In Vitro Diagnostics Market Is Driven by the Rising Incidence Rates of Infectious and Chronic Diseases
In Vitro Diagnostics Market: Overview
In Vitro Diagnostics are medical devices that are used to carry out tests on human samples, (e.g., tissue, urine, and blood) in order to: diagnose medical conditions, regulate drug therapies prevent diseases, or diagnose infections. The devices ranges from simple tests to sophisticated DNA technology including calibrators, reagents, kits, software, control materials, and related instruments. Some test are performed at diagnostics laboratories or hospitals while some are performed at home. In vitro diagnostics add significant value to diagnosis of disease and treatment procedure, enhancing the quality of life.
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Clinical Chemistry to Witness Highest Demand among Technology Segments
The market for in vitro diagnostics have been broadly segmented into technology type, applications, and end user. By technology type market further segmented into point of care, molecular diagnostics, immunoassays, clinical chemistry, whole blood glucose monitoring, hematology, clinical microbiology, coagulation and hemostasis, and others. Of these, clinical chemistry held dominance, with a share of 25.2% in the global market in 2016. However, molecular diagnostics offer more accurate diagnosis of infections, which is why their demand is likely to accelerate at a faster pace in the coming years. On the basis of applications in vitro diagnostics market has been segmented as drug testing, infectious disease, oncology, metabolic disease, autoimmune disease, and others. Further the market has been segmented according to its end users that includes diagnostics laboratories, hospitals, academic & research centers, home care and others.
The market is driven by the rising incidence rates of infectious and chronic diseases such as human immunodeficiency infection and chronic obstructive pulmonary disease, diabetes and cancer. Some of the other factors driving the market are rising global healthcare expenditure and increasing demand for rapid, minimally invasive and non-invasive diagnostic procedures, increased availability of over-the-counter tests, and improved treatment monitoring. Complicated and limited availability of reimbursement options will restrain the growth of the market. The rise of epigenomics-based diagnostics tools is expected to drive the in vitro diagnostics market in the future. The proficiency of molecular diagnostics to identify disease condition at an early stage of development will also fuel the future growth of the market.
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US in North America to Emerge as One of the Most Lucrative Markets
By geography, global in vitro diagnostics market has been segmented into major five region: North America, Europe, Asia, Latin America and Rest of World. In 2016, North America and Europe accounted for the largest share of the global in vitro diagnostics market followed by Asia, Latin America, and Middle East & Africa. The U.S. dominated the In Vitro Diagnostics Market in North America, accounting for the majority share in 2016. This dominance is majorly due factors such as technological advancements, well-structured healthcare system, extensive R&D practices and increasing healthcare awareness are driving market growth. However, Europe is growing at slow rate while Asia is anticipated to witness the fastest CAGR during the forecast period with major contribution of countries such as China, India, and Japan. New product launches, presence of a large patient pool, increasing healthcare expenditure, ability of patients to pay for advanced technology products, and growing awareness are likely to drive the market in Asia during the forecast period.
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The key players operating in the in vitro diagnostics market are Abbott., Becton Dickinson and Company, Biomerieux SA, Danaher Corporation, Gen-Probe Incorporated, Ortho Clinical Diagnostics, Life Technologies Corporation, F. Hoffmann-La Roche Ltd., Siemens Healthineers (a division of Siemens AG), Sysmex Corporation, Qiagen N.V., Diasorin and Thermo Fisher Scientific Corporation. The global in vitro diagnostics market is dominated only by few players such as F. Hoffmann-La Roche Ltd and Abbott that operates global market.
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