In Vitro Diagnostics (IVD) Market to Witness Significant Growth During Forecast Period 2025
According to a new report published by KD
Market Insights, titled,"In
Vitro Diagnostics Market by
Product Type, Techniques, Application, and End User: Global Opportunity
Analysis and Industry Forecast, 2018 - 2025,"the market was valued at
$64,479 million in 2017, and is projected to reach $93,614 million by 2025,
growing at a CAGR of 4.8% from 2018 to 2025. North America is
anticipated to be the highest revenue contributor throughout the forecast
period.
In vitro diagnostics (IVD) field has evolved
with technological advancements in the diagnostic techniques and awareness
about healthcare in the emerging market. IVD has a wide range of applications
in the diagnosis of various diseases such as infectious diseases, diabetes,
oncology/cancer, cardiology diseases, autoimmune diseases, nephrology, and
HIV/AIDS.
Increase in awareness about healthcare, rise
in incidence of chronic and infectious disease, and cost-effective diagnostic
solutions fuel the market growth. Similarly, increase in use of automated
instruments & point-of-care diagnostic solutions, rise in government
expenditure on healthcare in all the regions (North America, Europe,
Asia-Pacific, and LAMEA), and accurate and faster test results are expected to
boost the growth of the global IVD market. On the contrary, stringent
regulations, policies, and unclear reimbursement rules are anticipated to
restrain the market growth.
Based on product type, the reagents segment
accounted the highest market share in 2017 due to the large number of reagents
introduced in the market for the diagnosis of medical conditions using IVD
process.
Based on techniques, the immunodiagnostics segment contributed the highest market share in 2017 due to the increase in usage of immunodiagnostics as these tests are the oldest and highly used techniques for the diagnosis infectious diseases, oncology detection, HIV/AIDS virus detection, and others.
Based on application, the infectious diseases
segment contributed the highest market share in 2017 due to increase in
prevalence of infectious diseases and rise in awareness of preventive health
measures.
Key Findings of the In Vitro
Diagnostics Market:
- North America occupied nearly one-thirds
share of the global IVD market in 2017.
- The instruments segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The immunodiagnostics segment accounted for around one-third share of the global IVD market in 2017.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
- The instruments segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The immunodiagnostics segment accounted for around one-third share of the global IVD market in 2017.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
North America is expected to be the leading
regional market for IVD through 2025 due to its well-penetrated healthcare
system and higher healthcare awareness among the patients, including Obamas Affordable
Care Act (ACA), change in technology, and rebounding American Economy. However,
Asia-Pacific is expected to grow at the highest CAGR of 5.9% from 2018 to 2025
due to significant increase in the number of well-equipped hospitals with
advanced healthcare systems to cater the needs of the large patient population.
The report provides an extensive competitive
analysis and profiles of the key market players such as Abbott Laboratories,
Becton, Dickinson and Company, bioMrieux SA, Bio-Rad Laboratories, Inc.,
Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Johnson
& Johnson, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific,
Inc.
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