NEW YORK, Jan. 12, 2016 /PRNewswire/ --In vitro diagnostics (IVD) testing is an indispensable tool in the modern medical practice. IVD tests are conducted to diagnose a number of diseases. With the evolution of biotechnology, there has been a drastic change in the type of tests conducted for diagnosing various diseases; this helped physicians across the globe to diagnose and treat diseases promptly and effectively. The increasing usage of self-testing kits is the most important trend witnessed recently in the IVD industry is that of
The global IVD market is expected to reach USD 75.1 billion by 2020, growing at a CAGR of 5.8% during the forecast period (2015 to 2020). The market is mainly driven by the rising incidences of chronic lifestyle diseases in emerging economies, growing aging population, and rising adoption of point-of-care testing and personalized medicine.
In this report, the market is segmented by product, technology, application, end user, and region. The IVD market, by product, is segmented into reagents and kits, instruments, services, and data management system/software. In 2014, the reagents and kits segment accounted for the largest share of approximately 79.3% of the IVD product market, and is expected to grow at a CAGR of 6.4% during the forecast period. Growth in this segment is mainly attributed to the increasing demand for diagnostic tests and launch of new reliable, specific, and faster detection reagents.
On the basis of applications, the IVD market is segmented into diabetes, infectious diseases, oncology, cardiology, HIV/AIDS, autoimmune diseases, drug testing, nephrology, and other applications. The oncology segment is expected to grow at the highest CAGR of 9.6% during the forecast period, owing to the increasing number of cancer patients across the world.
In 2014, North America commanded the largest share of the global IVD market, followed by Europe, Asia-Pacific, and the RoW. North America accounted for the largest share of 42.5% of global IVD market in 2014. The U.S. is a prime market due to the availability of government funds, expansion of molecular diagnostics for genetic disorders and cancer screening, and easy access to IVD tests through diagnostic service providers and major leading companies headquartered in the U.S. On the other hand, Asia-Pacific is the fastest-growing region in the global IVD market, mainly driven by the increasing demand for IVD tests from large patient population, increased spending capabilities of consumers on healthcare, improving healthcare infrastructure in the region, and increasing investment by leading players and respective government agencies in the region.
The major players in the IVD market are Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Becton, Dickson and Company (U.S.), Ortho-Clinical Diagnostics (U.S.), Johnson and Johnson (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Siemens Healthcare (Germany), Bio-Rad Laboratories, Inc. (U.S.), Sysmex Corporation (Japan), and bioMérieux (France).
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by top players in the IVD market. The report analyzes the IVD market by product, technology, end user, and application across all regions
- Product Development/Innovation: Detailed insights on upcoming trends, R&D activities, and new product launches in the IVD market
- Market Development: Comprehensive information on the lucrative emerging markets by product, technology, end user, application, and region
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the IVD market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analyses of leading players in the IVD market
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