28, Jan, 2018: The global In-Vitro Diagnostics (IVD) market is valued at USD 66.7 billion in 2017 and is projected to grow at a CAGR of 5.5% from 2019 to 2024. The market is studied for its product types such as instruments, reagents, Data Management Software and services. The market is studied for applications like infectious diseases, cancer, cardiology, diabetes, endocrinology, nephrology and others. The key techniques studied in the IVD market are immunoassay, clinical chemistry, microbiology, molecular diagnostics, hematology, coagulation & hemostasis and others. Lastly, the market is studied for Americas, Europe, Asia-Pacific and Meddle East & Africa.
Major drivers and restraints of the market
The market is driven by growing healthcare reforms and infrastructure in developing countries and increasing managed healthcare organizations in the developed countries. The rapidly changing healthcare segment with entry of new technique or reagent every single day has elicited the growth of IVD market to a great extent. The changing customer demands, rising incidence of chronic and infectious diseases, increasing importance to preventive check-up and ever-increasing patient population is driving the IVD market globally. Along with a continuous need of IVD in hospitals, there is rising need for IVD techniques and devices in laboratories, physician’s offices as for personal testing. The introduction of point of care devices has revolutionized the IVD market and facilitated the ease in diagnostics while maintaining almost accurate test results. The market growth is restrained mainly due to tough government regulations on the use of devices and reagents in developed regions and high initial cost along with lack of reimbursement for IVD reagents, devices and techniques.
Reagents segment accounts for the largest market share
Among the product types of IVD, the market for reagents is highest. It is followed by instruments and Data Management Software. The reagents used in diagnostic testing assays are one of the most fundamental and critical components necessary for a medical laboratory to properly function. Without them, it is unable to generate the necessary tests required for the diagnosis, treatment, and monitoring of a patient’s condition.
Molecular diagnostics technique projected to be the fastest growing market
The techniques considered in the IVD market are immunoassay, clinical chemistry, microbiology, molecular diagnostics, hematology, coagulation & hemostasis and others. The immunoassay technique dominated the market in 2017. The market for molecular diagnostics is projected to be the fastest growing market due to rising need for usage of molecular diagnostics technique in diagnosing the increasing number of infectious diseases, as well as chronic diseases like cancer, tumor, diabetes among others.
High usage of IVD in diagnosis of infectious diseases
The IVD market by application is studied for infectious diseases, cancer/oncology, endocrinology, cardiology, diabetes, nephrology and others. The usage of IVD is very high in infectious diseases followed by diabetes and cancer/oncology.
Well-established healthcare, continuous advancement in reagents and increasing managed care organizations led to the growth of IVD market in Americas.
Americas dominated the market with the largest market share followed by Europe and Asia-Pacific. U.S. and Canada have the largest market share in the country-level market in American region. Asia-Pacific is the fastest growing market due to rapidly growing healthcare sector in countries like Japan, China and India. The major players operating in this market are Abbott Laboratories (U.S.), Alere Inc. (U.S.), Biomerieux (France), Bayer Healthcare(Germany), Danaher Corporation (U.S.), Johnson & Johnson (U.S.), Ortho clinical Diagnostics (U.S.), Siemens AG (Germany), Sysmex Corporation (Japan) and, F. Hoffmann La Roche Ltd. (Switzerland) among others.
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