

In-Vitro Diagnostic Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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