Market Research Report
United States In Vitro Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||802340|
|Published||Content info||72 Pages
Delivery time: 2-3 business days
|United States In Vitro Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 72 Pages||
Key factors propelling the growth of the market are high prevalence of chronic diseases, increasing the use of POC (Point-of-care) diagnostics, advanced technologies, increasing awareness, and acceptance of personalized medicines. The increasing government healthcare expenditure and consumer's healthcare spending are also responsible for the growth of the market.
The increase in the US in vitro diagnostics market is majorly due to the high prevalence of chronic diseases, such as heart diseases, cancer, asthma, and diabetes, along with COVID -19 in 2020. It is estimated that these diseases are responsible for majority of deaths in the United States, killing more than 1.7 million citizens, annually. Thus, IVDs have proved to be beneficial in managing these chronic conditions. IVDs help in the detection of early warning signs and individual risk factors, creating new opportunities for prevention and early intervention.
There are also emerging technological innovations, such as lab-on-a-chip, wearable devices, and POC diagnostics, that are increasingly becoming an important part of the healthcare landscape. These POC diagnostic products have been developed to be used on a patient's bedside in hospitals to get instant results, without the need of sending the samples to the lab. Thus, owing to the ease of use and the ability to provide instant results, the use of POC diagnostics in the United States is increasing rapidly, thereby, boosting the growth of the market studied.
Cancer/Oncology Segment is Expected to Grow the Fastest over the Forecast Period
Hospitals and Clinics Segment is Expected to Grow over the Forecast Period
Companies, like Abbott Laboratories, Becton, Dickinson and Company, and Danaher Corporation, are adopting strategic actions, mergers and acquisitions, and continued technological advancements, in order to retain their market share in the future. The companies are focusing on increasing technological advancements, in order to address the customer needs, like fully automated systems, that provide fast and accurate results.