6 trends steering North America in-vitro diagnostics market toward growth

The growing inclination toward the adoption of personalized medicine is likely to ascertain that the demand for in-vitro diagnostics in North America remains high. Since a considerable percentage of the geriatric population suffer from cancer and viral diseases, the need for in-vitro diagnostic devices is projected to augment through the coming times.

To this end, by 2024, the North America in-vitro diagnostics industry forecast is anticipated to claim a share of over $39 billion per year. The following six trends have been marking the expansion potential of the industry.

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Reagents & kits segment to surge as demand for advanced detection & analysis of diseases rises

In 2017, the reagents & kits segment was representative of over $5.3 billion share and is expected to expand further by 2024. The growing incidence of rare disorders has been one of the major drivers of the segmental growth. Nearly 7,000 kinds of rare genetic diseases and disorders are being diagnosed among 30 million Americans, according to the CDC. This is expected to generate exponential demand for clinical chemicals and reagents, boosting the North America in-vitro diagnostics market share.

Technological advancements to push growth of microbiology segment

The microbiology segment is slated to represent over 5.8% of the total industry revenue through 2024. The persistent technological breakthroughs in microbiological tools, equipment, and devices is pushing the expansion rate of the segment. Furthermore, escalating frequency of viral, fungal, and bacterial infections has been responsible for the rising demand for these diagnostic procedures in the recent times.

Driven by higher efficiency, data management software to generate more revenue

The industry share from data management software was almost 20.7% during 2017 and is expected to stay aloft through the forecast times as well. The higher efficiency of this software solution that ensures enhanced reliability and proficiency in the management of patient data is accelerating the adoption rate in the region. Thus, the preference for effective data management solutions is expected to foster the expansion of the North America in-vitro diagnostics market size.

Rising frequency of infectious diseases to exert positive influence

The industry share from the infectious diseases segment was estimated at $6.2 billion during 2017. It is projected to grow at a substantial CAGR through the forecast timeline, pushed by the ongoing COVID-19 outbreak and the threats of future pandemics looming large across the globe. The prevalence of fungal infections has been witnessing an uptick. Moreover, the cases of infections such as salmonella have also been rising rapidly, accruing more demand for in-vitro diagnostic devices across the North America in-vitro diagnostics market outlook.

Point-of-care testing to garner significant demand

During 2017, the point-of-care segment attained an industry share of over $6.2 billion. The expansion of the segment can be accredited to the upsurge in the deployment of point-of-care molecular diagnostic devices to monitor blood glucose levels at hospitals as well as at home. The high rate of espousal of these in-vitro diagnostic test kits by hospitals and clinics especially considering the COVID-19 pandemic is a primary enabler of the North America in-vitro diagnostics market trends.

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Substantial expansion opportunities demonstrated by Canada industry

During 2017, the Canada in-vitro diagnostics market seized a share of over $2.7 billion and is projected to collect higher revenue every year through the forecast times. the increasing geriatric population, greater penetration of automated and advanced in-vitro diagnostic test kits and expanding disposable incomes of the individuals have together been favoring the North America in-vitro diagnostics industry forecast.

Table of content:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

 

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