In Vitro Diagnostics Market 2017 - Industry Growth, Analysis, and Forecast To 2022 – by Credence Research
According
to the latest report published by Credence Research, Inc. “Global In-vitro Diagnostics Market -
Growth, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the
in-vitro diagnostics market was valued at USD 60,468.7 Mn in 2015, and is
expected to reach USD 81,345.1 Mn by 2022, expanding at a CAGR of 4.2% from
2016 to 2022.
Browse
the full report Global In-vitro Diagnostics Market - Growth, Opportunities,
Competitive Analysis, and Forecast, 2016 – 2022 at http://www.credenceresearch.com/...
Market
Insights
The
need for in-vitro diagnostics is on a consistent rise due to growing incidence
of chronic diseases, infections and high risk ageing population. Growing scope
of personalized medicine, molecular diagnostics and growing knowledge about exploration
of rare diseases and their treatments are further supporting the growth of
in-vitro diagnostics market. On the other hand, rigorous regulatory
requirements and dicey reimbursements will hold back the hold of this market.
Reagents,
instruments, and software and services is the product level segmentation of the
global in-vitro diagnostics market. Among these, reagents take over 30% of the
overall market share in 2015, due to large scale consumption of these products
across all IVS techniques. Additionally, the software and services segment is
anticipated to progress at a faster growth rate during the forecast period
attributed by the growing need for widest automation and centralization of IVD
processes and techniques at a precision at par.
Molecular
diagnostics is observed to be the most remarkable IVD technique during the
forecast period. Growing applicability of MDx is attributed to its efficacy in
understanding disease mechanism and thus their vital role in discovery of
appropriate and targeted treatments. Its prospects in novel drug discovery and
personalized medicine also plays a critical role in facilitating lucrative
market growth during the forecast period. IVD is largely performed in central
laboratories, whereas its applicability in point-of-care testing is on a
perpetual growth. However, over-the-counter or self testing IVD will
demonstrate the most significant growth rate in the near future with the
growing number of OTC testing products while offering cost effectiveness and
precise outcomes.
Geographically,
North America is the largest in-vitro diagnostics market, with
the region taking over 35% market share in 2015. Fastest adoption of advanced
technologies and rapid adoption of automation techniques in diagnostic process
are the prime features of North America IVD market. Growing preference for
molecular diagnostic in cancer screening will also facilitate steady growth to
North America and Europe in-vitro diagnostics markets.
This market is majorly
dominated with 5 players taking over 5% market share. This market is currently
undergoing large scale consolidation activities by multinational players.
Emergence of regional players is another significant phenomenon in the global
in-vitro diagnostics market. Some of the major market players include Abbott
Laboratories, Inc., Johnson and Johnson, Becton, Dickson and Company, Danaher
Corporation, bioMérieux, Thermo Fisher Scientific, Inc. Sysmex Corporation and
others.
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