Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to In Vitro Diagnostics
In-Vitro diagnostics are medical tests that are performed on samples such as tissue or blood which have been taken from the human body. Its major purpose is to detect several diseases which can be further used to effectively monitor the overall health of the person to prevent and treat diseases. Technically, these tests are executed in an artificial environment and are an important segment in the worldwide healthcare industry, extensively used in the field of precision medicine.
IVD products includes reagents, instruments or any kind of systems which are specifically used for the diagnosis of a disease. The tests are typically conducted in hospital-based laboratories or stand-alone laboratories. Technologies which are incorporated in it includes microarray techniques, sequencing technology, mass spectrometry, polymerase chain reaction etc.
Market Size and Forecast
The market is observing vibrant growth on account of increasing geriatric population and enhancement in the incidence of infectious and chronic diseases. Growing investment in the healthcare sector by various government and private organizations along with rising demand for POC (Point of Care) devices is expected to drive the market over the forecast period. Further, increasing awareness regarding automated devices coupled with growing trend of personalized medicine are expected to accelerate the growth of the market. Additionally, the rise in the number of private and public diagnostic centers is also expected to increment the growth of the market over the forecast period i.e. 2019-2027.
The global in -vitro diagnostic market is anticipated to record a CAGR of 4.85% over the forecast period. The market is segmented by product type into instruments, reagents and software & services, out of which, the instrument segment is anticipated to capture the highest market share during the forecast period owing to growing rate of advancements in these tests. The market is further segmented by application into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing, infectious disease, gastrointestinal diseases and others, out of which, the oncology segment is anticipated to grow significantly. Additionally, rising prevalence of cancer across the globe is supporting the growth of the market.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Growth Drivers
Enhancing prevalence of chronic diseases
The prevalence of chronic disease is growing at an exponential pace which will specifically require various types of medical interventions. In-vitro diagnostics are widely used to detect several chronic and infectious diseases. According to the report of the World Health Organization (WHO), in the year 2001, chronic diseases added about 60% of 56.5 million reported deaths worldwide and about 46% of the global burden of disease. The proportion of burden of NCD’s is anticipated to rise to 57% by the year 2020. Half of the total deaths related to chronic diseases including diabetes and cardiovascular diseases are rising rapidly. This increase in the number of chronic diseases worldwide is anticipated to boost the growth of the market over the forecast period.
Increasing Cancer Patients
According to the World Health Organization, the global cancer burden has grown to 18.1 million new cases and the number of deaths on account of cancer is 9.6 million in 2018. There is a prevalence of various types of cancer including breast, bronchus, skin, lung, prostate and others which is further estimated o increase in upcoming years. This growth in the number of cancer cases around the various regions of the world is anticipated to boost the market growth over the forecast period.
Restraints
Stringent Government Regulations
Strict government regulations in various countries for the manufacturing of in-vitro diagnostic products coupled with inadequate reimbursement policies might hamper the growth of the market during the forecast period.
Market Segmentation
Our-in depth analysis of the global in-vitro diagnostics market includes the following segments:
By Product Type
By Technique
By Application
By Usability
By End User
By Region
On the basis of regional analysis, the global in-vitro diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to dominate market on account of increase in the geriatric population and effective reimbursement policies. Rising prevalence of chronic diseases coupled with increase in expenditure in the healthcare industry are some of the prime factors to support the market growth in this region.
Additionally, the Asia-Pacific region is expected have the fastest growing market on account of rise in the healthcare expenditure, increasing investment by the government and large patient pool. Moreover, the healthcare awareness across the region is estimated to augment the overall growth of the market of in-vitro diagnostics.
The global in-vitro diagnostics market is further classified on the basis of region as follows:
Key Players
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