DUBLIN--(BUSINESS WIRE)--The "In-Vitro Diagnostics Market by Product & Service (Instrument, Kits), Technology (Immunoassay, MDx, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases) End User (Hospitals) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global in-vitro diagnostics market size is projected to reach USD 96.0 billion by 2025 from USD 84.5 billion in 2020, at a CAGR of 2.6% during the forecast period.
Market growth is attributed to the rising per capita income in developed and developing countries and technological advancements introduced in the in-vitro diagnostic devices.
By technology, within the IVD market, the immunoassays segment holds the largest share in the forecast period.
Based on technology, the in-vitro diagnostics market has been segmented into immunoassays, clinical chemistry, molecular diagnostics, microbiology, hematology, urinalysis, coagulation, and others. Immunoassays accounted for the largest share of the market in 2019. Significant market share can be associated with increasing investments of leading players such as Roche Diagnostics, Danaher Corporation, Abbott Laboratories, and others in developing superior quality immunoassays. These immunoassays are highly reliable and provide healthcare professionals with an accurate diagnosis that positively impacts the segmental growth.
By application, the oncology segment is expected to grow at the fastest rate during the forecast period (2020-2025).
Based on application, the in-vitro diagnostics market has been segmented into infectious disease, oncology, diabetes, cardiology, drug testing, HIV/AIDS, auto-immune diseases, nephrology, and others. The oncology segment is predicted to have a higher growth rate as compared to other applications due to the increasing prevalence of cancer in developed as well as developing countries. According to WHO, cancer is the second leading cause of death and there is an exponential increase in the number of cancer cases in the past few years. This scenario proves beneficial for the segment growth as it increases the demand for efficient diagnostic tests, thereby, surging the overall industry growth.
North America to hold the largest share.
North America is expected to account for the largest share of the global in-vitro diagnostics market in 2019. The large share of this region can primarily be attributed to the presence of a well-established base of IVD companies, high investments in the IVD devices and software, and increasing R&D expenditure. On the other hand, the APAC is expected to witness the highest CAGR during the forecast period due to a large number of research activities, low cost of operations in APAC countries, and large elderly population base.
Market Dynamics
Drivers
- Rising Geriatric Population and Subsequent Growth in the Prevalence of Chronic and Infectious Diseases
- Increasing Adoption of Fully Automated and Poc Instruments in Developed Regions
- Growing Awareness Regarding Disease Diagnosis in Developing Regions
- Growing R&D Investments by Industry Players to Launch New IVD Products
Restraints
- Unfavorable Reimbursement Scenario
Opportunities
- Development of Condition-Specific Markers and Tests
- Growing Significance of Companion Diagnostics
- Growth Opportunities in Emerging Countries
Challenges
- Changing Regulatory Landscape
- Operational Barriers Faced in Conducting Diagnostic Tests
Companies Mentioned
- Abbott Laboratories, Inc.
- Accelerate Diagnostics, Inc.
- Agilent Technologies
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Biomerieux SA
- Caris Life Sciences, Inc.
- Danaher Corporation
- Diasorin
- Genomeme
- Genspeed Biotech GmbH
- Johnson & Johnson
- MSDX
- Ortho Clinical Diagnostics (A Part of Carlyle Group)
- Qiagen
- Roche Diagnostics
- Siemens Healthineers
- Speedx Diagnostics
- Sysmex Corporation
- Thermo Fisher Scientific
For more information about this report visit https://www.researchandmarkets.com/r/owqqq
