Global In-Vitro Diagnostics Market — Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2025
The In-Vitro Diagnostics Market is anticipated to gain the market worth of US$ 98.2 billion by 2025, expanding at a CAGR of 5.24% during the forecast period 2019–2025. The major reasons that would escalate the adoption of In-Vitro Diagnostics are increasing prevalence of chronic diseases, rising geriatric population and increasing adoption of Point-of-Care diagnosis techniques. Moreover, changing reimbursement models and regulations, investing in unifying technology, consolidation and automation of labs, shift to data-driven healthcare would mark as a trend in this industry. In-vitro diagnostics (IVDs) play a critical role in driving clinical decision-making and their true impact includes cost savings and increased efficiencies in downstream activities. IVD testing can answer crucial questions about a patient’s health status, including risk or predisposition for developing a certain condition; stage of disease; chances of therapy response; and prognosis for progression/remission under therapy. Evidence suggests that the potential of IVDs is currently underexploited and undervalued. Recent research indicates that IVDs account for 2.3% and 1.4% of total healthcare expenditure in the US and Germany respectively while driving 66% of clinical decision-making. The reagents segment generated revenue of US$ 47.5 billion in 2018, owing to the recent advancements in IVD instruments and growth in demand for fully automated instruments in market.
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The growth in the number of public and private diagnostic centers and point-of-care testing centers is expected to fuel growth to the global in-vitro diagnostics market in years to come. Healthcare organizations continue to be challenged with escalating costs and decreased funding, which makes it even more difficult to deliver quality services to a broad patient population. In order to control costs while maintaining a high quality of care, providers are looking to generate efficiency gains, eliminate waste, optimize processes and drive appropriate utilization of resources among others. Chronic diseases are a growing global challenge, and according to WHO estimates, account for approximately 60% of all deaths, worldwide. Hence, increasing number of Chronic patients demand or In-Vitro Diagnostic technology would increase. Patients are becoming more comfortable with digital devices and services; hence healthcare stakeholders are investing in digital strategies to increase efficiency and improve cost effectiveness of their business and offerings. Integration of technology in labs and hospitals are driving clinicians, data analysts, and corporate leaders, among others, to extract meaningful information from data to deliver higher-quality, more coordinated healthcare services. Accountable care organizations and laboratories emphasize diagnostic testing integrated with hospital systems to harness data while monitoring individual patients. Healthcare is the basic requirement of all the individuals however, high cost of the healthcare service makes it difficult for the low and low-middle class individuals to afford the same. The route to funding and financial aid is extraordinarily complex. Aging leads to deteriorating health due to impairment and thus leads to huge expenditure on it. IVD companies tend to share technologies rather than compete against one another to produce bundled tests, improving the patient care continuum. Technological convergence is bound to increase volume as more patients opt for bundled packages.
Based on Product type the global in-vitro diagnostics market is segmented into reagents and Instruments Services. The market of the Reagents segment is expected to grow tremendously and is projected to dominate the market in 2025 due to its high demand in over-the-counter diagnostic tests, paired with rising demand for these for tests at non-medical facilities such as home. Based on techniques the global In-Vitro Diagnostics market is segmented into Immunoassay, Clinical Chemistry, SMBG, Molecular Diagnostics, Hematology, Microbiology, Point-of-Care and Hemostasis. The Immunoassay technique occupied the largest share of 24.7% in 2018. Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, Autoimmune Diseases are the major applications of In-Vitro Diagnostics technology. In 2018, IVD was majorly used for the treatment and diagnosis of Infectious Diseases. The segment is expected to witness CAGR 4.89% during the forecast period 2019–2025. In 2018, hospital segment occupied 47.6% share. However, use of the technology for home disease treatment is expected to witness highest CAGR growth dusting the forecast period 2019–2025. In addition, The Reusable IVD Devices occupied the largest share and is expected to maintain its dominance throughout the forecast period 2019–2025.
For Regional/country-wise analysis of the overall adoption of In-Vitro Diagnostics technology in different healthcare facilities browse through — https://univdatos.com/report/in-vitro-diagnostic-market-current-scenario-and-forecast-2019-2025
For a deep-dive analysis of the industry and its adoption rate, detailed regional/country-level analysis was conducted for regions including North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, UK and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific) and Rest of the World (Brazil and Others). In 2018, North America dominated the market, however the growing elderly population in Europe and Asia-Pacific would help the region to use more of in-vitro diagnostic technology for disease detection and treatment. Some of the major companies profiled in the global In-Vitro Diagnostics study include Abbott Laboratories, Becton Dickinson and Company, Biomerieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Johnson & Johnson, Roche, Siemens Healthineers AG, Sysmex Corporation and Thermo Fisher Scientific. These industry players are entering into partnerships and mergers & acquisitions for the expansion of their reach and proving older populations with better services. Some of the key players are also expanding their businesses by setting up new elder care homes and community centers or increasing their expenditure on R&D.
Global In-Vitro Diagnostics Market Segmentation
Market Insights, by Product Type
Market Insights, by Technique
Market Insights, by Application
Market Insights, by End User
Clinics & Labs
Market Insights, by Usability
Disposable IVD Devices
Reusable IVD Devices
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