According to a new 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. The market is expected to grow due to rising prevalence of chronic diseases, increasing geriatric population, and rising awareness regarding healthcare. However, lack of healthcare infrastructure and reimbursement policies are likely to pose a negative impact on the market growth.
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Key Players Influencing the Market
- F. Hoffmann-la Roche Ltd.
- Danaher
- Abbott
- Siemens AG
- Sysmex Corporation
- Thermo Fisher Scientific, Inc.
- BD
- Biomérieux SA
- Bio-Rad Laboratories, INC.
- Qiagen
Global In-Vitro Diagnostics market, based on the application is segmented into infectious diseases, diabetes, oncology, cardiology, nephrology, and others. In 2019, the infectious diseases segment held a largest market share of 40.4% of the In-Vitro Diagnostics market, by application. This segment is also expected to dominate the market in 2027 owing to increasing prevalence of the infectious diseases, outbreak of viral infections, and increasing number of tests to prevent prevalence of infectious diseases. Moreover, the diabetes segment is anticipated to witness the significant growth rate of 6.2% during the forecast period, 2020 to 2027 owing to rising government initiatives coupled with increasing prevalence of diabetes.
Automation deals with the utilization of various intelligent systems with an aim to perform any operation with minimal human intervention. The application of automation in clinical laboratories enables analysts to perform several tests in minimum turnaround time and efforts. Moreover, the automation can serve maximum accuracy in results as well as reduction in variations. Additionally, installation of intelligent software & hardware in clinical analyzers has dramatically improved the overall operating capacity, quality of data processing, and process control in clinical automation. Extensively increasing patient pool is generating massive demand for clinical automation as it offers superior benefits. For instance, in May 2019, Beckman Coulter introduced its new DxA 5000 total laboratory automation solution. The newly launched system is capable of managing high volume samples with significant reduction in procedural time.
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