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Matsushita Electric Industrial Co. said Friday it has agreed with Bayer Corp. of the United States to jointly develop, manufacture and market diagnostic products.

The companies will aim to combine Bayer’s knowledge in the field and Matsushita’s technological expertise to meet the needs of the global in vitro diagnostic market, which is expected to reach $25 billion by 2005, the company said in a news release.

Under the agreement, Matsushita will be mainly responsible for the development and manufacture of products along with services, while Bayer, through its Bayer Diagnostics group, will acquire the rights to sell and market them.

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