The global in Vitro Diagnostics Market is projected to reach USD 87.93 billion by 2023 from 68.12 billion in 2018, at a CAGR of 5.2%. The growth in this market is primarily driven by the increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, increasing adoption of fully-automated instruments and automation in laboratories, increasing adoption of point-of-care testing, and growing awareness of personalized medicine.
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Based on technology, the in vitro diagnostics market is segmented into eight major categories, namely, immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The molecular diagnostics segment is projected to grow at the highest rate during the forecast period. Growth in this market is majorly driven by the rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing.
Based on product & service, the in vitro diagnostics market is broadly divided into instruments, reagents & kits, data management software, and services. IVD instruments are further segmented into fully-automated instruments, semi-automated instruments, and other instruments. The reagents & kits segment is expected to register the highest CAGR during the forecast period mainly due to factors such as increased accessibility and demand for reagents and the rising number of IVD tests conducted, increasing demand for rapid tests and patient self-testing kits to monitor various conditions like diabetes infectious diseases and pregnancy.
Based on end user, the in vitro diagnostics market is segmented into laboratories, hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users. Point-of-care testing is poised to be the fastest-growing segment during the forecast period. This growth is attributed to the rising prevalence of infectious diseases in developing countries and increasing incidence of cardiac diseases and diabetes. The growing use of POC devices within hospitals and clinical settings, especially in remote and rural areas, is also fueling the demand for POC tests.
In 2018, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of this market is attributed to factors such as large patient population base, healthcare infrastructure modernization, government initiatives to increase awareness on preventive care and regular check-ups, and rising penetration of cutting-edge diagnostic technologies. During 2014–2017, several market players expanded their presence in Asia Pacific countries. For instance, in August 2016, Alere Inc. opened a new diagnostics manufacturing facility in India. The new factory produces rapid tests for the detection of infectious diseases. In November 2014, Roche invested about USD 467 million in establishing a new diagnostics manufacturing site in China to meet the growing demand for its diagnostic tests. Also, in September 2014, Sysmex Corporation opened its new reagent factory in Singapore. The new facility helped to supply reagents in the Asia Pacific region.