A new report predicts that the global in vitro diagnostics market will grow to $74.7 billion by 2020 fueled by increased awareness and demand for equipment that speeds up accurate diagnosis. 

The global in vitro diagnostics market is forecast to grow to $74.7 billion by the year 2020, according to a new market report.

The report, published by Allied Market Research, shows that the market was worth $53.3 billion last year, and as such is expected to grow at a compound annual growth rate of 5.34% in the next seven years.

Increasing public awareness about healthcare, cost effective diagnostic solutions, accurate and faster test results are some of the factors driving the growth of the IVD market globally, according to the report. Further, high demand for advanced equipment that can diagnose various diseases early and accurately is spurring market growth throughout the world.

North America accounts for the lion’s share of the market and is expected to grow to $30.1 billion by 2020 at a CAGR of 4.02%. But Asia accounts for the fastest growing region with a CAGR of 7.49% in the forecasted period.

By application, the IVD market can be divided into infectious disease, diabetes, cancer, cardiology, autoimmune diseases, nephrology, drug testing, and HIV/AIDS. Of these, infectious diseases, followed by HIV/AIDS testing are top two generators of revenue in the market currently and are expected to maintain their positions through 2020.

In terms of end use, the at-home diagnostics market is expect to be the fastest area of growth given the increasing availability of point-of-care testing devices.

The top global players in this market are: Abbot Laboratories, Roche Diagnostics, Siemens, Johnson & Johnson, Alere, Arkray, Bayer AG, Becton Dickinson & Company, Biomerieux, Danaher and Sysmex, according to the report.