In-vitro Diagnostic Services Market Size

In-vitro Diagnostic Services Market Size

In-vitro Diagnostic Services Market size was valued at USD 44.0 billion in 2017 and is expected to witness 5.4% CAGR from 2018 to 2024.

Rising number of cancer cases in Asian as well as western countries should drive in-vitro diagnostic services industry growth in upcoming years. According to Livemint in 2016, India had over 3.9 million cases of cancer that will accelerate the demand for in-vitro diagnostic services. Moreover, growing elderly population suffering from chronic diseases such as diabetes and cardiovascular disorders will influence the industry growth. In the U.S., there are around 78 million people in the age group of 65 years and above. Majority of elderly people suffer from at least one chronic disease or infection that should upsurge the demand for in-vitro diagnostic services in near future.
 

Increasing rate of detection of genetic and infectious diseases in developed economies will escalate IVD services industry growth. Over 133 million Americans are detected with at least one chronic disease that will increase the demand for in-vitro diagnostic services surging industry growth. American organizations such as National Association of Chronic Diseases implements certain initiatives that will raise awareness of disease detection among the population should positively influence in-vitro diagnostic services industry growth. However, high costs associated with diagnostic services will restrain industry growth.