WorldWide In-vitro Diagnostic Services Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: In-vitro Diagnostic Services Market

Industry / Sector Trends

In-vitro Diagnostic Services market size was valued at USD 44.0 billion in 2017 and is expected to witness 5.4% CAGR from 2018 to 2024.
 

U.S.
Market Segmentation, Outlook & Regional Insights: In-vitro Diagnostic Services Market

 In-vitro Diagnostic Services Market, By Software, 2013 – 2024 (USD Billion)

 

Rising number of cancer cases in Asian as well as western countries should drive in-vitro diagnostic services industry growth in upcoming years. According to Livemint in 2016, India had over 3.9 million cases of cancer that will accelerate the demand for in-vitro diagnostic services. Moreover, growing elderly population suffering from chronic diseases such as diabetes and cardiovascular disorders will influence the industry growth. In the U.S., there are around 78 million people in the age group of 65 years and above. Majority of elderly people suffer from at least one chronic disease or infection that should upsurge the demand for in-vitro diagnostic services in near future.
 

Increasing rate of detection of genetic and infectious diseases in developed economies will escalate IVD services industry growth. Over 133 million Americans are detected with at least one chronic disease that will increase the demand for in-vitro diagnostic services surging industry growth. American organizations such as National Association of Chronic Diseases implements certain initiatives that will raise awareness of disease detection among the population should positively influence in-vitro diagnostic services industry growth. However, high costs associated with diagnostic services will restrain industry growth.
 

In-vitro Diagnostic Services Market, By Service Type

Software segment will grow at 4.5% over the forecast timeframe due to growing preference for reliable and efficient diagnostic software that will help to maintain patient’s record. Also, software enables analysis of the gene sequencing information that will boost drug discovery process and is expected to render positive impact on segmental growth. In-vitro diagnostic companies such as Roche have partnered with Microsoft and Cleidon that will help in broadening its software offerings and will also prove beneficial for business growth.
 

Testing services segment was valued at USD 34.8 billion in 2017 and is projected to grow significantly over the forecast timeframe as a result of growing elderly population globally will augment demand for in-vitro diagnostic services surging the segmental growth. High demand for diagnostic services such as mammography, colonoscopy, blood tests and liquid biopsy should further augment the industry growth. According to CDC in 2015, 65.3% women in the age group of 40 years and above underwent the mammography tests in the U.S. that should impel segmental growth in forthcoming years.
 

In-vitro Diagnostic Services Market, By End-user

Hospital segment will grow at 4.3% over the forecast timeframe due to increasing prevalence of chronic diseases in developed as well as developing countries. Moreover, growing healthcare associated infections should impact the segmental growth positively. According to CDC in 2015, Americans spent around 32.3% of the total expenditures on hospital care that will enhance business growth.
 

Point-of-care testing segment accounted for 23.5% revenue share in 2017 and is expected to grow over the forecast timeframe. Technological advancements coupled with increasing prevalence of genetic diseases requiring critical monitoring should increase demand for point-of-care testing that will upsurge the segment growth in forthcoming years.
 

In-vitro Diagnostic Services Market, By Region

U.S. dominated North American market and was valued at USD 16.7 billion in 2017 as a result of increasing demand for diagnostic services and growing adoption rate of software. Development in public healthcare system will increase the availability of superior quality diagnostic services that should impel industry growth in upcoming years.
 

Germany market will grow at 4.5% CAGR over the estimated forecast timeframe. Exponential regional growth can be attributed to increasing adoption rate of superior quality diagnostic devices that enhances the performance of diagnostic procedures stimulating the industry growth in future. Moreover, increasing geriatric population preferring in-vitro diagnostic services will trigger the industry growth.
 

Key Players, Recent Developments & Sector Viewpoints: In-vitro Diagnostic Services Market


Major industry players include bioMerieux SA, Bio-Rad Laboratories, DexCom, Nova Biomedical, OraSure Technologies, Ortho Clinical Diagnostics, Qiagen, Roche Diagnostics, Siemens AG, Sysmex Corporation and Thermo Fisher Scientific. These industry players adopt strategic initiatives that help them to maintain their market share. For instance, Roche developed Accu-Chek 360° diabetes management software that ensures accurate storage of patient’s information and helps in reviewing the historical data. Addition of new products to the portfolio will enhance revenue generation for the company.
 

In-vitro Diagnostic Services Industry Viewpoint

 
 

IVD services market is consolidated in nature and is dominated by only few industry players. Additionally, in-vitro diagnostic services industry has evolved drastically and has led to improvements in the software developed by the companies. For instance, organizations such as Roche diagnostics and OraSure are merging with leading software companies to enhance their product offerings to sustain market competition. Also, with an increase in prevalence of cancer globally, the key industry players have added innovations in most preferred diagnostic tests such as mammography, echocardiography and colonoscopy that facilitates efficient diagnosis thereby, escalating demand for diagnostic services in forthcoming years. Furthermore, development in vendor and overall distribution network of the suppliers for software utilised under in-vitro diagnostic services will ensure sustainable industry growth.

Key Insights Covered: Exhaustive In-vitro Diagnostic Services Market
1.  Market size (sales, revenue and growth rate) of In-vitro Diagnostic Services industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of In-vitro Diagnostic Services industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of In-vitro Diagnostic Services industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of In-vitro Diagnostic Services industry.

Research Methodology: In-vitro Diagnostic Services Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.