Global In-vitro Diagnostics Market 2019-2023 | Technological Advances in In-vitro Diagnostics to Boost Growth | Technavio
The global in-vitro diagnostics market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global in-vitro diagnostics market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global in-vitro diagnostics market is the high demand for personalized medicine. The growing focus on next-generation sequencing for genetic mapping of patients, companion diagnostics, whole genome technology, increasing use of combination biomarkers for diagnostics is fueling the growth of the personalized medicine market. With researchers and diagnostic companies seeking to develop diagnostic tests for therapeutic application fields such as cardio-renal, neurology, antiviral, pulmonary, and psychiatry, the demand for personalized medicines is expected to grow significantly during the forecast period.
This market research report on the global in-vitro diagnostics market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the technological advances in in-vitro diagnostics as one of the key emerging trends in the global in-vitro diagnostics market:
Global in-vitro diagnostics market: Technological advances in in-vitro diagnostics
Over the years, there have been significant advances in healthcare technology that has transformed patient care worldwide. By incorporating next-generation tabletop and hand-held diagnostics that work on genes, the in-vitro diagnostics market is witnessing immense technological advancements. Advanced cutting-edge technologies like point-of-care testing, next-generation sequencing, near patient testing, increased automation, hospital laboratory management, and customer relationship management have revolutionized the in-vitro diagnostics sector by providing an accurate and precise diagnosis at rapid rates.
“Apart from the high demand for personalized medicine, factors such as the increasing geriatric population, chronic, and infectious diseases, and the industrial development are expected to positively impact the growth of the global in-vitro diagnostics market during the forecast period,” says a senior analyst at Technavio.
Global in-vitro diagnostics market: Segmentation analysis
This market research report segments the global in-vitro diagnostics market by technology (immunochemistry, molecular diagnostics, tissue diagnostics, and hematology), and geographical regions (APAC, EMEA, and the Americas).
The Americas region led the market in 2018 with a market share of over 44%, followed by EMEA and APAC respectively. Although the APAC region held the smallest market share in 2018, it is expected to register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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