Global In-vitro Diagnostics Market 2019-2023
About this market
Global adoption of advanced treatment solutions to gain traction in the market. The use and adoption of in-vitro diagnostics to manage and test for cancer, CVD, and kidney infectious diseases with immunoassay and molecular diagnostic devices are increasing. The availability of advanced treatment care also enables increased adoption rates among healthcare providers. Technavio’s analysts have predicted that the in-vitro diagnostics market will register a CAGR of almost 7% by 2023.
High demand for personalized medicine
Personalized medicine provides patient care through early diagnosis and risk assessment, thereby decreasing overall treatment costs. Effective treatment care due to personalized medicine encourages pharmaceutical companies to shift toward companion diagnostics with personalized care solutions.
Medical reimbursement plays an important role as advanced diagnostic products are expensive. Therefore, reduced reimbursements hinder the usage of these advanced products.
For the detailed list of factors that will drive and challenge the growth of the in-vitro diagnostics market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Siemens and Thermo Fisher Scientific the competitive environment is quite intense. Factors such as the high demand for personalized medicine and the adoption of advanced treatment solutions, will provide considerable growth opportunities to in-vitro diagnostics manufactures. Abbott, Danaher, F. Hoffmann-La Roche, Quest Diagnostics, Siemens, and Thermo Fisher Scientific are some of the major companies covered in this report.
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