In-vitro Diagnostic Services Market Analysis

In-vitro Diagnostic Services Market Analysis

Software segment will grow at 4.5% over the forecast timeframe due to growing preference for reliable and efficient diagnostic software that will help to maintain patient’s record. Also, software enables analysis of the gene sequencing information that will boost drug discovery process and is expected to render positive impact on segmental growth. In-vitro diagnostic companies such as Roche have partnered with Microsoft and Cleidon that will help in broadening its software offerings and will also prove beneficial for business growth.
 

Testing services segment was valued at USD 34.8 billion in 2017 and is projected to grow significantly over the forecast timeframe as a result of growing elderly population globally will augment demand for in-vitro diagnostic services surging the segmental growth. High demand for diagnostic services such as mammography, colonoscopy, blood tests and liquid biopsy should further augment the industry growth. According to CDC in 2015, 65.3% women in the age group of 40 years and above underwent the mammography tests in the U.S. that should impel segmental growth in forthcoming years.
 

Hospital segment will grow at 4.3% over the forecast timeframe due to increasing prevalence of chronic diseases in developed as well as developing countries. Moreover, growing healthcare associated infections should impact the segmental growth positively. According to CDC in 2015, Americans spent around 32.3% of the total expenditures on hospital care that will enhance business growth.
 

Point-of-care testing segment accounted for 23.5% revenue share in 2017 and is expected to grow over the forecast timeframe. Technological advancements coupled with increasing prevalence of genetic diseases requiring critical monitoring should increase demand for point-of-care testing that will upsurge the segment growth in forthcoming years.
 

U.S. dominated North American market and was valued at USD 16.7 billion in 2017 as a result of increasing demand for diagnostic services and growing adoption rate of software. Development in public healthcare system will increase the availability of superior quality diagnostic services that should impel industry growth in upcoming years.
 

Germany market will grow at 4.5% CAGR over the estimated forecast timeframe. Exponential regional growth can be attributed to increasing adoption rate of superior quality diagnostic devices that enhances the performance of diagnostic procedures stimulating the industry growth in future. Moreover, increasing geriatric population preferring in-vitro diagnostic services will trigger the industry growth.