Enquiry Sample

In-Vitro Diagnostics IVDs Market: Current Scenario and Forecast 2019-2025

The Global In-Vitro Diagnostics market generated a revenue of US$ 68.92 billion in 2018 and is expected to witness a CAGR growth of 5.24% during the forecast period 2019-2025, to reach a market size of US$ 98.18 billion by 2025.

April 2020 | Pharmaceutical and Healthcare

Health care increasingly is subject to demands for better health and quality of life and limitations on the spending required to deliver these improvements. In-vitro diagnostics, aid in responding to such demands by enabling precise detection of health risks and disease at earlier stages and improving treatment and disease management, while diminishing subsequent health problems and their associated costs. Diagnostics serve a key role in the health value chain by influencing the quality of patient care, health outcomes, and downstream resource requirements. From consumer-friendly at-home pregnancy and glucose monitoring tests to more complex automated laboratory-based systems, these tests are often first-line health decision tools. While diagnostics comprise less than 5% of hospital costs and about 1.6% of all insurance costs, their findings influence as much as 60-70% of health care decision-making. The value of diagnostics accrues not only to clinicians and patients but to health care managers, third-party payers and quality assurance organizations that use diagnostic performance to measure and improve health care quality.
Diagnostics have evolved with the understanding of biological systems and disease, along with advances in science and technology. Emerging today are entirely new categories of diagnostics, based on a full continuum of care and personalized medicine approaches. With the potential to fundamentally alter clinical practice, these technologies are intended to match the “right patient with the right treatment at the right time.” As such products mature, clinicians and patients will be better able to assess the risks and benefits of care options and customized health management strategies to optimize individual health and quality of life. Considering the increasing reliance on diagnostics in all phases of patient care, they afford substantial opportunities to improve quality and efficiency. Despite the value and potential of diagnostics, certain internal and external constraints, including regulatory, reimbursement, market, scientific/technical and societal issues, can inhibit the development, adoption and appropriate use of diagnostic products. Rising demand for Point-of-Care (PoC) devices is expected to fuel the market growth further. In addition, the introduction of advanced technologies, such as biochips and nano-biotechnology, and miniaturization of microfluidics are expected to increase the demand for PoC products. These advancements have enabled easy access to PoC diagnostic tests and are likely to facilitate quick and effective test results, thereby boosting the overall market growth.
Among all types of In-Vitro Diagnostics product type, reagents segment is expected to dominate the market, however, the market for instruments services segment type In-Vitro Diagnostics is expected to grow at the highest CAGR of 5.7% over the forecast period owing to the recent advancements in IVD instruments, growth in demand for fully automated instruments in market, as they simplify the task and provide more accurate and reliable results. In terms of technique type; the In-Vitro Diagnostics market is bifurcated into immunoassay, clinical chemistry, SMBG, molecular diagnostics, hematology, microbiology, point-of-care, and hemostasis. Among these, Molecular Diagnostics segment is expected to grow considerably, and it is expected to grow at a CAGR of 6.3% respectively over the analyzed period owing to its increasing demand and nature of being cost-efficient. The market is dominated by immunoassay, whereas molecular diagnostics has emerged as one of the leading and fastest-growing sectors of the IVD industry. Four significant and innovative trends are currently driving the global IVD market: POCT, automation, digitalization, and personalized medicine. In the diagnostics industry, placing diagnostics as close as possible to the patient and healthcare practitioners is a ground-breaking trend. POCT technologies deliver faster results as delays caused by transportation are mitigated. Similarly, there is no need for the preparation of clinical samples, as biochemical test results are available at the point of care. This could help speed up clinical decision making, with improved medical outcomes at lower costs.
On the basis of application analysis of the in-vitro diagnostics industry, Infectious Diseases segment contributed US$ 24.24 billion by revenue and is expected to grow with the highest CAGR of 4.89% over the forecast period through 2025. Most IVD experiments still take place in a laboratory. Many specialties currently have fully automated and advanced equipment, which produces results within minutes of loading the sample. Even the more ‘hands-on’ specialties like microbiology are gradually becoming more streamlined as machinery is created to decrease result time and allow researchers and pathologists to concentrate on results analysis and individual patient care. Oncology segment is anticipated to grow at the highest CAGR of 6.0% over the forecast period through 2025.
In-Vitro Diagnostics market is vastly competitive and is fragmented into several large and small players forming a competitive landscape. As the concept is innovative and emerging, each player is trying their best to dominate the marketplace. While players have come and gone in the in vitro diagnostic landscape, Roche Diagnostics has retained its prominence on the global front. But the Swiss giant is facing a fresh reality, like all its other larger competitors, with growing pressure to demonstrate medical value and a more stringent regulatory climate. Roche Diagnostics has stood firmly in the midst of this changing scene as the number one IVD player in the world driven by development in its biggest company segment, Centralized and Point of Care Solutions (formerly called Professional Diagnostics). The market for professional diagnostics (PD) is that it continues to develop healthily; for more than 10 years it has experienced a 5% rise a year and a similar trend is anticipated over the forecast period.
The key sub-segments of Roche as serum work area [SWA], specialty testing, point of care- all are contributing to the growth of Roche’s IVD market. Roche will continue to hold on firmly to the top position in the IVD market, with the company estimated to have a substantial 17.8% market share in 2024. Following the acquisition of Alere, Abbott is set to become the second largest IVD company, with 2024 sales forecast to top US$ 10 billion. Some of the key players operating in the In-Vitro Diagnostics market include Abbott Laboratories, Inc., Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Johnson & Johnson, Roche Diagnostics, Siemens Healthineers, Sysmex Corporation, and Thermo Fisher Scientific are among others. These players are working endlessly to offer consumers a better, affordable and sustainable healthcare service across the globe.

The preceding figure gives the forecast value of global In-Vitro Diagnostics Market from 2018 to 2025. The Global In-Vitro Diagnostics market generated a revenue of US$ 68.92 billion in 2018 and is expected to witness a CAGR growth of 5.24% during the forecast period 2019-2025, to reach a market size of US$ 98.18 billion by 2025.


Get More Information : https://www.planetmarketreports.com/reports/in-vitro-diagnostics-ivds-market-current-scenario-and-forecast-2019-2025