Global Medical Diagnostics Market Size, Share & Industry Analysis, by Product Type (Instruments, Reagents & Consumables), by Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Point of Care, Haematology and Others), by Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, Others), by End User (Clinical Laboratories, Hospitals, Physicians Offices, Others) and Regional Forecast, 2019-2028
The global in vitro diagnostics market size stood at around USD 65 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period
In vitro diagnostics industry is consolidated in nature and demonstrates increasing adoption rates of diagnostic devices along with use of IVD instruments in clinical laboratories and hospitals. The industry has perceived significant developments over the recent years. Introduction of new techniques for rapid and fast disease diagnosis are anticipated to surge the demand for in vitro diagnostic services, subsequently, driving business growth during the forecast period
The rising prevalence of infectious diseases, leading to increasing demand for disease diagnosis is one of the factors anticipated to propel the market growth. According to the National Institute of Health (NIH), in 2017, around 23.5 million cases of autoimmune diseases were reported in America and this is expected to increase in the forthcoming years
Additionally, increasing prevalence of cardiovascular diseases in developed and developing countries is one of the major factor driving the growth of the in vitro diagnosis. For instance, according to U.S. Department of Health & Human Services, around 735,000 Americans suer from a heart attack every year. Additionally, as per the Heart Disease and Stroke Statistics, 2019 Update from the American Heart Association, around 116.4 million, or 46% of the US adults are estimated to have hypertension. The increasing number of patients suffering from cardiovascular diseases is likely to increase the demand for the in vitro diagnostics tools, subsequently propelling market growth
The rising consumption of tobacco and alcohol, adoption of a sedentary lifestyle, unhealthy dietary habits, etc. are the major factors responsible for increasing prevalence of chronic diseases. The rising prevalence of the chronic disorders is likely to increase the demand of the in vitro testing
1. Global Medical Diagnostics Market Overview……………………………… A. Market Size 2. Market Growth Drivers……………………………………………………… A. Growing Geriatric Population B. Technological Advancements 3. Major Medical Diagnostics Techniques………………………………… A. Immunodiagnostics B. Clinical Chemistry C. Molecular Diagnostics D. Point of Care E. Hematology F. Others 4. Medical Diagnostics Market Segmentation………………………………… A. By Disease I. Infectious Diseases II. Cardiology III. Oncology IV. Gastroenterology V. Others B. Geography I. North America Market Analysis II. Europe Market Analysis III. Asia-Pacific Market Analysis IV. Middle-East and Africa Market Analysis V. South America Market Analysis 5. Medical Diagnostics Major Products Market Share…………………………… A. Market Analysis, Insights and Forecast to 2028 by revenue 6. Competitive Landscape………………………………………………………………. A. Major Players B. Global Market Share Analysis 7. Key Company Profiles………………………………………………………………… A. Abbott Company overview, Product & Services, Strategies & Financials B. bioMerieux SA Company overview, Product & Services, Strategies & Financials C. Bio-Rad Laboratories Company, Product & Services, Strategies & Financials 8. Healthcare Policies and Regulatory Landscape………………………………… A. Policy changes and Reimbursement scenario 9. Factors Driving Future Growth……………………………………………………… A. New Trends and Development in the Medical Diagnostics Market B. Future Opportunities 10. Conclusion
Infectious diseases dominated the segment for diagnostics and is anticipated to exhibit lucrative growth over the forecast period. Rising prevalence of cardiovascular diseases such as coronary artery disease, arrhythmias, and stroke globally is likely to increase the demand for IVD tools. These factors are expected to drive the growth of the cardiology segment subsequently, which will boost the in vitro diagnostics market
Oncology segment held a substantial share and is projected to witness significant CAGR during the forecast period. Availability of advanced home care kits such as fecal occult blood test (FOBT) for diagnosis of colon cancer in homecare settings is one of the major factors likely to drive this segment
The increasing prevalence of infectious disease and cancer are major factors boosting the demand for in vitro diagnosis. Increasing investment by research institutes and key market players in the development of the rapid and easy in vitro testing tools in the oncology is one of the major factor propelling the growth of the oncology segment
North America generated a revenue of USD 23.09 billion in 2018 and is anticipated to emerge dominant in the global in vitro diagnostics market during the forecast period. Adequate and favorable government regulations, well-established diagnostic infrastructure, adoption of technologically advanced diagnostic techniques, and presence of prominent key market players in this region are some of the significant factors anticipated the drive the market in North America
Asia Pacific is expected to grow at a significant CAGR during the forecast period. Increasing prevalence of cardiovascular diseases and infectious diseases and rapid development in the healthcare infrastructure of developing countries such as India and China is anticipated to rise the demand for the IVD tools. These factors are expected to subsequently drive the market growth in the Asia Pacific at a faster pace
Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostics, and Beckman Coulter Inc. are the major players dominating the global IVD market
Other companies that account for a significant share in the IVD market are Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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