In-vitro diagnostics (IVD) are the medical devices that use assays and reagents for diagnosing a medical condition. Moreover, these instruments are used for analyzing the body fluids and the tissues that set’s the samples collected from the patient. Furthermore, vitro diagnostics are employed for diagnosing the medical conditions associated with infectious diseases, cancer, cardiac disorders, and nephrological disorders. The application and use of in vitro diagnostics require technical expertise, instruments which are used for the specialized medical facilities to carry out the diagnosis.
According to the study, “In-Vitro Diagnostics Global Market Report 2019” the key companies operating in the global in-vitro diagnostics market are Roche Diagnostics, Becton, Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, Abbott Laboratories, Inc., Bio-Rad Laboratories, Inc., Siemens AG, Johnson & Johnson, Sysmex Corporation, Leica Biosystems Nussloch GmbH, Biomérieux SA, Orasure Technologies, Inc., Agilent Technologies, Quidel Corporation, Qiagen, Hologic, Inc., Diasorin, Stago, Cepheid. The companies have formed the strategies, associated with mergers and acquisitions, collaborations, and new product developments. In addition, they also aim for expanding their businesses in the developing regions for increasing their market share.
Based on product & services, in-vitro diagnostics market is segmented into instruments (fully automated instrument, semi-automated instrument and another instrument), reagents & kits, data management software, and services. Based on technology, the market is segmented into clinical chemistry, immunoassay/immunochemistry, hematology, molecular diagnostics, microbiology, urinalysis, coagulation & hemostasis and other IVD technologies. Clinical chemistry includes a basic metabolic panel, liver panel, electrolyte panel, thyroid function panel, lipid profile, specialty chemical tests, and renal profile. Immunoassay/immunochemistry includes enzyme-linked immunosorbent assay, rapid test, radioimmunoassay, enzyme-linked immunospot assays, and western blotting. Additionally, molecular diagnostics include polymerase chain reaction, microarray, isothermal nucleic acid amplification technology, DNA Sequencing & Next-Generation Sequencing, hybridization, and other Mdx technologies. Based on application, the market is segmented into infectious diseases, autoimmune diseases, diabetes, drug testing/pharmacogenomics, oncology, HIV/aids, cardiology, nephrology and other applications. In addition, based on end-user, the market is segmented into hospitals, point-of-care testing, laboratories (large/reference laboratories, medium-sized laboratories, and small laboratories), academic institutes, patient self-testing, and other end users.
The in-vitro diagnostics market is driven by an increase in the adoption of point-of-care testing, followed by a rise in awareness on personalized medicine, increase in adoption of fully automated instruments & automation in laboratories and rise in geriatric population & subsequent growth in the prevalence of chronic or infectious diseases. However, unfavorable reimbursement scenarios and changes in the regulatory landscape may impact the market. Moreover, the increase in the significance of companion diagnostics and growth in the development of condition-specific markers & tests are key opportunities for the market.
Based on geography, the North-American region holds the major share in the in-vitro diagnostics market owing to its well-penetrated healthcare system coupled with higher healthcare awareness among patients in the region. Whereas, the Asian-Pacific and European regions are estimated to exhibit substantial growth rate due to the presence of a large number of geriatric populations suffering from various chronic diseases and surge in healthcare expenditure over the forecast period. In upcoming years, it is expected that future of the market will be bright as a result of the increase in technological advancements associated with IVD products, technologies, and software & services during the forecast period.
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