PUNE, India, March 21, 2016 /PRNewswire/ --
According to a new market research report "In Vitro Diagnostics (IVD) Quality Controls Market by Application (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Microbiology) Source (Serum, Blood, Plasma Based Controls) Type (Instrument Specific & Third Party Controls) - Forecast to 2020", published by MarketsandMarkets, The global market is projected to Reach USD 979.0 Million by 2020, at a CAGR of 3.6% from 2015 to 2020.
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The growth in the IVD quality controls market is majorly driven by the growing number of accredited laboratories and increasing mandates on the use of quality controls from regulatory and accreditation bodies. Moreover, the rising adoption of third-party controls is another major factor supporting the growth of the IVD quality controls market. However, factors such as lack of reimbursement, high product cost, and budget constraints at laboratories are restraining the growth of this market.
In this report, the IVD quality controls market is segmented based on product type, applications, manufacturer type, end user, and region. Based on manufacturer type, the market is segmented into instrument manufacturer controls and independent manufacturer controls. In 2015, the independent manufacturer controls segment accounted for the largest share of the IVD quality controls market. Moreover, this segment is expected to witness the highest growth during the forecast period. The large share and high growth of this segment is majorly attributed to the increasing use and preference for third-party quality controls among end users.
In 2015, North America accounted for the largest share of the IVD Quality Control Products Market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of North America in the IVD Quality Control Products Market is attributed to increasing recommendations and approvals for quality control products from the FDA and the College of American Pathologists (CAP), presence of well-established distribution channels, and presence of leading companies in this region. However, the Asia-Pacific region is expected to witness the highest growth in this market majorly due to the rapid growth in the volume of IVD tests performed in China and India, improving healthcare infrastructure, growing per capita income, and increasing number of accredited laboratories in this region. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries and aiming to work with local government agencies and academic societies to offer external quality controls in an effort to standardize laboratory testing procedures and ensure accuracy of test results.
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The global IVD Quality Controls Market is consolidated in nature, with the top three companies accounting for a major market share in 2014. Some of the key players in this market are Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Randox Laboratories (U.K.), Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Siemens Healthcare (Germany), and Sysmex Corporation (Japan). The leading players in this market have built a strong market position by focusing on new product launches, agreements, collaborations, partnerships, and expanding their geographic presence in emerging markets with a focus on widening their revenue streams. These still remain the actively adopted strategies by leading players to achieve sustainable revenue growth in this competitive market.
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In Vitro Diagnostics (IVD) Market by Product (instruments, Reagents, Software, Service) Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology) by Application (Diabetes, Cancer, Cardiology, Autoimmune Diseases) - Forecast to 2020.
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