NEW YORK, Dec. 7, 2016 /PRNewswire/ -- The global IVD market is projected to reach USD 78.74 billion by 2021, at a CAGR of 5.5% during the forecast period of 2016 to 2021. Growth in this market is majorly driven by the increasing prevalence of diseases such as diabetes, cardiovascular diseases, and across the globe and shift in focus from centralized laboratories to decentralized point-of-care testing is also support the growth of the IVD market.
In this report, the global IVD market is segmented by products & services, technology, application, end user, and region. Based on technology, the IVD market is mainly segmented into immunoassays/immunochemistry, clinical chemistry, molecular diagnostics, hematology, clinical microbiology, coagulation & hemostasis, and other technologies. The immunoassays/immunochemistry segment accounted for the largest share of the IVD market in 2015. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are contributing to the growth of immunoassays/immunochemistry market during forecast period.
Based on application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and other applications. In 2015, the infectious diseases segment accounted for the largest share of the IVD market. The oncology/cancer segment is expected to register the highest CAGR during the forecast period due to the growing incidence of cancer forms that stimulates the demand for early detection of the disease.
In 2015, North America commanded the largest share of the IVD market, followed by Europe. The U.S. is a prime market for IVD due to the rising acceptance of point-of-care diagnostics and patient self-testing practices in the country. The Asia-Pacific market is expected to witness the highest growth in the coming years primarily due to the growing focus of manufacturers on this region.
Major players in the global IVD market are Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Siemens Healthineers (Germany), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Sysmex Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux (France), Becton, Dickinson and Company (U.S.), Johnson and Johnson (U.S.), Ortho-Clinical Diagnostics, Inc. (U.S.), Qiagen N.V. (Germany), and Diasorin S.P.A. (Italy).
- Detailed insights on all the submarkets, based on technology (immunoassays/immunochemistry, clinical chemistry, molecular diagnostics, hematology, clinical microbiology, coagulation & hemostasis, and other technologies), this can help market players to identify high growth segments in the IVD market.
- The report also provides information on key players in this market and their growth strategies and recent developments. This can help the company to assess the competition at global and regional levels in a better manner.
- Key insights and market sizing for the different end users of the IVD market namely, hospitals, laboratories, academic institutes, point-of-care testing, patient self-testing, and other end users.
- Country-wise market size and forecast for all the sub segments. Thus, not only the high growth products & services, technology, application, and end user areas; the market size numbers provided in the report will also enable market players to identify key geographic markets, and thereby strategize global marketing efforts in order to achieve sustainable revenue growth in the coming years.
- It provides key insights on market dynamics, such as drivers, restraints, opportunities, and challenges for this market.