SELBVILLE, Del., Oct. 10, 2018 /PRNewswire-PRWeb/ -- Global In-vitro diagnostics market revenue will register considerable growth over the forecast time-frame
According to Global Market Insights, Inc. In-vitro diagnostics Market share is poised to surpass USD 92 billion by 2024. Developed countries such as Germany and UK have progressed well in adoption of advanced technology enabling modifications in the medical diagnostic equipment and machinery. Growing implementation of technologically advanced diagnosis equipment should foster business growth.
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Increase in the number of pathology laboratories globally will influence the industry growth positively. Pathology labs are well equipped with technologically advanced diagnostic devices increasing preference amongst the geriatric population. Also, availability of skilled technicians in-vitro diagnostic laboratories should augment industry growth. In U.S., around 18,000 pathologists are actively practicing and around 93% of them are board certified escalating the business growth in forth coming years. However, industry growth is hampered by the high cost associated with the diagnostic procedures. High costs of the diagnostic procedures will act as a major restraint affecting industry growth by creating affordability issues.
Services segment of in-vitro diagnostics market held USD 34.8 billion in 2017 as a result of rise in disorders caused due to nicotine addiction. High incidences of lung cancer in UK alone has created a hike in the demand for accurate diagnostic services. In UK, 13.1% of the total cancer registrations account to lung cancer that will escalate in-vitro diagnostics industry growth over the forecast time-frame.
Molecular diagnostics segment accounted for 16.2% revenue share in 2017 and growth can be accounted to high cases of diabetes and other chronic infections that demand critical monitoring. According to International Diabetes Federation in 2017, there were around 7.4 million cases of diabetes in Germany that will increase the demand in upcoming years.
U.S. in-vitro diagnostics market held an enormous regional share of 89.7% in 2017 and will have similar growth trends in the near future. Growing burden of chronic diseases and viral infections have surged the demand for in-vitro diagnostic procedures. In U.S., around 3.9 million people are infected with hepatitis C that establishes a strong demand for advanced diagnostic devices to sustain the health of patients.
Browse key In-vitro Diagnostics Market insights from the 2018 report spread across 350 pages offering 284 market data tables as well as 11 figures & charts along with the table of contents:
Data management software segment will grow at 4.5% CAGR over the projection years due to the increasing development in the software systems. Data management software facilitate the process of diagnosing the patients by providing accurate data at required time thereby influencing the segment growth positively in the coming years.
Clinical chemistry segment held revenue share of 20.9% in 2017. Extensive applications of clinical chemistry should boost business growth over the forecast timeframe. For instance, use of clinical chemistry to develop novel therapies that eradicate the gene-level diseases such as Huntington's disease, sickle cell anemia and cystic fibrosis that will enhance the segmental growth.
15 companies active and profiled in the global in-vitro diagnostics market research include Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen.
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In-vitro Diagnostic Services Market Size Forecast 2018 2024:
Point-of-care testing segment accounted for 23.5% revenue share in 2017 and is set to grow over the forecast time-frame, pushed by technological advancements coupled with increasing prevalence of genetic diseases requiring critical monitoring should increase demand for point-of-care testing. Germany in-vitro diagnostic services market is expected to grow at 4.5% CAGR over the estimated time. Read more at
Molecular Diagnostics Market Size Outlook 2018 2024 Insights:
PCR application segment accounted for USD 3.1 billion in 2017 and is projected to dominate the industry throughout the forecast period, helped by technological advancements resulting in the development of superior techniques such as Real Time PCR that offers better results. Some of the key players operating in global molecular diagnostics market are Abbott Molecular Cepheid, BioMerieux's, Roche diagnostics, Danaher Corporation, Siemens Healthcare, Qiagen Gaithersburg, Johnson and Johnson, Agilent (Dako), GenMark diagnostics, Analytik Jena and Alere Inc. Read more at
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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