The report “In Vitro Diagnostic/IVD Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) – Forecast to 2023″, The report studies the global in vitro diagnostics market from the forecast period of 2018 to 2023. The market is projected to reach USD 87.93 Billion by 2023 from USD 68.12 Billion in 2018, at a CAGR of 5.2%.
Browse 283 market data Tables and 63 Figures spread through 405 Pages and in-depth TOC on “In Vitro Diagnostic/IVD Market
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by the adoption of fully automated instruments, availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the US.
Based on technology, the in vitro diagnostics market is broadly divided into immunochemistry/immunoassay, clinical chemistry, molecular diagnostics, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies (patient self-testing, point-of-care testing, lateral flow assays, and tissue processing). The immunochemistry/immunoassay segment is expected to dominate the market in 2018. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are some of the factors contributing to the growth of this market segment.
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Based on applications, the IVD market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications (neurological tests, endocrine tests, blood analysis tests, pregnancy tests, and general clinical applications). The infectious diseases segment accounted for the largest share of the IVD applications market in 2017. The large share of this segment can be attributed to the rising prevalence of infectious diseases as well as multi-drug-resistant infectious diseases across the globe and the growing need for effective diagnostic tools for these diseases.
Based on end user, the market is segmented into laboratories (large/reference laboratories, medium-sized laboratories, and small laboratories), hospitals, academic institutes, point-of-care testing, patient self-testing, and other end users.