22 Jan, 2019, 05:00 ET
ALBANY, New York, January 22, 2019 /PRNewswire/ --
In 2016, the global in vitro diagnostics market was worth US$55000 mn and is projected to reach a value of US$89862.2 mn by the end of 2025. The market is projected to register a healthy 5.60% CAGR between 2017 and 2025, states a new research study by Transparency Market Research.
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The global in vitro diagnostic market is predicted to grow at a stupendous rate during the forecast period, 2017 - 2025, owing to rise in prevalence of chronic diseases all across the world. Rise in number of public and private diagnostic centers due to rise in awareness regarding various diseases among people is expected to help the market to grow. Rising health conscious population, is aiding the market to grow as they prefer for early treatment. Aggressive growth in the health sector is considered to be one of the major driver pushing the market towards forward direction. Rapid advancements in technology has helped to make market product better and more efficient, thus gaining more popularity among patients and doctors.
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Rising Prevalence of Infection Diseases to Bolster Market Growth
Rising incidences of chronic diseases like cancer, tuberculosis, diabetes, and cardiovascular diseases are anticipated to help the market to gain maximum momentum in coming years. Apart from these, surge in number of patients suffering from infectious diseases, such as sexually transmitted diseases (STDs), respiratory, and gastrointestinal are predicted to augment the demand in the market. Strong rise in cardiovascular and diabetes particularly in developed countries has favored the in vitro diagnostic market to rise stupendously. Rise in geriatric population plays a pivotal role in stoking the demand in market. Old people are more vulnerable to diseases due to low immunity, thus aiding the overall healthcare industry to rise, which as a result catapults in vitro diagnostic market.
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Surge in Preference for Personalized Medicines to Favor Market Growth
Over the years, healthcare industry has seen tremendous development. Advent of personalized medicines along with the rise in uptake of automated instruments are likely to aid the market growth during the forecasts period. Previously, in vitro diagnostics were carried out only in labs, but now they can be easily carried out in home. For instances pregnancy tests can be carried out in home by placing urine samples of the test stick. These has brought down hospital bills and are more convenient. These tests have proved to be accurate and consumes less time and can be performed without the presence of any skilled professionals. Blood glucose levels of a person can be checked without paying a visit of diagnostic center. Lately, one can also test diseases such as HIV with the help of mouth swap. These devices have gained immense popularity among people due to their user friendly nature, thus burgeoning the growth of the market.
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Stringent Government Rules and Lack of Favorable Reimbursement to Deter Market Growth
However, it has been noticed that frequent change in regulatory scenario is foreseen to hamper the market growth. Lack of favorable reimbursement facilities for in vitro diagnostic is likely to perturb the market. Nonetheless, presence of numerous opportunities are likely to foster the major players to target untapped region in order to expand their customer base. Apart from these, investments from government of various countries to develop the healthcare industry is anticipated to help the market grow. Recently, Abbott, a global healthcare company acquired Alere, in a mission to become the leader in in vitro testing.
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The global market for in vitro diagnostics is presently at a competitive stage with a high number of players operating worldwide. The rising emphasis of the key players on the research and development activities and the introduction of new technology to support the growth of the global market in the next few years. Moreover, the rising number of mergers and acquisition are likely to help the leading players in maintain their position and enhance the market penetration in the next few years. Some of the leading players that are engaged in the in vitro diagnostics market across the globe are Ortho Clinical Diagnostics, Becton Dickinson and Company, Sysmex Corporation, Thermo Fisher Scientific Corporation, Danaher Corporation, Diasorin, Siemens Healthineers, Biomerieux SA, Abbott., Qiagen N.V., F. Hoffmann-La Roche Ltd., Life Technologies Corporation, and Gen-Probe Incorporated.
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This review is based on the findings of a TMR report, titled, "In Vitro Diagnostics Market (Technology - Point of Care, Molecular Diagnostics, Immunoassays, Clinical Chemistry, Whole Blood Glucose Monitoring, Hematology, Clinical Microbiology, and Coagulation and Hemostasis; Application - Drug Testing, Infectious Disease, Oncology, Metabolic Disease, and Autoimmune Disease; End User - Diagnostics Laboratories, Hospitals, Academic & Research Centers, and Home Care) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017-2025."
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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