In-Vitro Diagnostics Market: Global Industry Analysis, Market Strategies and Forecast 2023
In-vitro diagnostics market was valued at USD 60,468.7 Mn in 2015, and is expected to reach USD 81,345.1 Mn by 2022, expanding at a CAGR of 4.2% from 2016 to 2022.
According to the latest report published by Credence Research, Inc. “Global In-vitro Diagnostics Market – Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the In-vitro diagnostics market was valued at USD 60,468.7 Mn in 2015, and is expected to reach USD 81,345.1 Mn by 2022, expanding at a CAGR of 4.2% from 2016 to 2022.
The need for in-vitro diagnostics is on a consistent rise due to growing incidence of chronic diseases, infections and high risk ageing population. Growing scope of personalized medicine, molecular diagnostics and growing knowledge about exploration of rare diseases and their treatments are further supporting the growth of in-vitro diagnostics market. On the other hand, rigorous regulatory requirements and dicey reimbursements will hold back the hold of this market.
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Reagents, instruments, and software and services is the product level segmentation of the global in-vitro diagnostics market. Among these, reagents take over 30% of the overall market share in 2015, due to large scale consumption of these products across all IVS techniques. Additionally, the software and services segment is anticipated to progress at a faster growth rate during the forecast period attributed by the growing need for widest automation and centralization of IVD processes and techniques at a precision at par.
Molecular diagnostics is observed to be the most remarkable IVD technique during the forecast period. Growing applicability of MDx is attributed to its efficacy in understanding disease mechanism and thus their vital role in discovery of appropriate and targeted treatments. Its prospects in novel drug discovery and personalized medicine also plays a critical role in facilitating lucrative market growth during the forecast period. IVD is largely performed in central laboratories, whereas its applicability in point-of-care testing is on a perpetual growth. However, over-the-counter or self-testing IVD will demonstrate the most significant growth rate in the near future with the growing number of OTC testing products while offering cost effectiveness and precise outcomes.
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Geographically, North America is the largest in-vitro diagnostics market, with the region taking over 35% market share in 2015. Fastest adoption of advanced technologies and rapid adoption of automation techniques in diagnostic process are the prime features of North America IVD market. Growing preference for molecular diagnostic in cancer screening will also facilitate steady growth to North America and Europe in-vitro diagnostics markets.
This market is majorly dominated with 5 players taking over 5% market share. This market is currently undergoing large scale consolidation activities by multinational players. Emergence of regional players is another significant phenomenon in the global in-vitro diagnostics market. Some of the major market players include Abbott Laboratories, Inc., Johnson and Johnson, Becton, Dickson and Company, Danaher Corporation, bioMérieux, Thermo Fisher Scientific, Inc. Sysmex Corporation and others.
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Aug 30, 2016