Global In-Vitro Diagnostic Market, by Product & Services (Reagents & Kits, Instruments, Data Management Software, Services). By Technology (Immunoassay/Immunochemistry, Clinical Chemistry, Microbiology, Hematology, Coagulation and Hemostasis, Urinalysis, Other IVD Technologies). By End User (Hospitals, Laboratories, Point-Of-Care Testing, Patient Self-Testing, Academic Institutes, Other End Users). By Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, Drug Testing/Pharmacogenomics, HIV/Aids, & Other Applications) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to gain traction over the forecast period between 2019 and 2027.
In-Vitro Diagnostic Market Dynamics
Increase in the prevalence of autoimmune diseases and cancer is expected to drive the growth of the market in nearby future. According to the statistics published by the American Autoimmune Related Diseases Association, in 2019, around 50 million of the U.S. population is suffering from autoimmune disease. Autoimmune disease is considered in top 10 leading causes of death in women and girls up to the age of 64 years in the U.S.
Furthermore, an Increase in the prevalence of cancer owing to the rapid growth in the consumption rate of alcohol and tobacco, sedentary lifestyle, and etc. is expected to act as a major factor that will drive the growth of the market around the globe. For instance, According to National Cancer Institute published data in 2018, it is estimated that 1,735,350 new cases of cancer will be diagnosed in the U.S. in the year 2018 and more than 600k people died due to the cancer. Also, on the basis of 2011-2015 cases, the incidence of cancer is 432.2/100,000 men and women. NCI also estimated that in 2017, a national expenditure for cancer care in the U.S. was more than 147 billion and it is expected to increase in nearby future owing to an increase in the geriatric population and prevalence of cancer. The cost for the treatment will also increase due to the advancement in technology and new treatments likely to be adopted as standards of care.
The global In-Vitro diagnostic market in 2018 is accounted for more than US$ xx Bn and expected to reach a value of US$ XX Bn by 2027 with a significant CAGR of around 4.7 % over the forecast period of 2019-2027.
Global In-Vitro Diagnostic Market Competitive Landscape
Some of the key participating players in the global In-Vitro Diagnostics market are Roche Diagnostics, 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, Agilent Technologies, QIAGEN, and among others.
