Pune, India, July , 2018 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global In-Vitro Diagnostics Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
In-vitro Diagnostic (IVD) comprises of medical devices, reagents and accessories to be used to perform tests on blood, urine and tissue samples in order to help detect infection, diagnose a medical condition, and accordingly to plan the line of treatment to prevent/manage the disease. Some of the IVDs including next-generation sequencing tests can also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies, scanning a person’s DNA to detect genomic variations.
Owing to the some of the benefits in-vitro diagnostics offers to the clinical or research setting, such as quick results allowing multiple tests at the same time with customization the market for in-vitro diagnostics is expanding rapidly, garnering wide prominence around the world.
Considering the phenomenal growth prospect demonstrated by the market, Market Research Future (MRFR) in its recently published study report mentions that the market is expected to be a prominent space, in the years to come. Further MRFR also asserts that the global in-vitro diagnostics market will rise to witness a spectacular growth by 2023, growing at a CAGR of 6.5% during the review period (2017-2023).
Tremendously popular, IVD devices are perceiving an upsurge demand and its market is garnering more attention on the global platform over the last few years with the emerging technologies. Globally, there is a huge demand for IVD Devices in various regions. Growing prevalence of chronic diseases and disorders is escalating the global in-vitro diagnostics market rapidly escorting it to the ascended level.
The market is immensely growing due to the increasing demand for advanced diagnostic techniques. Additional factors that influence the market growth are increasing technological advancement in healthcare that supports the desired results, further increasing the market growth.
Moreover, the government funding to encourage the adoption of in-vitro diagnostic are pervasively fostering the market growth. On the other hand, factors such as the lack of proper reimbursement policies in the developing countries and strict FDA regulations are obstructing the market growth.
In-Vitro Diagnostics Market – Segments
The market is segmented into four key dynamics for the convenience of the report;
By Techniques : Immunodiagnostics (Enzyme-Linked Immunosorbent Assays (ELISA), Chemiluminescence Immunoassays (CLIAS), Fluorescence Immunoassays (FIAS), Colorimetric Immunoassays (CIC), and Radioimmunoassay (RIA) and other immune assay techniques.), Blood Testing, and Molecular Diagnostics among others.
By Applications : Infectious Diseases (Acinetobacter infections, Actinomycosis, Hepatitis (A, B, C, D, and E) and others.), Cancer (skin, lung, brain and others), and Cardiac Diseases among others
By End-Users : Laboratories, Hospitals, Academics & Medical Institutions among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
In-Vitro Diagnostics Market -
Globally, North America accounts for the leading market for In-Vitro Diagnostics. Countries like U.S. and Canada play a vital role in the growth of this market. Increasing demand for the advanced techniques in diagnostics and higher expenditure are the major factors supporting the growth of the market in the region. Furthermore, increasing R&D funding and the increasing focus of the companies towards developing new technologies for the advancement of diagnostics is fuelling the market growth in the region.
Europe is expected to be the second-largest market and is expected to show extensive growth throughout the forecast period. Factors such as the financial support from the government for research and development activities in the region drive the market growth.
Furthermore Asia pacific In-Vitro Diagnostics market is emerging as one of the lucrative markets. Increasing occurrences of chronic diseases, coupled with the increasing number of private diagnostic centers in the region are the major driving forces for the growth of the market.
In-Vitro Diagnostics Market - Competitive Analysis
The In-vitro diagnostics market is highly competitive and fragmented with several large and small players forming a competitive landscape. Product launch, agreement & partnership, acquisition, and expansion are the key strategies traced from the analysis of recent developments of the key players.
Some well-established players having international presence are increasingly trying to expand their footprint in the developing region which is further making it difficult for the regional players to compete with them, especially in terms of features such as product portfolios, product differentiation, quality, and pricing.
These market players are also employing strategies of creating alliances with e-commerce partners and maintaining distribution agreements with strong local players in regions such as Western Europe and APEJ to consolidate their position.
July 17, 2018 - Co-Diagnostics, Inc. (US), a molecular diagnostics company announced the submission of its Logix Smart™ MTB Test technical file for registration with the European Community, and that the CE marked in-vitro diagnostic is expected to be available for purchase in the August this year in markets that accept a CE mark as valid regulatory approval.
July 16, 2018 - Ortho Clinical Diagnostics (Ortho - US), a global leader of in vitro diagnostics, announced the collaboration with Diazyme Laboratories, Inc.(US) to offer three new Microtip Partnership Assays (MPA) to their customers. The MPA program will enable Ortho to validate and offer high value, esoteric testing, in view with the today's growing needs of labs. Lipoprotein (a) (Lp (a)), Cystatin C assays, and Glycated Serum Protein (GSP), allow Ortho to further strengthen its offerings in key diseases such as diabetes, cardiac and renal.
July 06, 2018 – Thermo Fisher Scientific Inc. (US) the world leader in serving science, launched its new benchtop instrument - the Phadia 200. The CE-marked new Phadia 200 enables new levels of flexibility and automation for laboratory testing facilities to aid in the diagnosis of allergy and autoimmunity conditions and the first few installations are underway at selected sites in Europe.