The in vitro diagnostics market is projected to grow at a CAGR of 5.2%
Aug 01, 2018, 13:54 ET
NEW YORK, August 1, 2018 /PRNewswire/ -- The in vitro diagnostics market is projected to grow at a CAGR of 5.2%.
The 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%. Growth in this market is primarily driven by the 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 of personalized medicine, and increasing adoption of fully-automated instruments and automation in laboratories.
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Moreover, the development of condition-specific markers and tests, growing significance of companion diagnostics, and emerging economies are expected to offer significant growth opportunities for market players during the forecast period. However, the unfavorable reimbursement scenario, changing regulatory landscape, and operational barriers faced in conducting diagnostic tests are all expected to challenge market growth to a certain extent in the coming years.
The reagents & kits segment is expected to dominate the market during the forecast period.
In 2018, on the basis of product & service, the reagents & kits segment is expected to account for the largest share of the market.The large share of this segment is primarily attributed to the increased accessibility and demand for reagents and the rising number of IVD tests conducted.
The oncology segment is projected to be the fastest growing during the forecast period.
In 2018, on the basis of application, the oncology segment is expected to register the highest growth rate during the forecast period, owing to the increasing prevalence of cancer and the introduction of a number of diagnostic tests such as Oncomine Dx Target Test and Oncomine Solid Tumor kits (Thermo Fisher Scientific) for NSCLC and PTEN/ERG FISH and UroVysion FISH tests for the detection of bladder cancer and treatment assessment of prostate cancer.
Asia Pacific is expected to register the highest growth rate during the forecast period.
In this report, the IVD market is divided into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.In 2018, North America is expected to account for the largest share of the market followed by Europe.
However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to the huge demand for better healthcare services; increasing incidence of chronic and infectious diseases; rapid development in the healthcare infrastructure of developing countries such as India, China, and South Korea; growing healthcare research investments in this region; and increasing per capita income of the middle-class population in the region.
Breakdown of supply-side primary interviews: by company type, designation, and region:
• By Company Type - Tier 1 – 22%, Tier 2 – 53% and Tier 3 – 25%
• By Designation – C-level – 45%, Director-level – 30%, Others – 25%
• By Region – North America - 55%, Europe – 25%, APAC – 10%, Latin America– 5%, and Middle East & Africa - 5%
List of companies profiled in the report
• Roche Diagnostics (Switzerland)
• Siemens Healthineers (Germany)
• Danaher Corporation (US)
• Abbott Laboratories (US)
• Thermo Fisher Scientific (US)
• Johnson & Johnson (US)
• Becton, Dickinson and Company (US)
• Bio-Rad Laboratories (US)
• Sysmex Corporation (Japan)
• bioMérieux (France)
• DiaSorin (Italy)
• Ortho Clinical Diagnostics (US)
• QIAGEN (Germany)
• Agilent Technologies (US)
Research Coverage
This report studies the in vitro diagnostics market based on product & service, technology, application, end user, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth.
It analyzes opportunities and challenges in the market for stakeholders and provides in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market.
The report forecasts the revenue of the market segments with respect to four main regions.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall in vitro diagnostics market and its segments.This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.
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