In-vitro Diagnostic Services Market Will Grow at 5.4% CAGR from 2018 to 2024 | BioRad, Dexcom, Nova Biomedical, Phenomenex, Siemens and 6 Other Companies Profiled

SELBYVILLE, Del., Oct. 22, 2018 /PRNewswire-PRWeb/ -- Global In-vitro Diagnostic Services Market revenue is poised to surpass USD 63 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing number of pathology laboratories in developed as well as developing economies will impel the industry growth in upcoming years. Elderly population base suffering from chronic conditions will have high preference for laboratory diagnostic services that should escalate in-vitro diagnostic services market growth. Moreover, business growth will be triggered due to increasing automations in the diagnostic devices utilized in the pathology laboratory centers.

Growing prevalence of chronic diseases such as cancer should have positive impact on the demand for in-vitro diagnostic (IVD) services. According to WHO, in 2015, there were around 8.8 million deaths globally due to cancer that will augment demand for IVD services. Also, as reported by World Cancer Research Fund International, there were around 1.4 million cases of colorectal cancer globally that will assure inflated demand for diagnostic services in forthcoming years. However, excessive cost of the diagnostic services and software utilized will restrain the industry growth.

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Software segment will grow at 4.5% and is expected to have similar growth trends over the estimated forecast. Use of software in clinics, hospitals and pathology laboratories to maintain the data of patients should impact the segmental growth positively. Furthermore, availability of reliable and efficient software systems will enhance the business growth in the forthcoming years.

Testing services segment of in-vitro diagnostic services market will grow at 5.7% over the forecast timeline and the high segmental growth will be attributed to the availability of superior quality in-vitro diagnostic services. Moreover, increasing mortality rates due to cancer and other viral infections should augment the business growth over forecast time-frame.

Laboratories segment held an enormous market share of 29.3% in 2017 and is anticipated to follow high growth trends in upcoming years. Increase in rate of detection of diabetes cases in South African and Asian countries will augment the segmental growth and escalate the demand for in-vitro diagnostic services. Additionally, growing incidence of chronic infections such as HIV and others will ensure high demand for laboratory diagnostic services. According to U.S. Statistics, around 1.1 million people in the U.S. were infected with AIDS that will positively influence business growth.

Browse key In-vitro Diagnostic Services Market insights from the 2018 report spread across 185, pages offering 226 market data tables as well as 8 figures & charts along with the table of contents:

https://www.gminsights.com/industry-analysis/in-vitro-diagnostic-services-market

U.S. market accounted for 89.7% regional revenue share in 2017 and high business growth can be attributed to the increasing geriatric population suffering from chronic disease such as diabetes. As per CDC in 2015, around 30.3 million Americans were detected with diabetes that should upsurge the demand for diagnostic services in near future. Also, developments in healthcare infrastructure will positively impact the business growth.

China in-vitro diagnostic services market was valued at USD 2.2 billion in 2017, as a result of the increasing incidences of cancer. Around 7500 people in China die due to cancer. Due to availability of superior quality diagnostic services, the mortality rates have reduced drastically in the recent years. Also, growing adoption rate of point-of-care testing services by the elderly based population requiring critical monitoring will upsurge the regional growth in forthcoming years.

11 companies active and profiled in the global In-vitro Diagnostic Services Market research include BioRad, DexCom, Nova Biomedical, OraSure, Pearl Pathways, Phenomenex, Qiagen, Roche diagnostics, Siemens, Sysmex and Thermo Fisher.

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