In Vitro Diagnostics Market Worth $87.93 Billion by 2023 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 28, 2019 /PRNewswire/ -- According to the new market research report "In vitro diagnostics market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast to 2023", published by MarketsandMarkets™, the report studies the global in vitro diagnostics market from the forecast period of 2018 to 2023. The market is projected to reach USD 87.93 billion by 2023 from USD 68.12 billion in 2018, at a CAGR of 5.2%.

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Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period.

Reagents and kits segment will grow at higher rate during the forecast period.

Based on products and services, the IVD market is segmented into reagents and kits, instruments, data management systems/software, services. During the forecast period of 2018-2023, the reagents and kits segment is projected to grow at highest CAGR. Increased accessibility and demand for reagents and the rising number of IVD tests conducted are the key factors driving the growth of this segment.

Molecular diagnostic technology segment is expected to register highest growth rate during the forecast period of 2018-2023

Based on technology, the IVD market is categorized into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, other technologies. The molecular diagnostics segment is projected to grow at faster rate between 2018 and 2023. Growth in this market is majorly driven by the rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing.

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The oncology segment is expected to grow at the highest CAGR in the in vitro diagnostics market during the forecast period

The IVD market, by application is segmented into infectious diseases, diabetes, oncology, cardiology, drug testing/pharmacogenomics, HIV/AIDS, autoimmune diseases, nephrology, and other applications (including genetic disease screening and human leukocyte antigen typing). The infectious diseases accounted for the largest share of this market, while oncology is expected to grow at the highest CAGR during the forecast period. The increasing number of cancer cases across the globe, growing demand for personalized medicine treatment, the increasing utility of biomarkers, and availability of funding for cancer research are some of the major factors propelling the growth of this application segment

Point-of-care testing segment will continue to grow at higher rate till 2023.

On the basis of end users, the in vitro diagnostics market is segmented into hospitals, laboratories, poit-of-care testing, patient self-testing, academic institutes, and other end users. The hospitals segment held the largest share of this market in 2017, while point-of-care testing segment is expected to register highest growth during the forecast period. The rising prevalence of infectious diseases in developing countries and increasing incidence of cardiac diseases and diabetes are the major factors driving the demand for POC tests. The growing use of POC devices within hospitals and clinical settings, especially in remote and rural areas, is also fueling the demand for POC tests and thereby contributing to the growth of the IVD market.

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Asia Pacific is expected to witness the highest CAGR during the forecast period

The in vitro diagnostics market, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, North America dominates the market; and Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as government efforts to increase awareness about the early detection of diseases and regular health check-ups; continuously rising healthcare expenditure; increasing number of hospitals and clinical diagnostic laboratories in India and China; and strengthening research base for diagnostic procedures across India, China, and Japan. Furthermore, the rapidly increasing geriatric population in Asian countries (particularly in Japan and China) and supportive government regulations will further aid the growth of this market during the forecast period.

The in vitro diagnostics market is highly competitive with several companies holding substantial market shares. The top five players in this market hold a share of ~55–60% in 2017. Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), and Thermo Fisher Scientific (US) are the leading players in this market. Other players in this market are Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany). Major players in this market are continuously focusing on securing higher market shares through product launches, expansions, agreements, partnerships, collaborations, and acquisitions.

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