PR Newswire03.02.20
According to the new "In-Vitro Diagnostics Market to 2027 - Global Analysis and Forecasts By Product and Services; Technology; Application; End User, and Geography" report from ResearchAndMarkets.com, the Global In-Vitro Diagnostics market is expected to reach $107,658.83 million in 2027 from $68,608.16 million in 2019. The market is estimated to grow with a CAGR of 5.8% from 2020-2027.
The growth of the In-Vitro Diagnostics market is primarily attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, and rising awareness of in-vitro diagnostics across the globe. However, factors such as lack of healthcare infrastructure in emerging nations and poor reimbursement policies are likely to pose a negative impact on the market growth.
On the other hand, growth opportunities in emerging regions are likely to have a positive impact on the growth of the global In-Vitro Diagnostics market during the forecast period. With a rise in cases of chronic illnesses such as diabetes, cancer, and inflammatory diseases, the healthcare domain is witnessing increasing emphasis on preventive care and rapid disease diagnosis.
Such factors are likely to boost the preference for in-vitro diagnostics in developed as well as developing nations. Moreover, increasing geriatric population coupled with increasing demand for advanced systems to incorporate accurate disease diagnosis is projected to offer lucrative opportunity for the growth of the global in-vitro diagnostics market.
Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the disposable income as well as developing healthcare infrastructure in the leading economies such as Japan, China and India.
Segments
In 2019, the In-Vitro Diagnostics with reagents and kits held a largest market share of 80.18% of the In-Vitro Diagnostics market, by product & services. Infectious diseases in application segment is also expected to dominate the market in 2027 owing to higher prevalence of infectious diseases and increasing number of viral outbreaks.
Global In-Vitro Diagnostics devices market, based on the Product and Services, is segmented into Reagents and Kits, Instruments, and Software & Service. In 2019, the reagents & kits segment held the largest share of the market, by products & services. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number diagnostics test across the globe.
Global In-Vitro Diagnostics devices market, based on the technology, is segmented into Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis, and Others. In 2019, the Immunoassay/Immunochemistry segment held the largest share of the market, by technology. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing adoption of the technology due to its benefits for the diagnosis of infectious diseases.
Global In-Vitro Diagnostics devices market, based on the applications, is segmented into Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, and Others. In 2019, the Infectious Diseases segment held the largest share of the market, applications. In addition, the segment is also expected to grow at the fastest rate during the coming years.
Global In-Vitro Diagnostics devices market, based on the end user was segmented into Hospitals, Diagnostic Centers, Homecare, and Others. In 2019, the hospitals segment held the largest share of the market, by end user, owing to well-established presence of advanced healthcare infrastructure, growing concerns about health, and rising healthcare spending. The homecare segment is expected to grow at the fastest rate during the coming years.
The growth of the In-Vitro Diagnostics market is primarily attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population, and rising awareness of in-vitro diagnostics across the globe. However, factors such as lack of healthcare infrastructure in emerging nations and poor reimbursement policies are likely to pose a negative impact on the market growth.
On the other hand, growth opportunities in emerging regions are likely to have a positive impact on the growth of the global In-Vitro Diagnostics market during the forecast period. With a rise in cases of chronic illnesses such as diabetes, cancer, and inflammatory diseases, the healthcare domain is witnessing increasing emphasis on preventive care and rapid disease diagnosis.
Such factors are likely to boost the preference for in-vitro diagnostics in developed as well as developing nations. Moreover, increasing geriatric population coupled with increasing demand for advanced systems to incorporate accurate disease diagnosis is projected to offer lucrative opportunity for the growth of the global in-vitro diagnostics market.
Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the disposable income as well as developing healthcare infrastructure in the leading economies such as Japan, China and India.
Segments
In 2019, the In-Vitro Diagnostics with reagents and kits held a largest market share of 80.18% of the In-Vitro Diagnostics market, by product & services. Infectious diseases in application segment is also expected to dominate the market in 2027 owing to higher prevalence of infectious diseases and increasing number of viral outbreaks.
Global In-Vitro Diagnostics devices market, based on the Product and Services, is segmented into Reagents and Kits, Instruments, and Software & Service. In 2019, the reagents & kits segment held the largest share of the market, by products & services. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number diagnostics test across the globe.
Global In-Vitro Diagnostics devices market, based on the technology, is segmented into Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis, and Others. In 2019, the Immunoassay/Immunochemistry segment held the largest share of the market, by technology. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing adoption of the technology due to its benefits for the diagnosis of infectious diseases.
Global In-Vitro Diagnostics devices market, based on the applications, is segmented into Infectious Diseases, Diabetes, Oncology, Cardiology, Nephrology, and Others. In 2019, the Infectious Diseases segment held the largest share of the market, applications. In addition, the segment is also expected to grow at the fastest rate during the coming years.
Global In-Vitro Diagnostics devices market, based on the end user was segmented into Hospitals, Diagnostic Centers, Homecare, and Others. In 2019, the hospitals segment held the largest share of the market, by end user, owing to well-established presence of advanced healthcare infrastructure, growing concerns about health, and rising healthcare spending. The homecare segment is expected to grow at the fastest rate during the coming years.
