In Vitro Diagnostics Market Size To Reach $85.8 Billion By 2027 | Top Players Are bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. Development of simplified diagnostic tests is expected to drive the growth. For instance, Cepheid’s Xpert HCV VL Fingerstick received CE-IVD clearance in September 2018. This test identifies and measures HCV RNA levels from fingerstick blood sample.

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

Rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.

There has been an increase in the number of cases of terminal illnesses and disorders such as cancer, cardiovascular diseases, along with the rapid growth in the cases of diabetes and other diseases around the globe has increased the global demand for in-vitro diagnostics market.

According to the International Agency for Research on Cancer, there were 17 million new cancer cases and 9.5 million fatalities due to the disease globally in 2018. This number is expected to grow up to 27.5 million new cases by the year 2040, with the expected fatality figures standing at 16.3 million by that period. With liver, breast and lung cancers some of the more common cancer types in recent years, IVDs can greatly help in the early detection, and thus, an early cure for the disease.

Cardiovascular diseases are the leading causes of death globally, according to the WHO, taking an average of 17.9 million lives each year. Moreover, four of 5 CVD deaths are due to heart attacks and strokes, with a third of these deaths caused prematurely before the age of 70 years. IVDs are helpful in understanding the severity of the disease, which helps in the development of suitable medicines.

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Further key findings from the report suggest:

• Molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
• Infectious disease application segment dominated the market in 2019 due to rising prevalence of tuberculosis, hepatitis, and other infectious diseases
• North America dominated the in vitro diagnostics market in 2019, owing to presence of key players and a rise in launch of new products in major countries like U.S. and Canada
• Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to number of products are being launched in hospitals to provide accurate diagnosis
• Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

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Grand View Research has segmented the in vitro diagnostics market on the basis of product, technology, application, end use, and region:

In Vitro Diagnostics (IVD) Product Outlook (Revenue, USD Million, 2016 - 2027)

• Instruments
• Reagents
• Services

In Vitro Diagnostics (IVD) Technology Outlook (Revenue, USD Million, 2016 - 2027)

• Immunology
• Instruments
• Reagents
• Services
• Hematology
• Instruments
• Reagents
• Services
• Clinical chemistry
• Instruments
• Reagents
• Services
• Molecular Diagnostics
• Instruments
• Reagents
• Services
• Coagulation
• Instruments
• Reagents
• Services
• Microbiology
• Instruments
• Reagents
• Services
• Others
• Instruments
• Reagents
• Services

In Vitro Diagnostics (IVD) Application Outlook (Revenue, USD Million, 2016 - 2027)

• Infectious Disease
• Diabetes
• Oncology
• Cardiology
• Nephrology
• Autoimmune Diseases
• Drug Testing
• Others

In Vitro Diagnostics (IVD) End-use Outlook (Revenue, USD Million, 2016 - 2027)

• Hospital
• Laboratory
• Home Care
• Others

In Vitro Diagnostics (IVD) Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Spain
• France
• Italy
• Russia
• Asia Pacific
• Japan
• China
• India
• South Korea
• Singapore
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• United Arab Emirates
• Saudi Arabia

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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