According to Coherent Market Insights, the global in-vitro diagnostics market was valued at US$ 60,274.1 million in 2017, and is projected to exhibit a CAGR of 4.6% over the forecast period (2018–2026).
Key Trends and Analysis of the Global In-vitro Diagnostics Market:
Key trends in market are rising prevalence of cancer and autoimmune diseases, extensive merger and acquisition activities, and rising trend of point-of-care testing by key players.
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Increasing prevalence of cancer and autoimmune diseases is expected to augment the market growth. Incidence rate of autoimmune diseases varies according to ethnicity and region. According to American Autoimmune Related Disease Association (AARDA), in 2016, around 50 million people suffered from autoimmune diseases in the U.S. with 75% being women. Similarly, according to the National Cancer Institute 2016, an estimated 1,685,210 new cancer cases will be diagnosed in the U.S. with an approximate 595,690 people expected to die from the disease.
Increasing product launch by market players is expected to contribute to growth of global in-vitro diagnostics market over the forecast period. For instance, in 2016, F. Hoffmann-La Roche Ltd, launched CT/NG on the cobas 6800/8800 Systems in markets accepting the CE mark. It is the first CE-IVD cleared molecular test for CT/NG to receive claims for testing anorectal and oropharyngeal samples, offering a broader access to high risk patient population.
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Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in markets. For instance, in September 2016, LabCorp acquired Sequenom, which helped LabCorp’s geographic reach both domestically and internationally, offering services through licensing and commercial partnerships with an emphasis on the European Union and Asia Pacific.
However, inadequate reimbursement policies and stringent regulation is the major factor hindering the market growth. For instance, in 2017, the European government adopted two new regulations on in-vitro diagnostic medical devices for maintaining safety and health of European citizens, for free and fair trade of products throughout the Europe.
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Key Market Takeaways:
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Report Segmentation:
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