Infinium Global Research In-Vitro Diagnostics Market | Page 2

According a report published by Infinium Global Research the global in-vitro diagnostics market was
worth USD 62.5 billion in 2016 and it is projected to reach USD 92.7 billion in 2023, expanding at a CAGR
of 6.0% between 2017 and 2023. Technological advancements and innovations to drive the growth in this
market in the near future, owing to high level of competition among the key players in this industry.
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Demand for Personalized Medicine Is On the Rise
The global market for in-vitro diagnostic is driven by factors such as innovations, and need for
personalized medicine. In several health conditions such as diabetes, HIV among others the personalized
medicine allows the clinicians to reduce the occurrence of side effects of medicine on the patients.
Clinicians also can manage the treatments through real time and customized approaches. Moreover in the
oncology therapeutic area the demand for personalized medicine as it encompasses individualized
treatment and patient management through real time diagnostic and treatments. As a result several
companies operating in the in-vitro diagnostic market are focusing more on personalized medicine. Thus,
the growth in demand personalization of the medicine is likely to augment the market size of in-vitro
diagnostics market over the forecast period.
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North America is estimated to command the largest share of the market
North America accounted for the largest market for in-vitro diagnostic over the past couple years. The
Europe accounted for the second largest market share after North America. Presence of medical