In-Vitro Diagnostics Market, by Type, Technology, Application, End-User, Region Global Market Analysis and Industry Forecast, 2019-2027

In-vitro diagnostics (IVDS) are the devices used for medical purposes to test the samples like blood, tissue, urine. These diagnostics are utilized for multiple purposes like detecting infection in humans and medical conditions can be diagnosed. Moreover, diseases can be prevented early, and drug therapies can be monitored with the use of these devices.

In-Vitro Diagnostics Market Analysis:

IVDS help the physicians to screen, accurately diagnose, and asset the predispositions of a disease. With IVDS doctors can determine the therapy choices and outcomes of the treatment administered. These tests are usually performed in test tubes under controlled laboratory conditions.

Increasing number of automated instruments used in hospitals and laboratories are expected to drive the market in the future.

IVD market is crucial in the global healthcare sector. The increase in the elderly population, severe infectious diseases, and autoimmune and cardiovascular diseases is predicted to boost the In-vitro diagnostics market in the forecast period. Moreover, the use of fully automated instruments in the laboratories is likely to increase the efficiency of tests and decrease the time of test results. In the healthcare industry, there is a rise in the trend of point of care testing, technological advancements, and awareness on personalized medication has grown immensely, which clearly shows the growth in the in-vitro diagnostics market.

Operational conditions like storage and transportations stand the major challenges for the market ahead.

The staggered developments in clinical laboratories are predicted to hamper the market growth in the forecast period. Moreover, need of expertise in technical operation these systems, storage condition requirements and transportation costs are anticipated to hinder the market growth in the forecast period. In addition, high price of advanced in-vitro diagnostics tests is also considered to be the major restraints for the market in the forecast period.

Opportunities can be found in the condition-specific markets and tests that will push the markets towards the expected growth rate.

The growing importance for clinical value and increasing demand for test procedures in the healthcare sector are the opportunities in global in-vitro diagnostics market. The diagnostics are utilized for purposes such as treatment for diseases, screening, and diagnosis. The markers used in the diagnosis are helpful in knowing the staging, grading, and selection of the therapy that is given in the initial stages. The integration of biomarkers and the availability of molecular tools are helping the development of new disease-specific kits, which is predicted to create a huge opportunity for the market in the forecast period.

In-Vitro Diagnostics Market, by Type:

The product segment generates the highest revenue for the IVD market

The product segment is predicted to have a maximum growth rate in the forecast period. Increasing technological advancements need for quicker results, use of software, and diagnostic testing in clinics and hospitals have made the potential for growth of the service sector is predicted to boost the segment in the forecast period.

In-vitro Diagnostics Market, by Technology:

The clinical chemistry technology is widely used due to its application in determining fluctuations in hormonal levels and blood glucose.

Clinical chemistry technology segment is expected to show a significant growth rate in the coming years. The applications of this segment are the detection of fluctuations in hormone levels and the blood glucose levels estimation, which are very frequently used by many people and hospitals. The next segment which shows potential is the urinalysis. It is due to an increase in kidney disorders and the need for constant tests which is predicted to boost the overall segment in the forecast period.

In-Vitro Diagnostics Market, by Application:

The cardiology segment by application is currently leading due to increased prevalence of heart diseases.

The cardiology segment is predicted to grow immensely in the estimated period. Cardiology application is the major revenue generator, and among people, many have coronary artery disease, stroke, and many other cardiovascular diseases. These factors are predicted to boost the segment in the forecast period. 

The oncology segment is predicted to generate immense revenue and growth. This growth is attributable to use of automation in diagnostic test procedures and increased cancerous conditions among people. The home kits such as faecal occult blood test data is used for the detection of colon cancer.

In-vitro Diagnostics Market, by End-User:

The point of care testing is going to change the trend of hospital testing, and investors eye this segment.

The hospital segment is predicted to grow immensely in the forecast period. Hospitals with sophisticated high-end testing facilities stand the major revenue generator and is predicted to drive the market in the forecast period. Moreover, the point of care testing segment, which includes pregnancy kits, glucose meters, and many more are predicted to boost the overall segment in the forecast period.

In-Vitro Diagnostics Market, by Region:

The North American region has huge potential for the IVD market because of increasing health concern

North America is clearly one of the major markets for in-vitro diagnostics. People are getting more aware of their health, and there are many advancements in hospitals. There is increasing burden of diseases on the people which is predicted to boost the regional market in the forecast period. Asia-Pacific is predicted to grow immensely in the forecast period. This boosted growth is due to increased adoption of PCR and flow cytometry techniques. The healthcare expenditure and reforms in healthcare are predicted to boost the regional market in the forecast period.

Key Participants in the In-Vitro Diagnostics Market

The major key player in the market are Roche Diagnostics Limited, Siemens Healthineers, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson, and Company, Bio-Rad Laboratories, Sysmex Corporation, BioMérieux, Diasorin, Ortho-Clinical Diagnostics and Qiagen among others. Roche Diagnostics Limited was the highest revenue generator due to its vast product line of clinical chemistry, immunochemistry, molecular diagnostics, and tissue diagnostics instruments, reagents, and kits. It also has a strong global presence, which leads to its highest market valuation. In 2018, Roche Diagnostics and GE Healthcare collaborated to develop a digital platform, using analytics to offer workflow solutions and apps that support clinical decisions. While the Abbott laboratories introduced Continuous glucose monitoring and Freestyle libre systems. This report provides porters five forces model and analysis each organisation.

Source: Research Dive Analysis