Trusted Business Insights presents the Updated and Latest Study on In-vitro Diagnostics Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: In-vitro Diagnostics Market
Industry / Sector Trends
In-vitro diagnostics market size was valued at USD 66.4 billion in 2018 and is expected to witness over 5.5% CAGR from 2019 to 2025.
Market Segmentation, Outlook & Regional Insights: In-vitro Diagnostics Market
In-vitro Diagnostics Market, By Type, 2018 & 2025 (USD Million)
Technological advancements in in-vitro diagnostic tools is the primary factor driving business growth. Focus of business players on introduction of innovative and cutting-edge in-vitro diagnostic (IVD) products will foster business growth. For instance, Qiagen, one of the leading providers of point of care molecular diagnostics, offers advanced products that deliver highest accuracy results for specific patient treatments. Several such advances will accelerate in vitro diagnostics business growth.
Furthermore, rising investments in the improvement of healthcare sector by government and other organizations will serve to be positive impact rendering factor in the business growth. Numerous initiatives undertaken by government to provide information and education about personalized medication and IVD tools for efficient patient management will spur in-vitro diagnostics business size. However, excessive cost of in-vitro diagnosis services may hinder industry growth during the forecast period.
In-vitro Diagnostics Market, By Type
Product segment held around 25% revenue share in 2018 and is projected to grow substantially by 2025. Increasing burden of infectious diseases will surge the demand for in-vitro diagnostic reagents and kits. Focus of business players on developing advanced kits for quick and reliable diagnosis should augment segmental growth.
Service segment is estimated to show robust CAGR of around 5% over the analysis period. Growing demand for software in diagnostic testing services by clinicians and doctors to diagnose various chronic diseases will boost the business growth.
In-vitro Diagnostics Market, By Technology
Clinical chemistry segment was valued over USD 13.5 billion in 2018 and is estimated to show similar growth over the coming years. Various applications of clinical chemistry including detection of hormone fluctuations and blood glucose levels will propel overall segmental growth.
Urinalysis segment held considerable revenue share in 2018 and is projected to show more than 5.5% CAGR over forecast period. Segment growth is attributable to increasing prevalence of kidney disorders in developed as well as developing economies.
Germany In-vitro Diagnostics Market Size, By Technology, 2018 (USD Million)
In-vitro Diagnostics Market, By Application
Cardiology segment was valued over USD 11 billion in 2018 and will exhibit lucrative growth over the coming years. Rising prevalence of cardiovascular diseases such as coronary artery disease, arrhythmia and stroke globally will drive demand for in-vitro diagnostics tools.
Oncology segment held considerable revenue share in 2018 and is projected to witness more than 6% CAGR during analysis period. Availability of advanced home kits such as fecal occult blood test (FOBT) for diagnosis of colon cancer in homecare settings will prove beneficial for segment growth.
In-vitro Diagnostics Market, By End-user
Hospitals segment was valued around USD 20 billion in 2018 and will exhibit significant growth during the forthcoming years. Presence of skilled healthcare professionals and technologically progressive medical devices in hospitals will foster business growth over the analysis period.
Point of care testing segment held considerable revenue share in 2018 and is estimated to show more than 6.5% CAGR during the forecast period. Point of care diagnostic tests include biosensors, pregnancy kits and glucose meters among others that ensure quick and accurate results. Growing demand for such point of care products and services will thus augment segmental growth.
In-vitro Diagnostics Market, By Region
North America in-vitro diagnostics market is projected to show around 5.5% CAGR over the analysis timeline. Growing disease burden in the region and awareness among people regarding availability of advanced products will spur regional business size. Moreover, strong foothold of prominent business players will upsurge North America in vitro diagnostics industry growth.
Asia Pacific in-vitro diagnostics business was valued over USD 13 billion in 2018. Regional growth can be attributed to the on-going trends in the IVD market such as PCR and flow cytometry among others. Growing healthcare expenditure and various healthcare reforms in Asia Pacific will further boost regional business growth.
Asia Pacific In-vitro Diagnostics Market Size, By Country, 2025 (USD Million)
Key Players, Recent Developments & Sector Viewpoints: In-vitro Diagnostics Market
Some of the notable industry players operating in in-vitro diagnostics market include Johnson & Johnson, Cephied, BioMerieux, Qiagen, Becton Dickinson, Danaher, Abbott, BioRad, Grifols, Luminex, Siemens, Sorin, Thermo Fisher Scientific and Roche Diagnostics. Manufacturers focus on novel product launch, introduction of newer technology within analytical instruments and inorganic strategies to raise their revenue share and sustain market competition.
Recent industry developments:
In July 2018, Thermo Fisher Scientific launched Phadia 200 for diagnosis of allergy & autoimmune conditions. The new product launch enabled the company to gain more revenue share.
In March 2017, Cepheid launched Xpert MTB/RIF Ultra, a new test for diagnosis of TB with an aim to diversify its product portfolio and capitalize on market opportunities.
In-vitro Diagnostics Industry Viewpoint
History of in-vitro diagnostics industry can be traced back to early 1980s. Kary Mullis, in 1983, introduced the PCR technique with an aim to improve patient care. Further in the 20th century, Efforts were taken to supplement the in-vitro diagnostics with technology. Business players such as Thermo Fisher and Roche among others aimed at integrating technological advancements in the diagnostic devices, that eventually had a positive impact on business growth. In-vitro diagnostics industry is consolidated in nature and is completely depended on adoption rates of diagnostic devices and economic potential in laboratories and hospitals. It can prove cost-effective in assisting elderly to stay independently at home for longer time. In-vitro diagnostics industry has witnessed momentous developments over the recent years. Advent in technology will surge the demand for in-vitro diagnostics, thereby, driving business growth during the forecast period
What are the Key Insights Covered: Exhaustive In-vitro Diagnostics Market
1. Market size (sales, revenue and growth rate) of In-vitro Diagnostics industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of In-vitro Diagnostics industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of In-vitro Diagnostics industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of In-vitro Diagnostics industry.
Research Methodology: In-vitro Diagnostics Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide In-vitro Diagnostics Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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