In vitro diagnostics may also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies.
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Absolute Markets Insights offers its latest published report ‘In Vitro Diagnostics Devices Market by Medical Devices (Reagents, Reagent Products, Calibrators, Control Materials, Kits, Instruments, Apparatus, Equipment and System); by Applications (Hospitals, Laboratories, Academic Institutes, Patient Self-Testing, Point-Of-Care Testing, Others); by Regional Outlook (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018 - 2026’. The author of the report analyzed that the global in vitro diagnostics (IVD) devices market accounted for US$ 69.08 million in 2017. In vitro diagnostics are tests conducted on samples such as blood or tissue that have been taken from the human body to detect diseases or other conditions.
It can be used to monitor a person’s overall health to help cure, treat, or prevent diseases.
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These treatments or therapies may include next generation sequencing tests, which scan a person’s DNA to detect genomic variations.
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Due to growing health concerns, and rising fitness ailments such as diabetes, more number of people are inclined towards timely health diagnosis. This has increased the number of private diagnostic service centers, which is supporting the market growth.
Although there is a rise in the number of IVD service providers, stringent rules in many regions such as Europe, China are hampering the market growth. For instance, in August 2017, European union modernized the regulatory framework for medical devices, and have imposed several new compliance obligations as well as revised product definitions and classification rules.
This is expected to critically restrain the European IVD market. Research and technological advances such as advanced data analytics and connected devices, which allows patients to know the results of the treatment they are receiving, is providing tremendous growth prospects for the in vitro diagnostics devices market.
Reagents Segment is Estimated to Grow at a Significant Rate During 2018-2026.
Amongst all the medical devices segment, reagents are anticipated to grow substantially, during the forecast period. Reagents, are the most important element required to conduct any in vitro diagnostics test.
They are chemicals, which cause an organic reaction that offers desired detection of diseases. Reagents are used in laboratories, hospitals, care centers.
Increase in demand for reagents from such end-users is significantly driving the growth of the in vitro diagnostic devices market.
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North America is Anticipated to Hold a Significant Share of the Global Market.
North America is projected to account for the largest share in global in vitro diagnostics devices market. The high growth of the region is attributed to, there are considerable advancements and emergence of new diagnostic technologies.
These developments are majorly taking place in North American region due to the presence of research and development in this region.
In vitro Diagnostics Devices Market is Fragmented in Nature with the Global and Regional Players
Some of the primary participants in the market include Abbott Laboratories, Inc., Becton, Dickson and Company, Johnson & Johnson, Beckman Coulter, Inc., bioMérieux SA, Bio-Rad Laboratories, Inc., Randox Laboratories Ltd., Roche Holding AG, Siemens AG, Sysmex Corporation, Thermo Fisher Scientific, amongst all the others. In August 2016, Roche Holding AG launched Accu-Chek Guide, which is a blood glucose monitoring system.
This product is designed to make everyday blood glucose (BG) monitoring easier with features including the spill-resistant SmartPack test strip vial. This, system also provides advanced accuracy allowing reliable diabetes management.
Launch of such devices by major companies is propelling the growth of the in vitro diagnostics devices market.
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In vitro Diagnostics Devices Market - By Medical Device
- Reagent Products
- Control Materials
- Equipment and System
Market By End-user
- Academic Institutes
- Patient Self-Testing
- Point-Of-Care Testing
Market By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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