In Vitro Diagnostics Market Size Worth $85.8 Billion by 2027 | CAGR: 4.4%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ -- 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.

Key suggestions from the report:

    --  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
    --  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

Read 159 page research report with ToC on "In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Technology (Molecular Diagnostics, Clinical Chemistry), By Application, By End Use, And Segment Forecast, 2020 - 2027'' at:

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.

Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.

Reagents held the largest market share in 2019, owing to development of analytical laboratory automation coupled with high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.

Increasing prevalence cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. Liver, stomach, breast, lung, and colorectal are the most common types of cancer.

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

Find more research reports on Clinical Diagnostics Industry, by Grand View Research:

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        USD 2,173.8 million in 2014 and is expected to grow at a CAGR of 9.5%
        over the forecast period.
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        estimated at USD 1.0 billion in 2016. Growing prevalence of cancer
        worldwide and presence of untapped opportunities in emerging economies,
        especially of Asia Pacific, along with improving healthcare
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    --  Cardiac Biomarkers Market - The cardiac biomarkers market was estimated
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        stress, mainly caused by insufficient blood flow.

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