In vitro diagnostics are medical processes and tools such as instruments, apparatus, equipment, kits, reagents, and systems that are used singularly or in conjunction with other diagnostic tools to gain critical information regarding the health of a patient. In vitro diagnostics are also used to monitor the drug intake of a patient. The market for in vitro diagnostics is changing rapidly and demand for these tools is expected to surge in the coming years.
Europe to Dominate In Vitro Diagnostics Market owing to Increase in Demand for Automated Diagnostic Technologies
North America and Europe held a major share in the global in vitro diagnostics market in 2011 owing to the high expenditure on healthcare in these two regions. The structured network of clinical laboratories in these regions also played a major role in the growth of the market. North America led the global in vitro diagnostics market in 2011, with Europe trailing closely.
The support from both public and private sectors as well as rising the demand for rapid diagnosis and point-of care testing have been the major drivers for the in vitro diagnostics industry in Europe. The rising prevalence of infectious diseases such as malaria, pneumonia, sexually transmitted diseases, and tuberculosis in European countries has boosted the in vitro diagnostics market. The growing geriatric population in Europe, and the subsequent rise in the prevalence of chronic diseases related to the heart, cancer, diabetes, and others has led to the growth of the market in the region. The growing demand for automated and technically advanced diagnostic technologies has stimulated the in vitro diagnostics market. The emergence of molecular diagnostics is expected to drive the in vitro diagnostics market in the coming years.
Increasing Budgetary Pressure Curbs Growth of In Vitro diagnostics Market
The presence of a variable regulatory environment across the world restrains the growth of the global in vitro diagnostics market. Differences in the reimbursement coverage also act as a challenge for the market. Furthermore, the budgetary pressure curbs the healthcare expenditure, resulting in a slower growth rate of the market.
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Demand for In Vitro Diagnostics Rises in Asia Pacific and Latin America
Although North America and Europe held the major shares in the in vitro diagnostics market, the regional hierarchy of the market is changing, with major focus on the emerging economies in Asia Pacific and Latin America. The focus on these emerging nations will accelerate the growth of the market due to the numerous opportunities present in these regions. The clinical chemistry in vitro diagnostics segment dominated the market in India and China in 2011. However, the market is also likely to grow in other countries in these regions, as the prevalence of diabetes, the diagnosis and monitoring of which includes in vitro diagnostics, is increasing.