In 2015, the stand-alone laboratories and hospital end user segments together held a dominant share, of around 74% of the IVD market. This is attributed to the frequent and primary use of instruments & reagents for diagnosis of infectious and immunological diseases. Besides this, the immune system diseases and infectious diseases indication segments collectively accounted for around half of the market share in 2015, owing to increasing incidences of infectious and sexually transmitted diseases such as HIV, hepatitis, and malaria.
Global In Vitro Diagnostics Market (IVD Market) report released by Allied Market Research, projects that the IVD market is estimated to grow at a CAGR of 4.9% during 2016-2022. The reagent segment accounted for around three-fifths of the market share in 2015 and is expected to maintain the dominance during the forecast period. North America and Europe collectively accounted for about two-thirds of the market share in 2015.
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Growing adoption of advanced diagnostic techniques such as digital pathology, which uses digital instruments for diagnosis, portable point-of-care testing devices for HIV & pregnancy, use of non-invasive procedures over conventional techniques, increasing incidences of cancer, cardiac, urological, and infectious diseases and rising count of technological breakthroughs such as automated instruments and instruments with high throughput are major factors boosting the market growth. Increasing disposable income and progressing healthcare spending capacity would further boost the market growth during the forecast period. However, a lack of structured regulatory frameworks & reimbursement policies can hinder the market growth.
The immunodiagnostic and clinical chemistry technique segments jointly accounted for more than half of market share in 2015 and are expected to maintain this trend throughout the forecast period. High demands for immunochemistry-based tests amongst physicians, rise in chronic diseases, low-cost tests in the market, and widespread healthcare awareness are the driving factors for the growth of immunodiagnostic and clinical chemistry technique market. Blood testing is projected to be the fastest growing segment, owing to its frequent application and inherent convenience of using blood samples.
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Key Findings of the In Vitro Diagnostics Market:
– The IVD instruments market is projected to witness the highest CAGR of 6.3% during the forecast period.
– The infectious diseases indication segment is expected to maintain its foothold in the IVD market.
– Cancer is projected to be the fastest growing indication segment during the forecast period.
– In 2015, the infectious diseases and immune system disorders indication segment collectively accounted for about half of the IVD indication market.
– ELISA was the largest revenue generating segment in Immunodiagnostics market and is expected to maintain its dominance throughout the forecast period.
– Asia-Pacific is forecasted to be one of the fastest growing markets, growing at a CAGR of 5.6% from 2016 to 2022.
– In 2015, North America and Europe collectively accounted for around two-thirds of the world IVD market revenue.
North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of diagnostic techniques among physicians and patients. However, the Asia-Pacific region is expected to grow rapidly during the forecast period, owing to increasing healthcare expenditure, improving hospital infrastructure, and increasing adoption of technologically advanced diagnostic techniques.
The key companies profiled in this report include F. Hoffmann-La Roche AG, Abbott Laboratories, Danaher Corporation, Johnson and Johnson, Sysmex Corporation, Becton Dickinson and Company, bioMrieux, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Siemens AG, and Alere Inc.
Global In Vitro Diagnostics (IVD) Market is Expected to Reach $74.65 Billion by 2020 – Allied Market Research
According to new research report by Allied Market Research titled “In Vitro Diagnostics Market (Techniques, Product Type, Usability, Applications, End-Users, Geography) – Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 – 2020,” the global In Vitro Diagnostics market has a potential to reach $74.46 billion by 2020 with North America being the largest regional market. North America is forecast to reach $30.1 billion by 2020 growing at a CAGR of 4.02% during 2014-2020. Asia-Pacific is forecast to be the fastest growing market and is expected to grow at a CAGR of 7.49% during the forecast period (from 2014 to 2020).
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The IVD market is evolving in the emerging markets due to widespread healthcare awareness and increased spending capabilities of people on healthcare. In addition, high demand of technologically advanced equipment for the early and precise diagnosis of various diseases is further strengthening the market growth in such regions. Increase in number of incidences of the diseases, minimally invasive and point of care techniques for diagnosis are some of the other factors fueling the growth of global IVD market. The technological advancements and new developments in the diagnostic industry are creating number of opportunities in the global market, while stringent regulatory policies by government and the reimbursement issues are limiting the growth of the market.
The various segments studied in the report include techniques, product, usability, applications, end-user, and geography. Point of care technique of diagnosis is identified as the most popular technique amongst the physicians, clinicians and doctors. It accounted for about 31.0% of the overall IVD market in 2013, and is expected to grow at a CAGR of 3.5% during the forecast period. Major factor contributing for this growth is convenience provided by POC diagnostic devices over conventional diagnostics devices.
Instruments, reagents, data management software, and services are studied as the major segments of the global IVD product market of which instruments segment is expected to be the largest revenue-generating segment through 2020. Global IVD market, by usability of diagnostic devices, is classified as disposable and reusable devices. Due to the cost effectiveness and reusability of the devices for multi patient testing, re-usable devices segment holds the lead position; however, disposable devices segment is catching up rapidly at much faster rates.
The global market for In Vitro Diagnostics, by application, is segmented into infectious disease, diabetes, cancer, cardiology, autoimmune diseases, nephrology, drug testing, and HIV/AIDS of which diagnosis of infectious disease is the most attractive application market followed by HIV/AIDS. Increase in the number of incidences of such diseases is primary driver for faster adoption of IVD techniques in these applications.
Hospitals, laboratories, academics, point of care testing are the major end use segments analyzed in the report and laboratory segment is identified to be the largest end-use segment. Point of care technique provides convenience in diagnosis of disease at home thus it is projected to emerge out as the fastest growing market during the forecast period.
The top global market players and their growth strategies are also discussed in this study. Product launch, acquisitions, approvals for various products are some major strategies adopted by the market players to maintain their positions in the competitive environment. The report showcases top players such as Abbot Laboratories, Roche Diagnostics, Siemens, Johnson & Johnson, Alere Inc, Arkray Inc, Bayer AG, Becton Dickinson & Company, Biomerieux, Dahaner Corporation and Sysmex Corp.