NEW YORK, Nov. 30 2015 /PRNewswire/ -- This BCC Research report offers a comprehensive analysis of the global in-vitro diagnostic market, along with an in-depth study of the various IVD segments. Includes forecast through 2020.
Use this report to:
Identify emerging products and technologies and associated start-ups that are likely to accelerate the growth of the IVD industry through best practices in the research and development of IVDs.
Outline the global market for IVD products by segments such as region, diagnostics types, application, and industry end user.
Have a close look at the IVD industry and current trends affecting the market.
Assess technology patents and trends relating to IVD.
The global market for in vitro diagnostics (IVD) products totaled $57.3 billion in 2014. The market is expected to grow from $60.3 billion in 2015 to $81.1 billion by 2020 at a compound annual growth rate (CAGR) of 6.1%.
North America leads the global IVD products market throughout the period, valued at $24.6 billion in 2014. The market should reach $29.4 billion in 2020 from $25.3 billion in 2015 increasing at a CAGR of 3.1%.
Asia is the fastest growing region of global IVD market with a CAGR of 12.9% from 2015 to 2020. The market is valued at $15.3 billion in 2015 and should reach $28.2 billion by 2020.
STUDY GOALS AND OBJECTIVES
along with an in-depth study of the various IVD segments (clinical chemistry, immunoassays, point-of-care diagnostics, molecular diagnostics, hematology, microbiology and tissue diagnostics); products (instruments, reagents and accessory products); end-user groups (central labs, critical care, OTC/self-testing and academia);
and the regional markets of North America, Europe, Asia and LAAM (Latin America/Africa/Middle East).
This report provides a complete review and analysis of the current trends in the IVD markets, along with industry growth drivers and restraints. Revenues are broken down by regions, segments, products and end users, and sales figures have been estimated for the five-year period from 2015 through 2020 in constant U.S. dollars.
In addition, it provides an examination and description of select products, current and emerging technologies, and company profiles. Applications for IVD are also discussed, with emphasis of the use of these types of tests in various disease sectors. Further, the report offers a view on IVD patents, regulatory aspects and emerging developments in the IVD market across the globe.
REASONS FOR DOING THIS STUDY
In vitro diagnostic tests performed on biological samples, such as blood, urine, saliva, spinal fluid and DNA, are a key component of health care delivery. The information provided by IVD tests enable medical care providers to manage several diseases through timely prevention, diagnosis and decision making, and by administering
patient-specific treatment modalities.
Due to recent rapid technological advances and automation, the range and complexity of diagnostic tests have overwhelmingly increased. This has made lab tests much easier to use and less error prone, with more precise and timelier results, thus transforming medical practice. As a result of these rapid innovations, disease detection
has been made possible much before the appearance of symptoms, along with the prediction of beneficial and adverse treatment outcomes. These developments have in turn enabled personalized treatment through the emergence of point-of-care (POC) tests and home-based testing in the form of blood glucose meters for diabetics,
pregnancy tests and cholesterol tests. These tests facilitate more rapid decision-making, especially for management of major chronic diseases such as diabetes, hypertension or cardiovascular conditions. Instead of a patient having to wait for test results and schedule his or her next visit, test values for key biochemical
parameters (such as, for example, HbA1c or lipid profiles), are generated the same day, allowing a doctor to make treatment decisions during the same visit. In addition, new tests have become less invasive, easier to perform and more patient friendly. Likewise, for critical care, POC tests enable doctors to make life-saving decisions within minutes, as opposed to waiting for hours for test data that was once available only from a
Today, more than 4,000 different diagnostic tests have become available, and as more IVD tests become compatible with POC environments, health care providers should take advantage of the benefits of these evolving IVDs for effective treatment of life-threatening illnesses through optimization of healthcare delivery. IVDs have
already tremendously impacted cancer diagnosis and treatment globally by gaining deeper insights into genetic pathways of the disease enabled by human genome sequencing. As a result, identifying faulty genes, personalized risk predictions and tailored therapies have now become possible.
Big challenges need to be addressed, however, despite IVDs being at the top of global market attractiveness index. The regional and country-wise differences in regulatory aspects, market approvals and entry bottlenecks, affordability issues, reimbursement inadequacies, logistics and healthcare infrastructure may hold the market back. Due to these factors, the IVD companies need to look at each country's market landscape and IVD requirements, and then tailor their entries, launch and marketing strategies to gain a strong foot hold. This BCC Research report, In Vitro Diagnostics: Technologies and Global Markets, will thereby provide a detailed analysis of these and other key factors governing the growth of IVD industry, and provide strategic insights and recommendations for those looking to expand their markets.
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