In Vitro Diagnostics Market Size Worth $85.8 Billion by 2027

SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ — The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. Development of simplified diagnostic tests is expected to drive the growth.

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Key suggestions from the report:

Molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
Infectious disease application segment dominated the market in 2019 due to rising prevalence of tuberculosis, hepatitis, and other infectious diseases
North America dominated the in vitro diagnostics market in 2019, owing to presence of key players and a rise in launch of new products in major countries like U.S. and Canada
Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to number of products are being launched in hospitals to provide accurate diagnosis
Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

Read 159 page research report with ToC on “In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Technology (Molecular Diagnostics, Clinical Chemistry), By Application, By End Use, And Segment Forecast, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

Rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.

Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.

Reagents held the largest market share in 2019, owing to development of analytical laboratory automation coupled with high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.

Increasing prevalence cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. Liver, stomach, breast, lung, and colorectal are the most common types of cancer.

Grand View Research has segmented the in vitro diagnostics market on the basis of product, technology, application, end use, and region:

In Vitro Diagnostics (IVD) Product Outlook (Revenue, USD Million, 2016 – 2027)

Instruments
Reagents
Services

In Vitro Diagnostics (IVD) Technology Outlook (Revenue, USD Million, 2016 – 2027)

Immunology
Instruments
Reagents
Services
Hematology
Instruments
Reagents
Services
Clinical chemistry
Instruments
Reagents
Services
Molecular Diagnostics
Instruments
Reagents
Services
Coagulation
Instruments
Reagents
Services
Microbiology
Instruments
Reagents
Services
Others
Instruments
Reagents
Services

In Vitro Diagnostics (IVD) Application Outlook (Revenue, USD Million, 2016 – 2027)

Infectious Disease
Diabetes
Oncology
Cardiology
Nephrology
Autoimmune Diseases
Drug Testing
Others

In Vitro Diagnostics (IVD) End-use Outlook (Revenue, USD Million, 2016 – 2027)

Hospital
Laboratory
Home Care
Others

In Vitro Diagnostics (IVD) Regional Outlook (Revenue, USD Million, 2016 – 2027)

North America
U.S.
Canada
Europe
U.K.
Germany
Spain
France
Italy
Russia
Asia Pacific
Japan
China
India
South Korea
Singapore
Australia
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
United Arab Emirates
Saudi Arabia

Find more research reports on Clinical Diagnostics Industry, by Grand View Research:

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