The global in-vitro diagnostics market is likely to grow at a high rate due to the increasing prevalence of chronic disease around the world, finds Fortune Business Insights in a report, titled “In-vitro Diagnostics: Global Market Analysis, Insights and Forecast, 2019-2026.” In Vitro Diagnostics (IVD) is used to detect any type of infection or disorder with the help of specimen from the related subject. This is beneficial for people who cannot travel frequently to hospitals or diagnostic centres.
Therefore, rising geriatric population is a major factor that will drive the market in the forecast period. Recent technological advancements in IVD devices have been nothing short of exceptional and have provided a massive boost to the global IVD market. Technological advancements have helped overcome previous limitations and created increased efficiency and have led to portability in diagnosis devices. The aforementioned factors have boded well for the global IVD market and this market is likely to expand in the forecast period at a substantial CAGR.
Increasing Investment for Research and Development of IVD to Enable Growth
In recent years, there have been proactive government contributions as well as company approaches that have favored the growth of global in–vitro diagnostics market. Many companies are putting in more efforts to develop newer concepts and theories for diagnosing chronic ailments and other diseases using in-vitro diagnostics. Moreover, growing emphasis on developing new tests for portable diagnostic devices is likely to supplement growth of the global in-vitro diagnostics market.
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Increasing FDA Approvals for In-Vitro Reagents to Boost the Global Market
The reagents used in in-vitro diagnostic play a critical role in the overall efficiency and productivity of the diagnostic method. Reagents are used in devices to diagnose, analyse, and monitor the patients’ health conditions. Reagents can either be biological or chemical in nature. Recently, there has been an increasing awareness and realization about the benefits of these in-vitro reagents. Encouraged by numerous advantages and lesser drawbacks, regulatory authorities such as the FDA are passing clinical approvals for in-vitro reagents.
Increasing Preference towards In-Vitro Diagnostics to Boost Market
Recent advancements made in in-vitro diagnostic solutions have been fruitful for end users as well as companies and manufacturers. Due to the portability factor, many geriatrics prefer in-vitro diagnostics method over other methods. In addition to geriatrics, in-vitro diagnostics help in the treatment of those with severe chronic ailments and bowel disorders or muscle and joint injuries, wherein physical movements are limited.
Backed by increasing demand, many companies are setting up in-vitro diagnostic centres with the aim of maximizing their profit. Growing adoption of in-vitro diagnostics by companies and end-users is boosting the global IVD market and is likely to enable growth of this market in the forecast period.
Some of the leading players that are operating in the global in-vitro diagnostics market across are Thermo Fisher Scientific Corporation, Life Technologies Corporation, Biomerieux SA, Gen-Probe Incorporated, Becton Dickinson, Johnson & Johnson and Abbot.
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