Growth in the geriatric population and the widespread prevalence of chronic and infectious disease is fueling the market demand.
Market Size – USD 69.43 Billion in 2018, Market Growth - CAGR of 4.6%, Market Trends – The rise in the trend of personalized medicine.
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- The Global In Vitro Diagnostics (IVD) Market is forecast to reach USD 99.46 Billion by 2026, according to a new report by Reports and Data. The growth in the in vitro diagnostic market is due to the rise in the study and new innovations in genomic and proteomic services in the industry. The unexplored sectors are providing ample opportunities for the growth of the market in the coming years. Further, the increase in research and development facilities in molecular diagnostic and development of new products is fueling the market growth. Innovative launches of various techniques, application of in vitro diagnostic in therapeutic areas, are propelling the market growth.
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Factors driving the market for in vitro diagnostic are growing geriatric population, the prevalence of alternative lifestyle that causes chronic diseases, rise in infectious diseases, increasing awareness regarding personalized medicine and increase in adoption of point-of-care testing.
Factors hindering the growth of the market are the strict regulatory framework and inadequate reimbursement.
Asia Pacific is the fastest growing region. This is due to the increase in investment in healthcare by government and leading players, rise in government initiatives, and the presence of a large population in the region. The market is also growing due to the rise in awareness of healthcare in countries such as China, India, and Japan.
Further key findings from the report suggest
- The paradigm shift from traditional diagnostic to new generation diagnostic in gene level has changed the market for diagnostics. The field of in vitro witnessed several changes, and it was possible due to the inclusion of advanced technology, such as molecular diagnostics, genetic testing, next-Generation Sequencing (NGS) and Polymerase Chain Reaction (PCR).
- Reagent segment holds the largest market share of 37% in the year 2018. Developing countries have established local immunoassay reagents programs to produce high quality, low-cost reagents.
- Kits from these immunoassay reagents programs are becoming available to consumers and are likely to fuel the market expansion.
- Immunoassays held a market share of 23% in the year 2018. The large share of this segment is mainly attributed to the increasing preference for these technologies in clinical diagnostics over other traditional methods.
- Clinical Diagnostic is forecasted to grow with the highest annual growth rate of 5.8% in the forecast period.
- Hospitals held the largest market share of 25% in the year 2018 due to the large volume of tests that are carried out in these places.
- Reusable IVD Devices held a market share of 54% in the year 2018 and is forecasted to grow with an annual growth rate of 5.1% by the year 2026.
- Infectious disease held a larger market share of 17% in the year 2018. These type of diseases has grown in the past years and has affected a large population.
- Gastrointestinal disease held a market share of 15% in the year 2018 and is forecasted to grow with a CAGR of 4.6% in the forecast period.
- North America held a market share of 31% in the year 2018. The US is the major contributor owing to the increased investment in healthcare and increase in point-of-care testing. The region is expected to do well due to the well-established healthcare industry and increase in the infectious disease.
- Key participants include BioMérieux, Danaher Corporation, Hoffmann-La Roche AG, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Abbott Laboratories, Arkray Inc., Sysmex Corporation, Ortho-Clinical Diagnostics, Siemens Healthcare GmbH, and Thermo Fischer Scientific Inc. among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global In Vitro Diagnostics Market on the basis of Product Type, Devices, Technique, Application, End User, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2026)
- Reagents
- Instruments
- Software and Services
Devices Outlook (Revenue, USD Billion; 2016-2026)
- Disposable IVD Devices
- Reusable IVD Devices
Technique Outlook (Revenue, USD Billion; 2016-2026)
- Immunoassay
- Molecular Diagnostic
- Clinical Diagnostics
- Urinalysis
- Hematology
Application Outlook (Revenue, USD Billion; 2016-2026)
- Microbial Genome
- Gene Engineering
- Drug Design and Chemoinformatics
- Transcriptomics
- Other Applications
End User Outlook (Revenue, USD Billion; 2016-2026)
- Academics
- Forensic Science
- Agriculture
- Pharmaceuticals
- Other End Users
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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