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8:30 AM - HIMSS Europe
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e-Health 2025 Conference and Tradeshow
2025-06-01 - 2025-06-03    
10:00 am - 5:00 pm
The 2025 e-Health Conference provides an exciting opportunity to hear from your peers and engage with MEDITECH.
HIMSS Europe
2025-06-10 - 2025-06-12    
8:30 am - 5:00 pm
Transforming Healthcare in Paris From June 10-12, 2025, the HIMSS European Health Conference & Exhibition will convene in Paris to bring together Europe’s foremost health [...]
38th World Congress on  Pharmacology
2025-06-23 - 2025-06-24    
11:00 am - 4:00 pm
About the Conference Conference Series cordially invites participants from around the world to attend the 38th World Congress on Pharmacology, scheduled for June 23-24, 2025 [...]
2025 Clinical Informatics Symposium
2025-06-24 - 2025-06-25    
11:00 am - 4:00 pm
Virtual Event June 24th - 25th Explore the agenda for MEDITECH's 2025 Clinical Informatics Symposium. Embrace the future of healthcare at MEDITECH’s 2025 Clinical Informatics [...]
International Healthcare Medical Device Exhibition
2025-06-25 - 2025-06-27    
8:30 am - 5:00 pm
Japan Health will gather over 400 innovative healthcare companies from Japan and overseas, offering a unique opportunity to experience cutting-edge solutions and connect directly with [...]
Electronic Medical Records Boot Camp
2025-06-30 - 2025-07-01    
10:30 am - 5:30 pm
The Electronic Medical Records Boot Camp is a two-day intensive boot camp of seminars and hands-on analytical sessions to provide an overview of electronic health [...]
Events on 2025-06-01
Events on 2025-06-10
HIMSS Europe
10 Jun 25
France
Events on 2025-06-23
38th World Congress on  Pharmacology
23 Jun 25
Paris, France
Events on 2025-06-24
Events on 2025-06-25
International Healthcare Medical Device Exhibition
25 Jun 25
Suminoe-Ku, Osaka 559-0034
Events on 2025-06-30

Events

Research Papers

In-vitro Diagnostic Services Market is Poised to Reach USD 63 Billion by 2024

diagnostic services

As per a recent industry report put forward by Global Market insights Inc., In-vitro Diagnostic Services Market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of USD 63 billion by 2024 with a projected CAGR of 5.4% over 2018-2024.

Developments in diagnostic tests will enhance in-vitro diagnostic services industry growth over the coming years. Integration of advanced technology within the diagnostic devices should propel in-vitro diagnostic services market growth in the upcoming years. For instance, Phenomenex, a leader in developing diagnostic tests has added improvisations in the HPLC columns that enables free chiral screening service proving beneficial for performing diagnostic tests. Increase in technological advancements will enable automations in testing equipment utilized in the diagnostic procedures.

Growing prevalence of chronic diseases such as cancer should have positive impact on the demand for in-vitro diagnostic (IVD) services. According to WHO, in 2015, there were around 8.8 million deaths globally due to cancer that will augment demand for IVD services. Also, as reported by World Cancer Research Fund International, there were around 1.4 million cases of colorectal cancer globally that will assure inflated demand for diagnostic services in forthcoming years. However, excessive cost of the diagnostic services and software utilized will restrain the industry growth.

Testing services segment will grow at 5.7% over the forecast timeline and the high segmental growth will be attributed to the availability of superior quality in-vitro diagnostic services. Moreover, increasing mortality rates due to cancer and other viral infections should augment the business growth over forecast timeframe.

Laboratories segment held an enormous market share of 29.3% in 2017 and is anticipated to follow high growth trends in upcoming years. Increase in rate of detection of diabetes cases in South African and Asian countries will augment the segmental growth and escalate the demand for in-vitro diagnostic services. Additionally, growing incidence of chronic infections such as HIV and others will ensure high demand for laboratory diagnostic services. According to U.S. Statistics, around 1.1 million people in the U.S. were infected with AIDS that will positively influence business growth.

U.S. In-vitro Diagnostic Services Market, By Software, 2013 – 2024 (USD Billion)

U.S. market accounted for 89.7% regional revenue share in 2017 and high business growth can be attributed to the increasing geriatric population suffering from chronic disease such as diabetes. As per CDC in 2015, around 30.3 million Americans were detected with diabetes that should upsurge the demand for diagnostic services in near future. Also, developments in healthcare infrastructure will positively impact the business growth.

Germany market was valued at USD 1.4 billion in 2017. Business growth in the country will be triggered by rising adoption of technologically advanced diagnostic devices. Also, availability of improvised quality diagnostic devices used in blood, urine and other infectious diseases diagnosis coupled with development of reimbursement scenario will stimulate industry growth over the coming years.

Some of the prominent industry players operating in the BioRad, DexCom, Nova Biomedical, OraSure, Pearl Pathways, Phenomenex, Qiagen, Roche diagnostics, Siemens, Sysmex and Thermofisher. The key industry leaders will assure maximum profits by introducing innovative technology & devices into the industry. For instance, in October 2017, Roche Diagnostics received approval for Cobas, a Zika test used for accurate diagnosis of diseases. Development of such new tests will ensure profits for the firm.

Source: https://www.gminsights.com/pressrelease/in-vitro-diagnostic-services-market