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Growing Demand for Rapid Disease Diagnosis to Stimulate the Global Demand for In Vitro Diagnostics

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High prevalence of infectious diseases, surging healthcare expenditure, growing geriatric population, and the growing demand for minimally invasive diagnostic techniques are the prominent factors that propel the global in vitro diagnostics market. The pressing need for in vitro diagnostics to ensure faster delivery is also a key factor aiding the growth of this market. In vitro diagnostics provide crucial information on the pathological or the physiological state of the human body, which are essential for taking well informed medical decisions.

Browse the full Global In Vitro Diagnostics Market  Report:

In vitro diagnostic tools are in the form apparatus, reagents, equipment, instruments, or kits. Over the years, it has been observed that in revenue terms, reagents have contributed significantly to the global in vitro diagnostics market resulting in robust and high sales. In 2011, Europe and North America together held the largest share of the global in vitro diagnostics market because of well-developed networks of clinical labs and high expenditure on healthcare.

Sluggish Performance of the Europe In Vitro Diagnostics Market to Hamper the Overall Market Growth

In recent times, the performance of the Europe in vitro diagnostics market has been sluggish and is declining. There have been a host of factors that have contributed to the poor market revenues of the in vitro diagnostics market in Europe. A prominent factor that has weakened the performance of this market are the austerity measures on healthcare expenditure by the governments of various European nations and a stringent market structure. The austerity measures that were brought about in Europe via healthcare cost cuts besides other expenditure cuts, stemmed from the economic crisis that the European Union was faced with, in the recent past. This led to delayed payments by medical authorities, high price pressures, and the consolidation of clinical laboratories in Europe.

The unsatisfactory performance of the Europe in vitro diagnostics market because of the aforementioned factors is negatively impacting the overall global market for in vitro diagnostics. At present, the Europe in vitro diagnostics market is characterized by greater preference for early diagnosis of diseases, greater consolidation, introduction of automation in clinical labs, and the growing trend of decentralized testing.

Thermo Fisher Scientific Inc. launches the Next-Generation Sequencing Technology in the U.S.

The key players in the global in vitro diagnostics market are as follows: Thermo Fisher Scientific Inc., Siemens Healthcare, F. Hoffman-La Roche Ltd., Life Technologies Corporation, Johnson & Johnson, Gen-Probe Incorporated, Beckman Coulter Inc., Biomerieux SA, Becton, Dickinson and Company, Bayer AG, Alere Inc., and Abbott Laboratories Inc.

Browse the full Press Release of Global In Vitro Diagnostics Market

U.S. based Thermo Fisher Scientific Inc., a joint merger of Fisher Scientific and Thermo Electron, is one of the largest manufacturers of biotechnology products. In June, 2015, the company’s next-generation sequencing platform was selected for a nationwide clinical research program in the U.S. Under the provisions of this program, almost 1000 patients in the U.S. will get enrolled in oncology clinical trials that will make use of genetic sequence data derived from Thermo Fisher Scientific’s NGS (next-generation sequencing) technology. This technology ensures reliable and accurate sequence analysis for different types of tumor samples, including fine needle aspirates and small biopsies.