DALLAS, July 22, 2015 /PRNewswire/ --
According to a new market research report "In Vitro Diagnostics (IVD) Market by Product (instruments, Reagents, Software, Service) by Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology) by Application (Diabetes, Cancer, Cardiology, Autoimmune Diseases) - Forecast to 2020", published by MarketsandMarkets, the Global In Vitro Diagnostics Market is poised to Reach $75.1 Billion by 2020 at a CAGR of 5.8% for 2020.
Browse 162 market data Tables and 44 Figures spread through 320 Pages and in-depth TOC on "In Vitro Diagnostics (IVD) Market"
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Over the years, the application of IVD technologies in clinical diagnosis has evolved multifold.
Currently, many of the OVD technologies are regarded as indispensable tools in medical practices. Technological advancements in the field of diagnostics, rising incidences of chronic diseases, and increasing healthcare awareness are some of the key factors that have contributed to the growth of the IVD market in the past, and will continue to drive the growth of this market in the coming years as well. However, inadequate budget and limited reimbursement are restraining the growth of the IVD market.
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In this report, the IVD market is segmented on the basis of product, technology, application, end user, and region. On the basis of products, the market is segmented into reagents, instruments, services, and data management system/software. In 2014, the reagents segment accounted for the largest share of ~80% of the IVD market, and is expected to grow at a CAGR of 6.4% during the forecast period. The large share of this segment is mainly attributed to growing application of IVD tests in number of therapeutic areas and surge in number of IVD tests being performed globally in line with the growing demand for healthcare services across the globe.
On the basis of technology, the IVD market is broadly segmented into clinical chemistry, immunochemistry/immunoassay, hematology, coagulation and hemostasis, microbiology, molecular diagnostics, and other clinical instruments. The immunoassay/immunochemistry segment accounted for the largest share of ~28% of the IVD market in 2014. The large of this segment is attributed to its increased use over other traditional tests owing to its high specificity.
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 infectious diseases segment accounted for the largest share of 24.4% of the IVD market in 2014. However, oncology is expected to be the fastest-growing segment of the In Vitro Diagnostics Market during the forecast period owing to increasing prevalence and incidence of cancer across the world.
Geographically, North America accounted for the largest share of ~43%-of the IVD market in 2014, followed by Europe, Asia-Pacific, and the RoW. The large share of North America in the global IVD market is mainly attributed to higher per capita healthcare spending and wider acceptance of IVD technologies in this region as compared European and APAC countries. However, the Asia-Pacific region is expected to be the fastest-growing IVD market during the forecast period. Growing penetration of IVD technologies in India and China in line with the growing per capita healthcare expenditure in these countries is one of the key contributors to the faster growth of IVD market in the APAC region during the forecast period.
The global In Vitro Diagnostic (IVD) Market is consolidated in nature, with top 5 companies accounting for nearly 55%-60% market share in 2014. Some of the key players in this market are Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Becton, Dickson and Company (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). The leading players in this market have built a strong market position over the years, by focusing on introducing innovative solutions in the market from time to time, and expanding their geographic presence in emerging markets in order to widen revenue streams. These still remain the key strategies adopted by leading players in this market, in order to achieve sustainable revenue growth in this competitive market.
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