U.S. In Vitro Diagnostics Market size in 2019 is estimated to be $21.3 billion, growing at a CAGR of 4.3% during the forecast period 2020-2025. In vitro diagnostics helps to detect diseases or other conditions that can be used to monitor a person’s overall health to treat diseases. In vitro diagnostics also used for drug testing and can be used for the purpose of identifying the use of drugs. Increasing Incidence of chronic disease and technological advancement are the major factors driving the growth of the market. Moreover, growing geriatric population and rise in the number of medical procedures further enhance the market demand for U.S. In vitro diagnostics during the forecast period 2020-2025. U.S. In vitro diagnostics market growth is mainly owing to increasing prevalence of diseases, advanced instruments and technologies and increasing healthcare expenditure. According to the Center for Disease Control and Prevention, it is estimated that about 47,352 people are diagnosed with HIV infection in the U.S. and about 1 million people are diagnosed with AIDS, so the demand of in-vitro diagnostics is increasing in the U.S.
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Technology – Segment Analysis
Based on the Technology, U.S. In Vitro Diagnostics Market is segmented into Clinical Chemistry, Immunochemistry, Molecular Diagnostics, Hematology, Microbiology, Coagulation, and Urinalysis. The Immunochemistry segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 3.9% during the forecast period 2020-2025. This is mainly owing to cost-effective method of detection and provide good sensitivity. Moreover, it provides ease of automation that are contributing the growth of this segment.
Application – Segment Analysis
Based on the Application, U.S. In Vitro Diagnostics Market is segmented into Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, and Drug Testing. In 2019, infectious diseases held the largest share in the U.S. In vitro diagnostics market. This is mainly owing to increasing incidence of infectious disease such as pneumonia, tuberculosis, AIDS and HIV which is also contributing to the growth of this segment.
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Drivers – U.S. In Vitro Diagnostics Market
Increasing incidence of chronic diseases and growing geriatric population are some factors driving the growth of the U.S. In vitro diagnostics market. Moreover, increasing patients’ awareness, increasing investment in R&D activities and growing awareness of personalized medicine among people for the treatment are also set to increase the market growth.
Technological Advancements in the field of diagnostics and increasing healthcare expenditure are some factors driving the growth of the market. Moreover, technological evolution in the medical industry and increasing adoption of automated instruments and automation in laboratories further contributing the growth of the U.S. In Vitro Diagnostics market.
Challenges – U.S. In Vitro Diagnostics Market
The high cost of equipment and lack of skilled professionals in operating the devices are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure and lack of standardization are further restraining its market growth during the forecast period 2020-2025.
U.S. In Vitro Diagnostics Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the U.S. In Vitro Diagnostics Market. U.S. In Vitro Diagnostics top 10 companies are Roche, Abbott Laboratories, Danaher Corporation, Thermo Fisher Scientific, Johnson & Johnson, Bio-Rad Laboratories, Dickinson and Company, Roche Diagnostics, Siemens Healthineers, bioMérieux, and Sysmex Corporation.
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