In-Vitro Diagnostics Market to Witness Significant Growth During the Forecast Period

by vinit on Jun 25, 2021 Health and Fitness 124 Views

Primary Boosters and Deterrents

Soaring awareness among patients regarding personalized medicines has raised the demand for in vitro diagnostics technology in recent years. Diagnostic tests, particularly those that offer real-time or rapid results have become a critical aspect of treatment regimens with respect to chronic conditions and diseases. Diagnostics tests help physicians reach an informed medical decision, which helps reduce the likelihood of adverse health events. A few of the most commonly deployed personalized treatments are therapeutic drug monitoring tests to decide drugs to treat HIV strains; cholesterol (and other lipid) testing to monitor the effectiveness of lipid lowering therapy; HbA1c tests (glycated hemoglobin) for monitoring diabetes; and so on.

The in vitro diagnostics industry is also gaining momentum on the back of surging use of fully automated instruments across several diagnostic laboratories. Compared to the traditional semi-automated tools and instruments, automated instruments are exhibit significant performance levels, are far more scalable, reduce the hands-on period of the technologists, deliver quicker results and also eliminate batch testing. In view of these advantages and the resultant increase in demand, firms are focused on designing automated instruments. Dearth in lab personnel along with the escalating test volumes that require more number of tests also drive the demand for laboratory automation in the global market.

Market Scope

Market Research Future (MRFR) asserts that the in-vitro diagnostics market 2020 can achieve a growth rate of 8.16% from 2018 to 2023. The market size could also cross USD 102,500 Mn by the appraisal period’s end.

Regional Outlook

The in-vitro diagnostics market’s geographical distribution comprises Europe, South America, the Middle East & Africa (MEA), North America, along with Asia Pacific (APAC). In 2017, North America and South America together formed a share of nearly 40% in the global market. The North American market, in particular, can expect to stay highly profitable throughout the evaluation period. Additionally, the Asia Pacific market is more than likely to attain the highest growth rate over the forecast timeframe.

The Asia Pacific market can procure the fastest growth rate in the years to come, backed significantly by rapidly emerging economies like India and China. Improving healthcare infrastructure and the escalating number of people opting for early diagnosis in view of mounting awareness levels coupled with the growth in the prevalence of chronic ailments also benefit the APAC market.

Affluent Firms

Bio-Rad Laboratories Inc., Sysmex Corporation, bioMérieux S.A, DiaSorin S.p.A, Ortho Clinical Diagnostics, Abbott Laboratories, Siemens AG, Grifols S.A, Becton Dickinson and Company, Danaher Corporation, Hoffmann-La Roche AG, and Thermo Fisher Scientific, Qiagen N.V. are some of the top manufacturers of in-vitro diagnostics worldwide


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