The global in-vitro diagnostics instruments market was valued at US$ 7,316.9 Mn in 2016 and is projected to reach US$ 13,881.5 Mn in 2026 at a CAGR of 6.6% from 2017 to 2026. The immunochemistry segment in the global In-vitro diagnostics instruments market is estimated to account for major revenue share of 25.3% in 2017, owing to factors such as increasing cases of hypo, hyperthyroidism, cardiovascular diseases and oncology cases, and increasing expenditure on research & development to develop and introduce more advanced in-vitro diagnostics instruments.
In vitro diagnostics (IVD) instruments are medical devices used to perform tests to detect diseases and infections by examining specimens of human body fluids such as urine, blood, tissues, stool, etc. These instruments help in the diagnosis, determination of health condition in order to cure, treat, or prevent diseases or sequelae, and to monitor drug therapies. IVD instruments are vital in the healthcare industry globally, and devices range from simple tests to DNA technology, including reagents, calibrators, control materials, kits, software, and other related instruments.
Demand is high due to various benefits offered by in-vitro diagnostics instruments such as efficient patient management, especially when clinical presentation is non-specific, detection of asymptomatic infections, surveillance, situation analysis etc. Major factors driving the growth of the global in-vitro diagnostic instruments market is the convenience of point-of-care testing, as patients are increasingly preferring tests at home or in a more comfortable or private setting rather than visiting hospitals. This is more prominent with elderly individuals or geriatric population. However, unfavorable reimbursement policies and healthcare initiatives are hampering the growth of the global in-vitro diagnostics instruments diagnostics market to a certain extent.
Companies profiled in the report are Hoffmann-La Roche Ltd., Abbott Laboratories, Siemens AG, Danaher, Thermo Fisher Scientific Inc., Sysmex Corporation, Alere Inc., BioMérieux SA, Becton and Dickinson and Co.