In Vitro Diagnostics Market Rapidly Growing to Hit $1,02,555 million by 2023
In-vitro diagnostics (IVD) are medical devices, reagents, and accessories used to perform tests on samples, (e.g., blood, urine, and tissue) taken from the human body to help detect infection, diagnose a medical condition, and prevent disease. The aging population and the increasing prevalence of cancer and infectious diseases in developing countries, rising acceptance of molecular diagnostics in personalized medicines, change in lifestyle, increasing prevalence of chronic diseases, and an increasing number of private diagnostic centers drive the growth of the global in-vitro diagnostics market. Cardiovascular diseases (CVD) are considered as the biggest cause of death globally with an estimated 17.7 million deaths by CVD in 2015, representing 31% of all the global deaths as per the World Health Organization (WHO) statistics.
The global in-vitro diagnostics market is expected to reach a market value of USD 1,02,555 million by 2023 from USD 64,390 million in 2017 and is expected to register a CAGR of 8.16% during the forecast period from 2018 to 2023. In 2017, the market was led by the Americas with a 39.4% share, followed by Europe with a share of 31.32%. The market growth in the Americas is attributed to the increase in the population suffering from chronic diseases.
Key Findings
- The global in-vitro diagnostics market is expected to reach USD 102,555 million by 2023 from USD 55,771 million in 2017 and is expected to register a CAGR of 8.16% during the forecast period from 2018 to 2023.
- On the basis of products and services, the reagents and kits segment accounted for the largest market share and is projected to register a CAGR of 8.02% from 2018 to 2023.
- Based on technology, the clinical chemistry segment accounted for the largest market share and is anticipated to register a CAGR of 8.59% from 2018 to 2023.
- Based on application, the infectious disease segment accounted for the largest market share and is anticipated to register a CAGR of 8.01% from 2018 to 2023.
- Based on end user, the hospitals segment held the largest market share of 46.4% in 2017 and is projected to register a CAGR of 7.69% during the forecast period.
- The Americas is expected to hold the largest share of the global in-vitro diagnostics market at a CAGR of 7.61% from 2018 to 2023.
- Asia-Pacific is the fastest growing market, which is expected to register a CAGR of 8.72% from 2018 to 2023.
Main companies involved in this market: F. Hoffmann-La Roche AG, Danaher Corporation, Abbott Laboratories, Siemens, and Thermo Fisher Scientific.
Source: inforgrowth.com/report/1718996/in-vitro-diagnostics-ivd-market
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