The global in vitro diagnostics market is projected to reach USD 87.93 Billion by 2023 from USD 68.12 Billion in 2018, at a CAGR of 5.2%.
The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, increasing adoption of fully-automated instruments and automation in laboratories, increasing adoption of point-of-care testing, and growing awareness of personalized medicine are the key factors driving the growth of the market.
On the basis of technology, the market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The large share of this segment is primarily attributed to the growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high-sensitivity and accuracy.
On the basis of end user, the market is segmented into laboratories, hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. The hospitals segment accounted for the largest share of the IVD market in 2017, owing to the large volume of diagnostic tests carried out in hospitals. However, the point-of-care testing segment is estimated to grow at the highest CAGR during the forecast period.
North America is expected to command the largest share of the market in 2018 owing to the availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the region. However, Asia Pacific is expected to register the highest growth rate during the forecast period due to rising healthcare expenditure; increasing number of hospitals and clinical diagnostic laboratories in India and China; increasing incidence of chronic and infectious diseases; rapid development in the healthcare infrastructure of developing countries such as India, China, and South Korea; and increasing per capita income of the middle-class population in the region.
The major factors driving the growth of this market in the North American region include accessibility to advanced technologies, increasing demand for laboratory automation, expansion of molecular diagnostics for genetic disorders and cancer screening, and presence of major leading companies in the US.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 In Vitro Diagnostics (IVD) Market Overview 4.2 Asia Pacific: Market, By Product & Service 4.3 Geographic Snapshot of the Market 4.4 Geographic Mix: In Vitro Diagnostics Market 4.5 Market: Developing vs Developed Markets
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Rising Geriatric Population and Subsequent Growth in the Prevalence of Chronic and Infectious Diseases 18.104.22.168 Increasing Adoption of Fully Automated Instruments and Automation in Laboratories 22.214.171.124 Growing Awareness on Personalized Medicine 126.96.36.199 Increasing Adoption of Point-Of-Care Testing 5.2.2 Restraint 188.8.131.52 Unfavorable Reimbursement Scenario 5.2.3 Opportunities 184.108.40.206 Development of Condition-Specific Markers and Tests 220.127.116.11 Growing Significance of Companion Diagnostics 18.104.22.168 Growth Opportunities in Emerging Countries 5.2.4 Challenges 22.214.171.124 Changing Regulatory Landscape 126.96.36.199 Operational Barriers Faced in Conducting Diagnostic Tests
6 Industry Insights 6.1 Introduction 6.2 Industry Trends 6.2.1 Automation of Clinical Laboratory Techniques 6.2.2 Microfluidics-Based Poc and Loc Diagnostic Devices for Laboratory Testing 6.2.3 Rise in Number of Reagent Rental Agreements 6.3 Regulatory Overview 6.3.1 US 6.3.2 Canada 6.3.3 Europe 6.3.4 Japan 6.3.5 China 6.3.6 India 6.3.7 Indonesia 6.3.8 Russia 6.3.9 Saudi Arabia 6.3.10Mexico 6.3.11Brazil 6.3.12South Korea 6.4 Vendor Benchmarking
7 In Vitro Diagnostics Market, By Product & Service 7.1 Introduction 7.2 Reagents & Kits 7.3 Instruments 7.3.1 Fully Automated Instruments 7.3.2 Semi-Automated Instruments 7.3.3 Other Instruments 7.4 Data Management Software 7.5 Services