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Infectious diseases segment is expected to drive the growth of the global In-Vitro Diagnostics market by application
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.
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.
Some of the prominent players operating in In-Vitro Diagnostics market are, F. Hoffmann-la Roche Ltd., Danaher, Abbott, Siemens AG, Sysmex Corporation, Thermo Fisher Scientific, Inc., BD, Biomérieux SA, Bio-Rad Laboratories, INC., and Qiagen. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in November 2015 Roche launched an in vitro diagnostic instrument namely VENTANA HE 600 system. The newly launched product is fully automated hematoxylin and eosin (H&E) tissue staining system which enhances patient and technician safety and produces exceptional staining quality.
The report segments the global In-Vitro Diagnostics market as follows:
Global In-Vitro Diagnostics Market – By Product & Services
Global In-Vitro Diagnostics Market – By Technology
Global In-Vitro Diagnostics Market – By Application
Global In-Vitro Diagnostics Market – By End User
Global In-Vitro Diagnostics Market – By Geography
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