The market for in-vitro diagnostics has gained impressive momentum in the last few years, thanks to the increasing global geriatric population and rising incidence of chronic diseases. In vitro diagnostics have thus emerged as an essential component in modern clinical care. These tests help detect various chronic ailments, such as multiple types of cancer. The maximum demand for the novel diagnostic methods initially originated from the developed regions, but in the next five to ten years, developing nations will drive the global in vitro diagnostics market, as the aging population and growing middle class in these nations seek out better healthcare facilities.
Asia Pacific and Latin America to Emerge as Lucrative Markets for In Vitro Diagnostics
Citing the surging demand for novel therapeutics and diagnostic methods, a study published by Transparency Market Research, a leading market research firm, forecasts robust growth for the global in vitro diagnostics market between 2012 and 2018. The market landscape for in vitro diagnostics in the global scenario is rapidly changing, mainly due to the high demand for IVDs from emerging economies of Latin America and Asia Pacific. Since North America and Europe have a structured network of clinical laboratories, the regions led the global in vitro diagnostic market in 2011.
Additionally, the regions boast high healthcare expenditure, which significantly aids the growth of the in vitro diagnostics market. Favorable regulations supporting the growth of the healthcare sector and high healthcare spending also contribute to the growth of the in vitro diagnostics market in North America and Europe. The scenario, however, is gradually changing as the market players shift their focus on to emerging economies to accelerate growth by capitalizing on the unmet medical needs in these regions. The market dynamics for in vitro diagnostics at a global level are also highly influenced by the increasing demand for automated and advanced diagnostics technologies rising from the developing regions.
Molecular Diagnostics Segment to Exhibit the Fastest CAGR
The segment of clinical chemistry IVD held the major share in the India, China, and the U.S. markets in 2011. However, analysts predict that the molecular diagnostics segment is anticipated to post robust growth between 2012 and 2018 due to the ability of molecular diagnostics to diagnose diseases at an early stage. Additionally, the dramatic rise in the diabetic population worldwide fuels demand for the segment of diabetes-testing IVDs.
Browse the full Global In-Vitro Diagnostics Market report at http://www.mrrse.com/in-vitro-diagnostic-tests-market
Europe In-Vitro Diagnostics Market to Lose Market Share in Near Future
Despite progress being on the cards for the global in vitro diagnostics market, considerable difference in the reimbursement coverage worldwide and the presence of ambiguous regulatory framework across certain countries inhibit the growth of the market. While Europe may boast a better healthcare system than many parts of the world, the mounting budgetary pressure is forcing policymakers to curb healthcare expenditure in this region. This has a significant negative impact on the Europe in vitro diagnostics market, thus creating disparity between the growth rates of the markets in Europe and Asia Pacific.
However, the emergence of the epigenomics-based diagnostics and molecular diagnostics in Europe is expected to drive the in vitro diagnostic market in the region in the near future.