Latest News- In-Vitro Diagnostics Instruments Market: Immunochemistry is expected to lead the Product segment during 2024-2028

The In-Vitro Diagnostics Instruments Market is being driven by Growing geriatric population

The In-Vitro Diagnostics Instruments Market is expected to grow at a CAGR of 9.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 52.9 billion. In the global healthcare landscape, there is a lack of standardization and endorsement for the implementation of decentralized In-Vitro Diagnostic (IVD) testing in primary and outpatient care settings. Portable IVD instruments, which are increasingly gaining popularity due to their technical advancements, are more frequently utilized in Point-of-Lcare (POL) testing. However, the adoption of POL testing faces challenges from various stakeholders, including patients, reimbursement bodies, regulators, and administrators. These stakeholders must recognize the significance of POL testing, particularly in the context of actionable infectious disease markers, cardiovascular diseases, and diabetes care. The emergence of portable molecular diagnostic instruments has revolutionized POL testing, enabling common infectious disease testing and expanding the capabilities of instruments traditionally used in central labs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Immunochemistry
  • Clinical microbiology
  • Molecular diagnostics
  • Others
• End-user
  • Hospitals and diagnostic laboratories
  • Academic and research institutes
  • Home care
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing geriatric population
• Demand for personalized medicines
• Product launches

However, the market also witnesses some limitations, which are as follows:

• Strained laboratory budgets and lowering reimbursements affecting instrument sales
• Limited sustainability of smaller vendors
• Limitations of closed systems in IVD testing

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Market Scope in In-Vitro Diagnostics Instruments Market Research Report

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Research Analysis Overview

In the realm of healthcare, In Vitro Diagnostics Instruments play a pivotal role in analyzing medical samples derived from bodily fluids, tissues, and specimens in a laboratory environment. These instruments aid in the detection of various diseases, including infectious ones like Zika, Malaria, and Chikungunya, as well as chronic conditions such as cardiovascular diseases, cancer, and endocrine disorders. The geriatric population and those with age-associated diseases also benefit from these tests. Non-communicable diseases like heart disease, stroke, and Alzheimer's disease are commonly diagnosed using these instruments. Molecular diagnostics and pathogen detection are integral parts of this market, catering to the needs of clinical laboratories and specialists in cardiology, gastroenterology, and other fields. Laboratory technicians utilize these advanced tools to ensure accurate and timely diagnosis, contributing significantly to effective disease management and improved patient outcomes.

Market Research Overview

The In Vitro Diagnostics Instruments Market is a significant segment of the global healthcare equipment industry, encompassing medical tests conducted on samples of bodily fluids, tissues, and specimens within a laboratory environment. This market focuses on instruments used for the detection and diagnosis of various diseases, including infectious, chronic, and cardiovascular conditions, as well as cancer. Technavio, a leading global technology research and consulting firm, positions the in vitro diagnostics market as a key component of the larger healthcare equipment market, which includes manufacturers of capital equipment, instruments, implants, accessories, and consumables. The global healthcare equipment market size is determined by the combined revenue generated from these manufacturers across various therapy areas. The in vitro diagnostics instruments segment specifically caters to advanced, differentiated, and clinically tested data-driven devices used for disease diagnosis.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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