The global in vitro diagnostics market is likely to grow at a fast pace in the coming few years. The development of the condition-specific tests and markers and the rise in the adoption of point-of-care testing are projected to support the growth of the growth of the global in vitro diagnostics market in the next few years. In addition to this, the rising research and development activities and the introduction of new tests, which is projected to supplement the growth of the global in vitro diagnostics market in the coming few years.
Rising Popularity of Personalized Medicines to Propel In Vitro Diagnostics Market
In 2016, the global market for in vitro diagnostics was worth US$55000 mn and is projected to reach a value of US$89862.2 mn by the end of 2025. The market is projected to register a healthy 5.60% CAGR between 2017 and 2025, states a new research study by Transparency Market Research.
A tremendous rise in the geriatric population and the increasing prevalence of infectious and chronic diseases are estimated to support the growth of the global in vitro diagnostics market in the next few years. The increasing trend of personalized medicines and the rising rate of adoption of fully automated instruments are likely to accelerate the market growth in the coming years. On the flip side, the unfavorable reimbursement environment and the constant changes in the regulatory scenario are estimated to hamper the overall development of the global in vitro diagnostics market in the near future. Nonetheless, the presence of several lucrative opportunities are encouraging the key players to focus on developing economies, thus supporting the market growth in the near future.
Increasing Research and Development Activities to Support Market Growth
In the last few years, North America and Europe held a large share of the global in vitro diagnostics market in the next few years. The rising contribution from the U.S. and the presence of an advanced healthcare infrastructure are projected to supplement the growth of the in vitro diagnostics market across North America in the next few years. In addition to this, the extensive research and development activities and the rising awareness among people for a healthy lifestyle are further estimated to enhance the market growth in the near future. On the contrary, Asia Pacific is projected to witness a rapid growth in the coming years, owing to the rising demand from India, Japan, and China. The development of the healthcare sector, the increasing disposable income of consumers, and the presence of a large number of patients are likely to encourage the growth of the Asia Pacific in vitro diagnostics market in the near future.
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The global market for in vitro diagnostics is presently at a competitive stage with a high number of players operating worldwide. The rising emphasis of the key players on the research and development activities and the introduction of new technology to support the growth of the global market in the next few years. Moreover, the rising number of mergers and acquisition are likely to help the leading players in maintain their position and enhance the market penetration in the next few years. Some of the leading players that are engaged in the in vitro diagnostics market across the globe are Ortho Clinical Diagnostics, Becton Dickinson and Company, Sysmex Corporation, Thermo Fisher Scientific Corporation, Danaher Corporation, Diasorin, Siemens Healthineers, Biomerieux SA, Abbott., Qiagen N.V., F. Hoffmann-La Roche Ltd., Life Technologies Corporation, and Gen-Probe Incorporated.