In-vitro diagnostics (IVD) are the medical devices and consumables are utilized to perform in-vitro tests on various biological samples. In-vitro diagnostics are used for diagnosis of various medical conditions. The global in-vitro diagnostics market is expected to register a CAGR of 5.5% during the forecast period of 2018–2023.
The field of in-vitro diagnostics has witnessed several changes and additions to its gamut of offerings in the recent past. There has been a paradigm shift from traditional diagnostics to a new generation diagnostics that work on gene level. This was possible due to the inclusion of advanced technology, such as genetic testing, molecular diagnostics, Polymerase Chain Reaction (PCR), and Next-Generation Sequencing (NGS). Fast turnaround, reliability, user-friendliness, and predictability of predisposed diseases are few significant qualities, which helped these technologies attain their share in major offerings of diagnosis providers around the world. Increasing demand from the educated public for more information about their predisposition for serious diseases, and how these potential illnesses can be detected at an early stage, is driving the market for in-vitro diagnostics.
High prevalence of chronic and infectious diseases, increasing use of point of care (POC) diagnostics, and surging number of private hospitals and independent testing laboratories are some of the other factors contributing to the growth of the market.
The lack of proper reimbursement system around the globe poses to be a major restraining factor for the in-vitro diagnostics market. The process of securing reimbursement and funding for a diagnostic test on a global scale is extremely challenging. Stakeholders need to recognize what knowledge the payers/purchasers are looking for. This asks for extensive research and interpretation of a very large amount of data. Moreover, international reimbursement structures vary from country to country; hence, interested parties have to come up with new and effective strategies frequently, making it a cumbersome and tedious task hindering the market.
Additionally, stringent regulations across the globe and limited budget of hospitals and laboratories in developing economies are also restraining the in-vitro diagnostics market.
The global in-vitro diagnostics market is segmented by technique, products, usability, application, end users, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The reasons for Asia-Pacific being a lucrative marketplace include an increase in government healthcare expenditure and increase in per capita healthcare spending. Moreover, increase in patient awareness and demand for technological advancements in the field of in-vitro diagnostics are further driving the market growth in the region.
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