San Francisco, 22 October 2018:
According
to a report by Grand View Research, Inc., global in
vitro diagnostics (IVD) market is anticipated to value USD 97.01
billion by 2022. Growing requirement for self-care and point-of-care devices
for treatment of target diseases is anticipated to propel demand for in vitro
diagnostics. IVD devices are likely to support healthcare professionals in
detection of various diseases that can possibly turn into severe social and
economic burden later.
Rising cases of several
chronic disorders are likely to surge demand for in vitro diagnostics over next
few years. Growing adoption of sedentary and unhealthy lifestyle, decreased
rate of physical activities, and smoking habits are likely to increase cases of
chronic diseases. This, in turn can fuel growth of market. Increasing number of
geriatric population coupled with aging prone to development of neurological
and cardiovascular disorders can augment market growth. Rapidly changing
healthcare environment and growing awareness regarding early detection of
chronic disorders can fuel growth of market. Continual advancements in IVD
devices in terms of portability, cost-effectiveness, and accuracy can influence
growth of market during the forecast period (2013 to 2022).
The in vitro diagnostics
market can be segregated on the basis of product, application, technology,
end-use, and diagnostics. Based on product, the market can be categorized into
reagents, software, and instruments. In 2016, reagents segment dominated the
market in terms of revenue attributed to high product demand globally.
Increasing number of R&D activities related to reagents can fuel growth of
segment. In addition, rising demand for self-test and point-of-care products
can support this segment maintain its position in the market during the
forecast period. Such instruments can be used for detection and analysis of
blood samples for infection causing microorganisms.
Based on application, the
market can be classified into infectious disease, diabetes, cancer, cardiology,
nephrology, autoimmune diseases, drug testing, and others. In 2016, infectious
disease segment dominated the market and accounted for largest market share.
Rising cases of infectious diseases such as tuberculosis, HIV, and pneumonia.
Cancer is expected to be the fastest growing application segment. According to
national cancer institute, 1, 735,350 new cases of cancer are predicted to be
diagnosed in the United States (U.S.) alone in 2018.
Access
Research Report of In
Vitro Diagnostics Market@ www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market
Based on technology, the
market can be segmented into immunology, hematology, clinical chemistry,
molecular diagnostics, coagulation, microbiology, and others. In 2016, clinical
chemistry held leading market share attributed to high demand for reagents for
urinalysis and test strips can augment growth of segment.
Similarly, molecular
diagnostics is expected to grow fast attributed to growing adoption of
automation in clinical testing. This, in turn can influence growth of market
over the forecast period.
Based on end-use, the market
can be segmented into homecare, laboratory, hospital, and others. In 2016,
hospitals segment dominated the market and accounted for largest market share.
Increasing number of hospitals globally and offering easy access to patients
can fuel growth.
On the contrary, homecare
segment is likely to grow fast during the forecast period owing to continual
advancements in homecare settings and rising geriatric population.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/clinical-diagnostics
Regional segmentation includes
Europe, North America, Asia Pacific, and rest of the world (RoW). In 2016,
North America dominated the market and accounted for largest market share.
Growing prevalence of chronic disorders such as cancer and respiratory diseases
can stimulate growth of market in the region.
Similarly, Europe contributed
as second largest market in 2016 and is expected to register significant growth
owing to rising incidence rate of cancer, tuberculosis, and pneumonia in
future.
In Asia Pacific, the market is
expected to grow fast during the forecast period attributed to increasing per
capita healthcare expenditure. In addition, growing initiatives from local
governments coupled with rising clinical research activities for advanced
diagnostics are predicted to supplement growth of market during the forecast
period.
Some of the leading companies
offering in vitro diagnostics are Becton Dickinson; Beckman Coulter Inc.;
Siemens Healthcare; Johnson and Johnson; Abbott Laboratories. Most companies
are likely to get involved in extensive R&D activities to develop new and
advanced products to increase their market share.
Access
Press Release of In Vitro Diagnostics Market@ www.grandviewresearch.com/press-release/global-in-vitro-diagnostics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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