Global Infectious Diseases in Vitro Diagnostics Market is expected to grow at a CAGR of 5.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Infectious Diseases in Vitro Diagnostics Market By Product (Reagents, Instruments), Technology (Clinical Chemistry, Molecular Diagnostics, Immunoassay, Urinalysis, Hematology), Application (Oncology, Diabetes, Infectious diseases, Nephrology, Cardiology), End-use (Laboratories, Hospitals, Academic Institutes, Point-Of-Care Testing, Patient Self-Testing, And Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global infectious diseases in vitro diagnostics market is expected to grow from USD 19.80 billion in 2019 to USD 30.62 billion by 2027, at a CAGR of 5.6% during the forecast period 2020-2027. North America is expected to witness the largest number of shares in the market, followed by Europe. Large share of vitro diagnostics in North America is due to the growing use of molecular diagnostics in genetic disorders, availability of government funds, the presence of key players in the region, and cancer screening. The Asia-Pacific region is expected to witness significant growth due to increasing awareness, investment in healthcare infrastructure, and high population growth.
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Some of the notable players in the infectious diseases in vitro diagnostics market are Abbott Laboratories, Gen-Probe Inc., Alere Inc., Roche Diagnostics, Becton Dickinson Company, LifeScan Inc., Orthto-Clinical Diagnostics, Luminex Corporation, bioMeriux SA, Bio-Rad Laboratories Inc., and Siemens Healthcare. Enhancement of R&D for improved therapeutics has created abundant growth opportunities in the market, increasing instances of strategic collaboration.
The product segment includes reagents and instruments. The reagents segment is expected to grow owing to the increased demand and accessibility for reagents and the rising number of vitro diagnostics tests conducted across the globe. The technology segment includes clinical chemistry, molecular diagnostics, immunoassay, urinalysis, haematology. The molecular diagnostic segment is expected to fuel the market growth. The factors driving the molecular diagnostic segment are increased prevalence of infectious diseases, various genetic disorders, growing demand for blood screening, cancer, and increasing application of molecular diagnostic technologies. Based on application, the market is segmented into oncology, diabetes, infectious diseases, nephrology, cardiology. The infectious disease segment is expected to boost the market due to the increasing prevalence of multi-drug-resistant infectious diseases and growing need for effective diagnostic tools for these diseases. Based on end-use, the market is segmented into laboratories, hospitals, academic institutes, point-of-care testing, patient self-testing, and others. The hospital segment is expected to boost the market, owing to a large volume of diagnostic tests carried out in hospitals.
The factors influencing the growth of the market are increase in government funding, complex regulatory framework, rising healthcare costs, increasing incidence of infectious diseases, and rise in demand for rapid diagnostic techniques. Growth in the market is mainly driven by a shift in focus from centralized laboratories to decentralized laboratories, increasing global prevalence of infectious diseases, and growth in funding for research on infectious diseases. Factors restraining the growth of the market are rising healthcare cost, limiting usage of novel diagnostic technologies, and inadequate reimbursement. Operational barriers faced by technicians in conducting diagnostic tests is the major challenge faced by the market.
About the report:
The global Infectious Diseases in Vitro Diagnostics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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