Reports and Insights (R&I) has published a new report titled, “In-Vitro Diagnostic Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global In-Vitro Diagnostic Market, by Product & Services (Reagents & Kits, Instruments, Data Management Software, Services). By Technology (Immunoassay/Immunochemistry, Clinical Chemistry, Microbiology, Hematology, Coagulation and Hemostasis, Urinalysis, Other IVD Technologies). By End User (Hospitals, Laboratories, Point-Of-Care Testing, Patient Self-Testing, Academic Institutes, Other End Users). By Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, Drug Testing/Pharmacogenomics, HIV/Aids, & Other Applications) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to gain traction over the forecast period between 2020 and 2028.
The global In Vitro Diagnostics (IVD) market in 2020 is estimated for more than US$ 70,561.9 Mn and expected to reach a value of US$ 1,03,310.9 Mn by 2028 with a significant CAGR of 4.9%
An increase in the prevalence of autoimmune diseases and cancer is expected to drive the growth of the market in the nearby future. According to the statistics published by the American Autoimmune Related Diseases Association, in 2019, around 50 million of the U.S. population is suffering from autoimmune disease. Autoimmune disease is considered in the top 10 leading causes of death in women and girls up to the age of 64 years in the U.S.
Also, an increase in government expenditure towards the treatment of cancer is expected to be one of the major factors that will drive the growth of the market research. For instance, according to the Insititute of Medicine report published in 2018, the U.S. is considered way behind in terms of research and development into the immune system. In the year 2018, the National Institute of Health (NIH) contribute US$ 591 Mn to autoimmune disease research and development programs, which is very low in comparison to their spending on cancer research and development which is around US$ 6.1 billion.
Furthermore, an increase in the prevalence of cancer owing to the rapid growth in the consumption rate of alcohol and tobacco, sedentary lifestyle, and etc. is expected to act as a major factor that will drive the growth of the market around the globe. For instance, According to National Cancer Institute published data in 2018, it is estimated that 1,735,350 new cases of cancer will be diagnosed in the U.S. in the year 2018 and more than 600k people died due to cancer.
Also, on the basis of 2011-2015 cases, the incidence of cancer is 432.2/100,000 men and women. NCI also estimated that in 2017, a national expenditure for cancer care in the U.S. was more than 147 billion and it is expected to increase in nearby future owing to an increase in the geriatric population and prevalence of cancer. The cost of the treatment will also increase due to the advancement in technology and new treatments likely to be adopted as standards of care.
Some of the other factors such as advancement in technology and increasing demand for point of care devices and an increase in the number of laboratory tests due to the increasing burden of many diseases and increasing research facility are likely to propel the growth of the market mainly in the developing economies.
On the basis of region, the global in-vitro diagnostics market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America is accounted for the largest market share of more than 45% in the year 2018, and expected to maintain its dominance throughout the forecast period (2020-2028). It is due to the favorable government regulations and availability of funds from government mainly in the U.S. and also due to the presence of market-dominating players in the region.
Asia Pacific region is expected to grow at the highest annual growth rate in comparison to other regions during the forecast period, owing to the increasing incidence and prevalence in various countries like China and India.
Some of the key participating players in the global In-Vitro Diagnostics market are Roche Diagnostics, Siemens Healthineers, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific, Johnson & Johnson, Becton, Dickinson and Company, Bio-Rad Laboratories, Sysmex Corporation, bioMérieux, DiaSorin, Ortho Clinical Diagnostics, Agilent Technologies, QIAGEN, and among others.
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