To keep pace with competition, companies operating in the global In Vitro Diagnostics Market focus on product development. Besides enabling the market players achieve their growth targets, strategies they adopt also exerts a significant influence on the overall market proceedings. In addition, the companies are likely to engage in research and development activities to offer more precise and accurate methods of diagnosis, finds Transparency Market Research (TMR) in one of its recent reports. Some of the prominent names operating in the global in vitro diagnostics market are Biomerieux SA, Abbott, Danaher Corporation, F. Hoffmann-La Roche Ltd., Becton Dickinson and Company, Ortho Clinical Diagnostics, Sysmex Corporation, Diasorin and Thermo Fisher Scientific Corporation, Gen-Probe Incorporated, and Life Technologies Corporation, Qiagen N.V. Among these companies, Hoffmann-La Roche Ltd and Abbott currently have a stronger footprint in the overall market.
TMR forecasts the global in vitro diagnostics market will reach US$89,862.2 mn by the end of 2025, from US$55,000 mn in 2016. Between 2017 and 2025, the market is likely to exhibit a CAGR of 5.6%. The presence of a highly sophisticated healthcare industry catapulted North America to the market’s fore. The region held lead in the global in vitro diagnostics market in 2016. Based on technology, the global in vitro diagnostics market was led by the clinical chemistry segment, which held approximately 25.2% of the global market in 2016.
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Rising Incidence of Chronic Ailments to Fuel Demand for In Vitro Diagnostics
The demand for in vitro diagnostics has risen in response to the increasing incidence of infectious diseases and chronic ailments worldwide. For instance, the market is likely to benefit from the rising incidence of human immunodeficiency infections, diabetes, obstructive pulmonary diseases, and cancer. In addition, the rising healthcare expenditure and willingness to spend on advanced treatment will create an environment conducive to the market’s growth in the coming years. With the demand for minimally invasive and non-invasive diagnostic procedures rising at an impressive pace, the market players can expect newer venues of sales opening up for them during the forecast period. Also, TMR expected the market to benefit from the recent improvements in treatment monitoring and the increased availability for over-the-counter tests.
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Unfavorable Reimbursement Policies Could Hamper Growth
On the downside, complicated and often limited availability of reimbursement policies could restrain the market’s trajectory to an extent. However, in the coming years, the in vitro diagnostics market is likely pick pace on account of the rise in epigenomics-based diagnostics tool. Also, it is slated to benefit from the proficiency of molecular diagnostics in identifying diseases at an early stage. With the demand for early and precise diagnosis escalating, the global in vitro diagnostics market is expected to have lucrative prospects to capitalize on in the coming years.
Over the past few decades, the use of in vitro diagnostics was limited to clinical labs alone. For instance, pregnancy tests were always conducted in laboratories. The scenario has hugely changed in the last few years. With recent medical advancements, favorable policies it is now possible to test for pregnancy at home. Besides providing accurate results, these tests are also less time-consuming and can be performed easily. Similar, due to the recent technological advancements, it is possible to measure blood glucose levels and blood pressure home using portable medical devices. These and various other advancements contribute significantly to the growth witnessed in the global in vitro diagnostics market.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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