In-Vitro Diagnostics Market To Report Impressive Growth, Revenue To Surge To US$ 87.3 Billion By 2024

With the presence of a large pool of participants, the global in-vitro diagnostics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Thermo Fisher Scientific, Roche Diagnostics, Danaher Corporation, Bio-Rad Laboratories Incorporation, Becton Dickinson and Company, Agilent Technologies, BioMerieux, Qiagen, Sysmex Corporation, and Ortho-Clinical Diagnostics are some of the key vendors of in-vitro diagnostics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the in-vitro diagnostics market study.

This review is based on a report by Zion Market Research, 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, 2017 – 2024.”- Report at https://www.zionmarketresearch.com/report/in-vitro-diagnostics-market

Citing an instance, in September 2018, Incyte Corporation – a U.S. based pharmaceutical firm –signed a deal with Foundation Medical for using latter’s companion diagnostics platform in Incyte’s medicine development. Reportedly, both the firms are likely to focus on creating Foundation Medical’s CDx (companion diagnostics) tool for enabling the testing of Incyte’s proprietary treatment.

As estimated in this report, the global in-vitro diagnostics market stood at US$ 62.0 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this in-vitro diagnostics market is expected to reach US$ 87.3 billion by the end of the forecast period. The main products available in this in-vitro diagnostics market are reagents & kits and instruments. Among them, the demand for is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Escalating Need For Managing Chronic Ailments To Spur Market Expansion

“Introduction of new technologies in IVD tests, massive demand for personalized medicines, and rising cases of chronic & contagious diseases is likely to augment growth of in-vitro diagnostics market over the foreseeable future,” says the author of this study. Apart from this, growing popularity of minimally invasive surgeries along with huge government investments on healthcare activities is likely is expected to lucratively leverage the progression of in-vitro diagnostics market in the years to come.

Strict regulations and unclear compensation policies, however, are forecast to hinder the development of in-vitro diagnostics market over the years ahead. Nevertheless, the rising need for effectively handling chronic health conditions such as diabetes, cancer, and obesity is expected to proliferate the growth of in-vitro diagnostics market in the ensuing years. This, in turn, is likely to normalize the impact of hindrances on the in-vitro diagnostics market, reports the study.

Thriving Healthcare Sector To Promote APAC’s Regional Dominance

Regionally, Asia Pacific has been leading the worldwide in-vitro diagnostics market and is anticipated to continue on the dominant position in the years to come, states the in-vitro diagnostics market study. Shifting healthcare policies, aging population, rise in healthcare expenses, and bulging population base is the main factor behind the dominance of the Asia Pacific in-vitro diagnostics market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting this regional in-vitro diagnostics market. For the record, countries such as India, Vietnam, China, Indonesia, and Japan are the key regional revenue pockets.

The global in-vitro diagnostics market is segmented as follows:

By Product

• Reagents & Kits
• Instruments

 By Reagents & Kits

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

By Instruments

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

By Application

• Diabetes
• Cardiology
• Infectious Diseases
• Cancer
• Others

By Software

• LIS
• Middleware
• POC
• Support Software
• Others

By End-User

• Laboratories
• Hospitals
• Point of Care Testing
• Others

 By Region

• 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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