Global IVD Market Expected to Reach $84,647 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, October 4, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "IVD Market: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global IVD market was valued at $61,103 million in 2016, and is projected to reach at $84,647 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. The reagents segment accounted for more than three-fifths share of the total market in 2016.
In vitro diagnostics 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, the 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 supplements the IVD market. Stringent regulations, policies, and unclear reimbursement rules limit the growth.
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Based on product types, the reagents segment held the highest market share of three-fifths in 2016, owing 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 of one-third in 2016, owing 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 2016, owing to the increase in prevalence of infectious diseases and rise in awareness of preventive health measures.
Based on end users, the standalone laboratory segment captured the highest market share in 2016. IVD devices have widespread adoption in laboratories. Hence, the increased number of laboratories increases the global revenue for IVD market.
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North America accounted for two-fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in incidence of chronic diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis, and treatment of diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.
KEY FINDINGS OF THE STUDY
- The reagents segment dominated the market in 2016, and is projected to grow at the 3.7% CAGR.
- The immunodiagnostics segment accounted for the highest share of in 2016.
- The infectious diseases segment was the major shareholder in the Asia-Pacific IVD based application market in 2016.
- The standalone laboratory segment accounted for the highest share of in 2016.
- North America was the major shareholder of global IVD market in 2016.
According to Hemali Narkhede, Manager, Healthcare Research at Allied Market Research, "North America dominated the market, with highest share in 2016, and is expected to maintain the lead during the analysis period. However, Asia-Pacific is expected to grow with the highest CAGR, owing to significant increase in the number of well-equipped hospitals with advanced healthcare systems to cater to the needs of the large patient population."
The major players profiled in the global IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.
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