According to the research report titled ‘In-vitro Diagnostics Market Size By Type (Product [Reagents & Kits, Instruments], Service [Software, Testing Services]), By Technology, By Application By End-user (Hospitals, Point-Of-Care Testing, Laboratories, Academic Institutes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with MarketStudyReport, in-vitro diagnostics market value is projected to exceed USD 97.2 billion by the year 2025.
 

Soaring demand of personalized medicine for treatment of various chronic diseases will propel the in-vitro diagnostics (IVD) market trends in the coming years. The benefits of personalized medicines, such as optimal dosage delivery, target as well as correct therapy are boosting the popularity of IVD in order to discover innovative therapeutics for chronic diseases.
 

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Moreover, increasing number of laboratories adopting technologically advanced devices will impel the industry share over the forecast period. However, high price range of in-vitro diagnostic services may limit market expansion to some extent.
 

On the basis of type, services segment generated revenues worth USD 47 billion in 2018, owing to increasing demand for software in diagnostic testing service by healthcare department to detect chronic disorders. Furthermore, rising use of software for handling patient’s data will help in the correct diagnosis, hence aiding segmental growth. 
 

Elaborating technology ambit, molecular diagnostics segment is expected to record a CAGR of 7% during the forecast period, owing to growing burden of diseases around the globe. Notably, molecular diagnostics provide precise as well as sensitive results with minimal turnaround time and enhanced clinical outcomes.
 

Speaking about application terrain, diabetes segment of in-vitro diagnostics market accounted for revenues worth USD 10 billion in 2018 and is expected to grow considerably during the forecast period, owing to rising awareness among people about numerous health risks related to diabetes like kidney failure, heart attacks, or blindness, alongside government campaigns for improving cognizance of benefits of early diagnosis.
 

By end-user, academic institutes segment is expected to rise by more than 6% over the study period. Increasing R&D activities for discovering new drugs for diseases like syphilis, hepatitis, HPV, HIV, malaria, TB, and others is bolstering the demand for IVD from academic institutes.  
 

Analyzing the geographical outlook, Europe in-vitro diagnostics market had a revenue share of 20% in 2018 and is expected to rise significantly in the subsequent years. Growing population of baby boomers, together with availability of technologically enhanced tools such as clinical chemistry, blood gas analysis, and other instruments for accurate diagnosis, will support the regional market growth over the forecast period.
 

Notable industry players are Abbott Laboratories, Becton Dickinson and Company, Bio-Rad Laboratories Inc., Johnson & Johnson Services Inc., Luminex Corporation, Thermo Fisher Scientific Inc., LivaNova PLC, bioMérieux S.A., Sysmex Corporation, Siemens AG, Qiagen N.V., Ortho Clinical Diagnostics, Johnson & Johnson Services Inc., Grifols S.A., and Cepheid (Danaher Corporation).