In-Vitro Diagnostic Services Market Growth Dynamics To 2024: Key Technologies and Trends

The in-vitro diagnostic services market has emerged as a profitable business sphere of the healthcare industry. In fact, according to statistics, diagnosis and clinical testing is used in more than 70% of healthcare decisions and can help provide targeted therapy at much lower costs. The global in-vitro diagnostic services industry, in this regard is making a strong headway in the healthcare sector and was worth USD 44 billion in 2017.

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Elaborating further, the robust expansion of this business sphere can be chiefly attributed to the growing prevalence of chronic diseases and the overall developments in diagnostics and healthcare infrastructure. As per the statistics provided by the World Health Organization, in 2015, over 24.6 million people worldwide suffered from cancer and globally there were more than 8.8 million deaths due to cancer. Add to it, the rising incidences of colorectal cancer, which according to the World Cancer Research Fund International recorded 1.4 million new cases in 2018. Quite overtly, this increasing rate of cancer and the pickup in demand for effective cancer diagnostics have positively impacted the growth of the in-vitro diagnostic services market in the recent years.  

Of the two in-vitro diagnostic services, which includes software and testing services, the software segment is gaining immense traction lately. If industry analysts are to be believed, the software diagnostic services are favorably driving the digital transformation in the healthcare industry and are therefore being adopted by several hospitals and point-of-care testing centers. These software services moreover are playing an increasingly significant role in the drug discovery processes via gene sequencing analysis, which is why this segment is expected to be a potential investment ground. Estimates claim the global software in-vitro diagnostic services market to record a CAGR of 4.5% over 2018-2024.

Prominent in vitro diagnostics companies comprise BioRad, DexCom, Qiagen, Pearl Pathways, Sysmex, OraSure, Thermo Fisher, Phenomenex, Roche diagnostics, and others. These participants are focusing on the adoption of various strategies such as acquisitions, mergers, and new product launches for the enhancement of product portfolio and the expansion of geographical footprint.

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Partial Chapter of the Table of Content

Chapter 4. In-vitro Diagnostic Services Market, By Service Type

  1. 4.1. Key segment trends
  2. 4.2. Software
  3. 4.2.1. Market size, by region, 2013-2024 (USD Million)
  4. 4.2.2. Standalone software
  5. 4.2.2.1. Market size, by region, 2013-2024 (USD Million)
  6. 4.2.3. Software update
  7. 4.2.3.1. Market size, by region, 2013-2024 (USD Million)
  8. 4.2.4. Others
  9. 4.2.4.1. Market size, by region, 2013-2024 (USD Million)
  10. 4.3. Testing services
  11. 4.3.1. Market size, by region, 2013-2024 (USD Million)
  12. 4.3.2. Infectious testing
  13. 4.3.2.1. Market size, by region, 2013-2024 (USD Million)
  14. 4.3.3. Diabetes testing
  15. 4.3.3.1. In-vitro Diagnostic Services Market size, by region, 2013-2024 (USD Million)
  16. 4.3.4. Molecular testing
  17. 4.3.4.1. Market size, by region, 2013-2024 (USD Million)
  18. 4.3.5. Tissue testing
  19. 4.3.5.1. Market size, by region, 2013-2024 (USD Million)
  20. 4.3.6. Others
  21. 4.3.6.1. Market size, by region, 2013-2024 (USD Million)

Chapter 5. In-vitro Diagnostic Services Market, By End-user

  • 5.1. Key segment trend
  • 5.2. Hospitals
  • 5.2.1. Market size, by region, 2013-2024 (USD Million)
  • 5.3. Point-of-care testing
  • 5.3.1. Market size, by region, 2013-2024 (USD Million)
  • 5.4. Laboratories
  • 5.4.1. In-vitro Diagnostic Services Market size, by region, 2013-2024 (USD Million)
  • 5.5. Academic institutes

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