Global In-vitro Diagnostics Market to Surpass US$ 903.3 Billion by 2026

According to Coherent Market Insights, the global in-vitro diagnostics market was valued at US$ 60,274.1 million in 2017, and is projected to exhibit a CAGR of 4.6% over the forecast period (2018?2026).

Key Trends and Analysis of the Global In-vitro Diagnostics Market:

Key trends in market are rising prevalence of cancer and autoimmune diseases, extensive merger and acquisition activities, and rising trend of point-of-care testing by key players.

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Increasing prevalence of cancer and autoimmune diseases is expected to augment the market growth. Incidence rate of autoimmune diseases varies according to ethnicity and region. According to American Autoimmune Related Disease Association (AARDA), in 2016, around 50 million people suffered from autoimmune diseases in the U.S. with 75% being women. Similarly, according to the National Cancer Institute 2016, an estimated 1,685,210 new cancer cases will be diagnosed in the U.S. with an approximate 595,690 people expected to die from the disease.

Increasing product launch by market players is expected to contribute to growth of global in-vitro diagnostics market over the forecast period. For instance, in 2016, F. Hoffmann-La Roche Ltd, launched CT/NG on the cobas 6800/8800 Systems in markets accepting the CE mark. It is the first CE-IVD cleared molecular test for CT/NG to receive claims for testing anorectal and oropharyngeal samples, offering a broader access to high risk patient population.

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Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in markets. For instance, in September 2016, LabCorp acquired Sequenom, which helped LabCorp's geographic reach both domestically and internationally, offering services through licensing and commercial partnerships with an emphasis on the European Union and Asia Pacific.

However, inadequate reimbursement policies and stringent regulation is the major factor hindering the market growth. For instance, in 2017, the European government adopted two new regulations on in-vitro diagnostic medical devices for maintaining safety and health of European citizens, for free and fair trade of products throughout the Europe.

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Key Market Takeaways:

• The global in-vitro diagnostics market is expected to exhibit a CAGR of 4.6% during the forecast period (2018?2026), owing to rising prevalence of cancer and autoimmune diseases, extensive merger and acquisition activities, and rising trend of point-of-care testing by key players. According to the National Cancer Institute 2017, cancer is among the leading causes of morbidity and mortality globally with over 14 million new registered cases and 8.2 million cancer-related deaths worldwide.
• Key players in the market are focused on investment strategies to enhance their research and development activities, which in turn is expected to propel the market growth over the forecast period. For instance, in 2017, Siemens Healthineers commenced a major expansion of its R&D laboratory diagnostics division at Massachusetts, U.S. by investing around US$ 300 million to strengthen its advanced manufacturing sector.
• Key players operating in the global in-vitro diagnostics market include Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd.

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Report Segmentation:

• Global In-Vitro Diagnostics Market, By Product Type:
  • Instruments
  • Reagents & Kits
    • Blocking Buffers
    • Proteins
    • Secondary Antibodies
    • Substrates
    • Others
• Global In-Vitro Diagnostics Market, By Technology:
  • Immunoassay
  • Clinical Chemistry
  • Molecular Diagnostics
  • Microbiology
  • Hematology
  • Coagulation & Hemostasis
  • Urinalysis
  • Others
• Global In-Vitro Diagnostics Market, By Application:
  • Infectious Diseases
  • Diabetes
  • Oncology
  • Cardiology
  • Nephrology
  • Autoimmune Disorders
  • Others
• Global In-Vitro Diagnostics Market, By End User:
  • Hospital
  • Pathology Laboratories
  • Point-of-Care Diagnostics
  • Research Institutes
  • Others
• Global In-Vitro Diagnostics Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country/Region:
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa
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