Increasing Incidence of cancer is expected to drive the growth of the North America in Vitro Diagnostics Market
The North America in vitro diagnostics market is expected to witness a CAGR of 5.17% to reach revenue of $39.32 billion by 2025
Bangalore, India, March 7, 2019: With its recently published study “North America In Vitro Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the North America in vitro diagnostics market will continue to grow, owing to the increasing incidence of lifestyle and chronic diseases, rising adoption of point-of-care testing (POCT), and upsurge in the biomarker-based tests. The growing significance of companion diagnostics and the increasing number of strategic deals are anticipated to support the market growth during the forecast period.
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The North America in vitro diagnostics market, by technology type, is segmented into clinical chemistry, molecular diagnostics, immunoassay, clinical microbiology, coagulation, hematology, and others. Among these, clinical chemistry occupies a significant share, and molecular diagnostics is expected to grow at a high CAGR during the forecast period. Increase in the number of product launch & approvals and increasing technological advancements are likely to propel the molecular diagnostics segment during the forecast period.
The North America in vitro diagnostics market, by applications, is segmented into oncology, infectious disease, diabetes, cardiology, nephrology, autoimmune disease, and others. The infectious disease segment occupied a major market share in 2018 and the oncology segment is expected to grow at a high CAGR during the forecast period. Increasing incidence of cancer cases, changing lifestyle, and availability of early cancer diagnosis tests assist the segment to grow faster during the forecast period.
Hospitals, laboratories, home care, and academic & research institutes are the end-users in the North America in vitro diagnostics market. Among these, hospitals occupied a significant market share in 2018 and hospitals and laboratories segments are projected to dominate the market for the next few years. The US occupied a significant market share in 2018, and “others” segment that includes Canada and Mexico is expected to grow at a high CAGR during the forecast period. The presence of dominant market vendors in the country, favorable reimbursement policies, increased disease awareness, availability of government funds, and increasing adoption of molecular diagnostics make the US a dominant shareholder in the market.
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“The North America in vitro diagnostics market is growing steadily, and a significant number of companies are focusing on the technology through strategic deals to increase their share in the market. For instance, in May 2017, Thermo Fisher Scientific announced a partnership with SpeeDx Pty. Ltd., for FDA clearance of molecular diagnostic test. The growing preference for personalized medicines and advancement of companion diagnostic products are helping in the early disease diagnosis. In addition, novel technologies, such as liquid biopsy, are further expected to drive the growth of the IVD market.” – Arpitha Shetty, Research Analyst, Infoholic Research
Key Insights of the Report Include
- By Technology Types
- Clinical Chemistry
- Molecular Diagnostics
- Clinical Microbiology
- By Applications
- Infectious Disease
- Autoimmune Disease
- By End-users
- Home Care
- Academic & Research Institutes
- By Country
- Industry outlook: Market trends, drivers, restraints, and opportunities