In vitro diagnostics testing is a key tool in modern medicine and these tests are employed by using a number of medical devices in order to diagnose various diseases. Owing to the advancement in biotechnology, a number of cutting-edge tests can be conducted for the diagnosis of numerous diseases, thus helping physicians carry out treatment and diagnosis of diseases effectively and promptly.
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This report presents a detailed evaluation of the market for in vitro diagnostics and elaborates on key components such as applications, classification, definition, and the chain structure of the industry. An analysis has also been included on the key development trends, prime players, and market expansion in key regions. To understand the market thoroughly, the tables within the report have been segregated in terms of revenue generated, product, application, and region.
The report predicts the state of the market for the six-year period from 2012 to 2018. An evaluation has also been provided on the basis of both revenue and volume. Market dynamics such as market drivers, inhibitors, opportunities, trends, and challenges prominent in the market have also been discussed in the report, along with stating their impact analysis. The key players dominant in the market, coupled with their key product introductions, are also an integral part of this study.
In vitro diagnostics are the tools and medical processes, including apparatus, instruments, kits, equipment, systems, and reagents, utilized on their own or in combination with other diagnostic tools in order to acquire critical information on the health of a patient. In vitro diagnostics present valuable data on the pathological and physiological state of the human body and hence help in taking well-informed medical decisions.
As per the report, the increasing count of patients having chronic and infectious diseases and the rising healthcare expenditure globally are amongst the chief factors stimulating the growth of the market. In addition, the rising demand for minimally invasive or non-invasive diagnostic techniques and tools is also a key factor augmenting the market. On the other hand, the unpredictability in the regulatory environment and the increasing reimbursement challenges globally are amongst the prime factors that may impede the growth of the market for in vitro diagnostics in the coming years.
In terms of product, the in vitro diagnostics market is segmented into clinical chemistry, diabetes testing, blood testing, immunoassay, molecular testing, and others including microbiological diagnostic techniques and flow cytometry. Amongst these, the segment of clinical chemistry led the market in 2011, particularly in India, China, and the U.S. However, the segment of molecular diagnostics is predicted to expand exponentially in the forecast horizon due to its ability of disease detection at an early development stage.
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America and Europe led the in vitro diagnostics market in 2011. This is due to the highly structured network of clinical laboratories and the increasing healthcare expenditure in these regions. However, the rising budgetary pressure in Europe may impede the growth of the market in this region.
The prominent players dominant in the market are Abbott Laboratories Inc., Bayer AG, Biomerieux SA, Danaher Corporation, Johnson and Johnson, F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Corporation, among others.
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