— In-Vitro Diagnostics Market 2023
In-vitro diagnostics can be referred to as a procedure of diagnosing several medical conditions by using analyzers and assay kits. In-vitro diagnostics tests are generally executed outside a patient’s body by putting devices, analytical instruments, calibrators, reagents, and systems for checking the health status of a person. Most of these tests are performed in clinical and medical laboratories, but the introduction of POC technology has allowed testing to be performed in the presence of the patient.
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Some Of Major Key Players Included :-
• F. Hoffmann-La Roche
• ThermoFisher Scientific
• Siemens Healthineers
• Sysmex Corporation
• Ortho Clinical Diagnostics
• Bio-Rad Laboratories
• Becton Dickenson & Company
The in-vitro diagnostics market is witnessing a lucrative growth, mainly due to the soaring demand for accurate and early disease diagnosis, rising adoption of fully automated instruments, surging incidences of infectious diseases, and automation in laboratories. The rising awareness regarding personalized medicine and the adoption of POC testing are further estimated to encourage the market in the coming years. Several companies are using human microbiomes in the IVD and developing syndromic testing panels, which is likely to dictate the growth trajectory in the foreseeable future. Rising awareness regarding several diseases and plans initiated by the government in order to reduce such diseases are likely to encourage the market in the coming years.
Rising geriatric population susceptible to several chronic diseases require regular diagnostic tests. This is likely to be one of the primary growth stimulants of the in-vitro diagnostics market. Advancing technology and new product launch, in terms of accuracy, cost-effectiveness, and portability are likely to augment the market growth. The advent of advanced technologies like nano-biotechnology and biochips, coupled with the miniaturization of microfluidics are likely to increase the demand for PoC products. Such advancements have allowed easy access to PoC diagnostic tests and will facilitate effective results. This will further propel the market in the coming years.
On the contrary, inadequate reimbursement policies and strict government mandates for the manufacturing of IVD products are some of the concerns restricting the market.
The in-vitro diagnostics market by technology is segmented into clinical chemistry, immunoassay, clinical microbiology, molecular diagnostics, coagulation, hematology, and others. The clinical chemistry segment is leading the market owing to the increased prevalence of diabetes. Meanwhile, molecular diagnostics segment is likely to expand at the fastest rate owing to advancing technology. By application, the market is classified into diabetes, oncology, cardiology, infectious diseases, nephrology, autoimmune disease, nephrology, and others. By test type, the market is segregated into core laboratories diagnostics and point-of-care diagnostic. Of these, the core laboratory segment is predicted to hold the major share. By end user, the market is segmented into laboratories, hospitals, academics, home care, and others. Hospitals acquire a major share in the global market due to favorable reimbursement policies.
The in-vitro diagnostics market has been studied under regions namely, Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, North America is considered to contribute a major chunk to the market, mainly due to the advent of novel reagents, coupled with the high availability of efficient and cost-effective reagents. In-vitro diagnostics market in the Asia Pacific is likely to gain prominence owing to the presence of expanding economies like China and India, coupled with the increasing disposable income and growth in gross domestic product. Moreover, the existence of target population base, coupled with rapidly improving healthcare infrastructure are likely to boost the market growth in the next few years.
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