Published Date : Apr 13, 2016
In vitro diagnostics are medical devices that are used to gain information or monitor the health of a patient. These devices include: instruments, apparatus, equipment, kits, reagents, and systems that are used singularly or in conjunction with other diagnostic tools. In vitro diagnostics are also used to monitor the drug intake or for monitoring the therapy of patients. The market for in vitro diagnostics is changing rapidly due to constant innovation, which in turn is expected to surge the demand for these diagnostic devices.
Europe held Major share of In vitro diagnostics Market in 2011
Europe enjoys healthcare support from both the public and private sector, thus the demand for rapid diagnostics and point-of care testing is high in the region, benefiting the market for in vitro diagnostics. Additionally, the rise in the number of people suffering from infectious diseases such as malaria, pneumonia, sexually transmitted diseases, and tuberculosis have boosted the in vitro diagnostics market in Europe. The growing geriatric population and the increasing cases of cardiovascular diseases among this population has acted as a major driver for the region.
Budgetary Pressures Curbs the Growth of In vitro diagnostics Market
The existence of regulatory environment restrains the growth of the vitro diagnostics market. Differences in the reimbursement coverage also acts as a challenge for the market. Furthermore, the budgetary pressures reduces the healthcare expenditure, resulting in restraining the growth of the global in vitro diagnostics market.