In-Vitro Diagnostics Market Characteristics
The in-vitro diagnostics devices (or) equipment manufacturing market consists of sales of in-vitro diagnostic equipment and related services by entities (organizations, sole traders and partnerships) that produce in-vitro diagnostics. This industry includes establishments that produce diagnostic devices used in microbiological diagnosis, hematological diagnosis, molecular diagnosis, point of care diagnosis and others.
Competitive Landscape of the In-Vitro Diagnostics Market
Major players in the global in-vitro market include Siemens Healthineers, F. Hoffmann-La Roche Ltd, Danaher (Beckman Coulter Inc), Abbott Laboratories Inc, Thermo Fisher Scientific Inc.
In-Vitro Diagnostics Market Size
The in-vitro diagnostics market size is expected to reach about $65 billion by 2022, significantly growing at a CAGR of around 4.5% during the forecast period. The growth in the in-vitro diagnostics market is due to the rising awareness about such diseases, new health reforms and increasing economic growth
However, the market for in-vitro diagnostics is expected to face certain restraints from several factors such as changing trends in market and heavy investment requirement for healthcare.
In-Vitro Diagnostics Market Segmentation
The global in-vitro Diagnostics market is further segmented based on type and geography.
By Type - The in-vitro diagnostics market is segmented into point-of-care diagnostics, immunochemistry, clinical chemistry diagnostics devices, molecular diagnostics, microbiology, hemostasis, hematology, immunohematology. Among these segments, the market point-of-care diagnostics accounts for the largest share in the global in-virto diagnostics market.
By Geography - The global in-vitro diagnostics is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global in-vitro diagnostics market.
Trends in the In-Vitro Diagnostics Market
Companies in this market are very active with multiple strategic collaborations and agreements. Top companies in the in-vitro diagnostic market are strategically partnering and collaborating with other companies to broaden their products, technologies and services. For instance, In February 2015, Roche acquired Signature Diagnostics to strengthen its cancer diagnostics effort with Signature’s expertise in both next-generation sequencing (NGS) assays and biobanks . In February 2014, Thermo Fisher Scientific acquired the Life Technologies Corporation to transform into a major player in the segment of next-generation sequencing space.
Potential Opportunities in the In-Vitro Diagnostics Market
With increase in economic growth, health reforms and increased awareness in in-vitro diagnostics and growing aging population will be the factors to expected significant rise of in the forecast period.