Report Overview

The global in vitro diagnostics market size stood at around USD 65 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period

In vitro diagnostics industry is consolidated in nature and demonstrates increasing adoption rates of diagnostic devices along with use of IVD instruments in clinical laboratories and hospitals. The industry has perceived significant developments over the recent years. Introduction of new techniques for rapid and fast disease diagnosis are anticipated to surge the demand for in vitro diagnostic services, subsequently, driving business growth during the forecast period



Market Drivers

The rising prevalence of infectious diseases, leading to increasing demand for disease diagnosis is one of the factors anticipated to propel the market growth. According to the National Institute of Health (NIH), in 2017, around 23.5 million cases of autoimmune diseases were reported in America and this is expected to increase in the forthcoming years

Additionally, increasing prevalence of cardiovascular diseases in developed and developing countries is one of the major factor driving the growth of the in vitro diagnosis. For instance, according to U.S. Department of Health & Human Services, around 735,000 Americans suer from a heart attack every year. Additionally, as per the Heart Disease and Stroke Statistics, 2019 Update from the American Heart Association, around 116.4 million, or 46% of the US adults are estimated to have hypertension. The increasing number of patients suffering from cardiovascular diseases is likely to increase the demand for the in vitro diagnostics tools, subsequently propelling market growth

The rising consumption of tobacco and alcohol, adoption of a sedentary lifestyle, unhealthy dietary habits, etc. are the major factors responsible for increasing prevalence of chronic diseases. The rising prevalence of the chronic disorders is likely to increase the demand of the in vitro testing