World News: 16:54 GMT Wednesday 15th May 2019. [Reports And Data via Globe Newswire via SPi World News]
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- The Global In Vitro Diagnostics (IVD) Market is forecast to reach USD 99.46 Billion by 2026, according to a new report by Reports and Data. The growth in the in vitro diagnostic market is due to the rise in the study and new innovations in genomic and proteomic services in the industry. The unexplored sectors are providing ample opportunities for the growth of the market in the coming years. Further, the increase in research and development facilities in molecular diagnostic and development of new products is fueling the market growth. Innovative launches of various techniques, application of in vitro diagnostic in therapeutic areas, are propelling the market growth.
Factors driving the market for in vitro diagnostic are growing geriatric population, the prevalence of alternative lifestyle that causes chronic diseases, rise in infectious diseases, increasing awareness regarding personalized medicine and increase in adoption of point-of-care testing.
Factors hindering the growth of the market are the strict regulatory framework and inadequate reimbursement.
Asia Pacific is the fastest growing region. This is due to the increase in investment in healthcare by government and leading players, rise in government initiatives, and the presence of a large population in the region. The market is also growing due to the rise in awareness of healthcare in countries such as China, India, and Japan.
For the purpose of this report, Reports and Data have segmented the global In Vitro Diagnostics Market on the basis of Product Type, Devices, Technique, Application, End User, and Region:
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Globe Newswire: 16:54 GMT Wednesday 15th May 2019
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