The global in vitro diagnostics market size was estimated at $51.7 million in 2013, and the industry is expected to grow further through 2020, according to a report from Grand View Research.
The growing aging population and increased use of personalized medicine and point-of-care testing will propel future growth in the in vitro diagnostics market, according to the report.
Here are six things to know about the global in vitro diagnostics market, as stated in the report.
1. The in vitro diagnostics market is expected to grow due to advancements and innovations in the in vitro diagnostics technologies.
2. Rising geriatric population base and demand for diagnostic testing is expected to spur the in vitro diagnostics industry through 2020, according to the report.
3. The increasing recognition of the diagnostics role in patient care and changing healthcare environment, with growing awareness about the diseases, are expected to promote the in vitro diagnostics market in the coming years.
4. A major driver for the in vitro diagnostics industry is the growing demand for the point-of-care identification and detection of various infectious diseases such as viruses and bacteria causing lower and upper respiratory tract infections, including the flu, RSV, pneumonia and Legionnaires' disease, coupled with pathogens causing malaria and filariasis, according to the report.
5. Tissue diagnostics is expected to grow at a compound annual growth rate of 10.2 percent from 2014 to 2020 due to increasing incidence rates of cancer and growing demand for lab automation.
6. Siemens Healthcare, Johnson and Johnson, Becton Dickinson, Abbott Laboratories, Roche Diagnostics and Beckman Coulter dominate the global in vitro diagnostics market share.