The market is estimated to grow with a CAGR of 5. 8% from 2020-2027. The growth of the In-Vitro Diagnostics market is primarily attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population and rising awareness of in-vitro diagnostics across the globe.
New York, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "In-Vitro Diagnostics Market to 2027 - Global Analysis and Forecasts By Product and Services ; Technology ; Application ; End User, and Geography" - https://www.reportlinker.com/p05862148/?utm_source=GNW
However, factors such as lack of healthcare infrastructure in emerging nations and poor reimbursement policies likely to pose a negative impact on the market growth.
On the other hand, growth opportunities in emerging regions are likely to have a positive impact on the growth of the global In-Vitro Diagnostics market during the forecast period.With a rise in cases of chronic illnesses such as diabetes, cancer, and inflammatory diseases, the healthcare domain is witnessing increasing emphasis on preventive care and rapid disease diagnosis.
Such factors are likely to boost the preference for in-vitro diagnostics in developed as well as developing nations.Moreover, increasing geriatric population coupled with increasing demand for advanced systems to incorporate accurate disease diagnosis is projected to offer lucrative opportunity for the growth of the global in-vitro diagnostics market.
Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the disposable income as well as developing healthcare infrastructure in the leading economies such as Japan, China and India.
Chronic diseases, such as diabetes, cancer, and obesity, are the leading causes of death in the world and account for most of the nation’s health care costs.According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US.
Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
In 2019, the In-Vitro Diagnostics with reagents and kits held a largest market share of 80.18% of the In-Vitro Diagnostics market, by product & services. Infectious diseases in application segment is also expected to dominate the market in 2027 owing to higher prevalence of infectious diseases and increasing number of viral outbreaks.
Global In-Vitro Diagnostics devices market, based on the Product and Services, is segmented into Reagents and Kits, Instruments, and Software & Service.In 2019, the reagents & kits segment held the largest share of the market, by products & services.
In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number diagnostics test across the globe.
Global In-Vitro Diagnostics devices market, based on the technology, is segmented into Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis, and Others.In 2019, the Immunoassay/Immunochemistry segment held the largest share of the market, by technology.
In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing adoption of the technology due to its benefits for the diagnosis of infectious diseases.
Global In-Vitro Diagnostics devices market, based on the applications, is segmented into Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, and Others.In 2019, the Infectious Diseases segment held the largest share of the market, applications.
In addition, the segment is also expected to grow at the fastest rate during the coming years.
Global In-Vitro Diagnostics devices market, based on the end user was segmented into Hospitals, Diagnostic Centers, Homecare, and Others.In 2019, the hospitals segment held the largest share of the market, by end user, owing to well-established and presence of advanced healthcare infrastructure, growing concerns about health and rising healthcare spending.
Whereas, the homecare segment is expected to grow at the fastest rate during the coming years.
Some of the major primary and secondary sources for In-Vitro Diagnostics included in the report are Centers for Disease Control and Prevention (CDC), USFDA, Biotelemetry and Patient Monitoring Journal, Journal of Patient Care, China Food & Drug Administration, contract research organizations, and among others.
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