In Vitro Diagnostics Market Size Worth $85.8 Billion by 2027 | CAGR

4.4%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ -- The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. Development of simplified diagnostic tests is expected to drive the growth.

Key suggestions from the report:

• Molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
• Infectious disease application segment dominated the market in 2019 due to rising prevalence of tuberculosis, hepatitis, and other infectious diseases
• North America dominated the in vitro diagnostics market in 2019, owing to presence of key players and a rise in launch of new products in major countries like U.S. and Canada
• Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to number of products are being launched in hospitals to provide accurate diagnosis
• Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

Read 159 page research report with ToC on "In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Technology (Molecular Diagnostics, Clinical Chemistry), By Application, By End Use, And Segment Forecast, 2020 - 2027'' at:  https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

Rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.