In-Vitro Diagnostics Market Estimated to Expand at a Robust CAGR By 2027
Increasing prevalence of chronic and infectious diseases are driving the market for in-vitro diagnostics over the forecast period.
According to The Insight Partners market research study titled "In-Vitro Diagnostics Market - Global Analysis and Forecasts by Product & Services, Technology, Application, and End User", the global In-Vitro Diagnostics market is expected to reach US$ 107,658.83 Mn in 2027 from US$ 68,608.16 Mn in 2019. The market is estimated to grow with a CAGR of 5.8% from 2020-2027. The report highlights the trends prevalent in the global In-Vitro Diagnostics market and the factors driving the market along with those that act as deterrents to its growth.
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The In-Vitro Diagnostics market by product & services is segmented into instruments, reagents & kits, and software & services. In 2019, the reagents & kits segment held a largest market share of 80.2% of the In-Vitro Diagnostics market. This segment is also expected to dominate the market in 2027 owing to increasing number of diagnostics tests and increasing prevalence of chronic conditions. Moreover, the instruments segment is anticipated to witness the considerable growth rate of 2.4% during the forecast period. Certain factors such as developing healthcare infrastructure and growing demand for rapid disease diagnosis are expected to drive the segment growth.
Key factors driving the market are rising prevalence of chronic and infectious diseases, increasing geriatric population, and rising awareness of in-vitro diagnostics. However, lack of healthcare infrastructure and reimbursement policies are likely to restrain the market growth to a certain extent.
Some of the prominent players operating in In-Vitro Diagnostics market are, F. Hoffmann-la Roche Ltd., Danaher, Abbott, Siemens AG, Sysmex Corporation, Thermo Fisher Scientific, Inc., BD, Biomérieux SA, Bio-Rad Laboratories, INC., and Qiagen. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in November 2015 Roche launched an in vitro diagnostic instrument namely VENTANA HE 600 system. The newly launched product is fully automated hematoxylin and eosin (H&E) tissue staining system which enhances patient and technician safety and produces exceptional staining quality.
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The report segments the global In-Vitro Diagnostics market as follows:
Global In-Vitro Diagnostics Market - By Product & Services
- Reagents & Kits
- Instruments
- Software & Services
Global In-Vitro Diagnostics Market - By Technology
- Immunoassay/Immunochemistry
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Urinalysis
- Others
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