In-vitro Diagnostics Market size worth over $95bn by 2025
Published Date: August 5, 2019 Authors: Sumant Ugalmugle, Rupali Swain
In-vitro Diagnostics Market size is set to exceed USD 95 billion by 2025, according to a new research report by Global Market Insights, Inc.
Rapidly growing demand for automated laboratory machines and equipment primarily will drive in-vitro diagnostics (IVD) industry growth. Adoption of advanced technologies in developed countries has led to modifications in the medical diagnostic machinery and equipment. Also, developed economies have focused their attempts on R&D activities to manufacture automated laboratory equipment for accurate disease detection. Rising implementation of advanced diagnostic machinery should augment in vitro diagnostics business growth. Moreover, specific regulations laid by European Diagnostic Clusters Alliance (EDCA), on the manufacturers of IVD tools to meet patient’s safety will prove beneficial for the industry growth.
Growing preference towards personalized medication for the treatment of several chronic disorders will render positive impact on IVD market. Benefits delivered by personalized treatment and medicines including optimal dosing, accurate and target treatment along with early intervention will surge its demand over the coming years. Additionally, extensive usage of in vitro diagnostics to develop new therapies to treat different chronic diseases on molecular level is expected to further propel business growth. However, unfavorable reimbursement scenario may restrict in-vitro diagnostics market growth during the analysis timeframe.
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IVD product market was valued over 17 billion in 2018 and will witness lucrative growth during the analysis period. Product improvizations and high utilization of reagents and kits in diagnosis of viral infections and other hormonal disorders including hyperthyroidism will favor segmental growth. Moreover, focus of manufacturers on developing superior quality reagents for accurate disease diagnosis will accelerate the demand for IVD products, thereby, should upsurge the business growth.
Clinical chemistry segment accounted for around 20% revenue share in 2018 and will show substantial CAGR by 2025. Wide usage of clinical chemistry in development of novel therapies to eradicate the gene-level diseases including cystic fibrosis, sickle cell anemia and Huntington’s disease will boost segmental growth over the analysis period.
Browse key industry insights spread across 244 pages with 342 market data tables & 10 figures & charts from the report, “In-vitro Diagnostics Market Size By Type (Product [Reagents & Kits, Instruments], Service [Software, Testing Services]), By Technology (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Microbiology, Coagulation & Hemostasis, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/ Pharmacogenomics), By End-user (Hospitals, Point of Care Testing, Laboratories, Academic Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Infectious diseases segment was valued more than 15 billion in 2018 and is expected to experience momentous growth during analysis period. Segment growth is attributed to rising prevalence of salmonella infections that typically develops due to infection in the intestinal tract. Increasing demand for IVD in effective diagnosis of infectious diseases will favor segmental growth.
Laboratories accounted for over 29% revenue share in 2018 owing to growing number of well-equipped laboratories delivering superior quality diagnostic services. Surge in the number of laboratories that strive to provide accurate diagnostic decisions will increase the demand for advanced and innovative technologies within the diagnostic devices, thereby, augmenting in-vitro diagnostics market growth.
North America is expected to witness over 5.5% CAGR up to 2025. Increasing viral infection and chronic diseases have surged the demand for in-vitro diagnostics in the region. Furthermore, presence of Medicare and Medicaid facilities for effective health management and awareness among people regrading early and reliable disease diagnosis should foster the business growth.
Some of the eminent business players operating in in-vitro diagnostics market share include Qiagen, Becton Dickinson, Abbott, Cephied, Johnson & Johnson, BioRad, Grifols, Danaher, Siemens, Luminex, Roche Diagnostics, Thermo Fisher Scientific, Sorin, and BioMerieux. Business players focus on various strategic initiatives to improve their revenue share and strengthen market position.
In-vitro diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
In-vitro Diagnostics Market By Type, 2014-2025 (USD Million)
- Reagents & kits
- Testing services
IVD Market By Technology, 2014-2025 (USD Million)
- Clinical Chemistry
- Molecular Diagnostics
- Coagulation and Hemostasis
By Application, 2014-2025 (USD Million)
- Infectious Diseases
- Autoimmune Diseases
- Drug Testing/Pharmacogenomics
By End-user (USD million)
- Point of Care Testing
- Academic Institutes
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East Asia & Africa
- Saudi Arabia
- South Africa