Target Audience of “U.S. In-Vitro Diagnostics Market” Report 2018: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
U.S. In-Vitro Diagnostics Market Report provides key statistics on the market status of the U.S. In-Vitro Diagnostics Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the U.S. In-Vitro Diagnostics Industry.
The U.S. In-Vitro Diagnostics market has been estimated to reach USD 13.57 billion in 2017.The market is expected to register a CAGR of 5.57% during the forecast period 2018 to 2023. Due to increasing incidences of chronic diseases and rapid adoption of point of care testing along with increasing preference for personalized medicine, the In-vitro diagnostics market in United States is expected to lead the global In-vitro diagnostics market in the forecast period.
Increasing Incidences of Chronic Diseases
According to Centers for Disease Control and Prevention, chronic diseases were the leading cause for death and disability in United States. It also states that, in 2012 there were more than 117 million people or nearly half of all adults who had one or more chronic health condition. As of 2015, chronic diseases were responsible for 7 out of 10 deaths among Americans each year and has also accounted for approximately 86% of the nationâs healthcare costs. This trend of prevalence of chronic diseases is likely to continue in the near future. Since most of the chronic diseases are diagnosed by In-vitro tests, the increasing trend of chronic diseases is expected to drive the United States In-vitro diagnostics market in forecast period.In addition, increasing government healthcare expenditure along with rapid adoption of point of care testing is also expected to boost the In-vitro diagnostics market in United States.
Stringent Regulatory Framework
According to FDA (Food and Drug Administration) in U.S., the In-vitro diagnostics are considered devices, and more specifically as medical devices category. Since, IVDs include products used to collect specimens, or to prepare or examine specimens (e.g., blood, serum, urine, spinal fluid, tissue samples) after they are removed from the human body, maximum precaution is needed to prevent contamination even within the device. The guidelines laid for these devices are to be strictly followed, denial of which may result in product recalls, and thus many companies are reluctant to enter in this market, which is acting as a major restraint for the U.S In-vitro diagnostics market.Additionally, lack of favorable reimbursement policies in the field of In-vitro diagnostics is also hindering the growth of market in United States.
Immunoassay to Dominate the Market
The In-vitro Diagnostics market is segmented by technique, product type, application type and end users.By technology type, Immunoassay dominates the In-vitro diagnostics market in U.S, this is due to high accuracy of these tests along with less time consumption. The advent of point of care testing which utilizes mainly immunoassay technology is also a major factor responsible to drive the market for In-vitro diagnostics in United States. Although immunoassay dominates the market, the molecular diagnostics segment is expected to grow with a highest CAGR in the overall In-vitro diagnostics market.
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Finally, the feasibility of new investment projects is assessed, and overall research conclusions are offered. In this KEYWORD Market analysis, traders and distributors analysis is given along with contact details. For material and suppliers also, contact details are given. New investment feasibility analysis is included in the report.