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In Vitro Diagnostics/IVD Market worth 78.74 Billion USD by 2021

In Vitro Diagnostics/IVD Market worth 78.74 Billion USD by 2021

This research study involved the extensive usage of both primary and secondary data sources as well as various factors affecting the industry, including the regulatory landscape; competitive scenario; historic data; current trends in the market; technological innovations and upcoming technologies; and market drivers, restraints, opportunities, and challenges.

The report In Vitro Diagnostics/IVD Market by Product (Instruments, Reagents, Software), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology), Application (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases) – Forecast to 2021″, The global IVD market is valued at USD 60.22 Billion in 2016. This market is expected to grow at a CAGR of 5.5% during the forecast period (2016–2021) to reach USD 78.74 Billion by 2021.

The rising incidence of chronic lifestyle diseases, growth in the number of growth in the number of private diagnostic centers, and shift in focus from centralized laboratories to decentralized point-of-care testing are the key factors driving market growth. However, inadequate reimbursement and rising healthcare cost restraining the growth of this market.

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In this report, the market is majorly segmented by products & services, technology, application, end user, and region. Based on products and services, the market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for largest share and it also be the fastest growing market during the forecast period. This is attributed to the rising number of IVD tests conducted and accessibility to a wide range of reagents.

On the basis of 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 large share of this segment is attributed to the rise in the incidences of various infectious disorders such as tuberculosis (TB), hepatitis, and hospital-acquired infections which fueled the demand for IVD tests. Whereas, 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 accounted for the largest share of the IVD market, followed by Europe. Easy accessibility to technologically advanced products, presence of a large number of leading IVD manufacturers in the region are driving market growth in North America. Similarly, the rising prevalence of chronic lifestyle and genetic diseases, rising geriatric population, increasing acceptance of personalized medicine, and growing adoption of technologically advanced products are driving the growth of the North American IVD market. The Asia-Pacific region is expected to witness the highest growth in this market majorly due to improving healthcare infrastructure and growing economies in China and India. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries.

The global IVD market is highly competitive in nature, with the top five companies accounting for the major market share in 2015. Some key players in this 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.), Qiagen N.V. (Germany), Ortho-Clinical Diagnostics, Inc. (U.S.), and Diasorin S.P.A. (Italy). These leading players have primarily focused on new product launches, acquisitions, agreements, collaboration, partnerships, and expansion for growth in the market.

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