In Vitro Diagnostics (IVD) Market Will Grow Swiftly Owing To Innovations In IVD technologies By 2020
New Market Research Reports Title “In Vitro Diagnostics (IVD) Market Analysis Size and Segment Forecasts to 2020” Has Been Added to Grand View Research Report Database
Global in vitro diagnostics market is expected to propagate at a significant rate owing to the surging incidences of rising aging population, chronic lifestyle related diseases, and increased usage of personalized medicine and point-of-care testing. In vitro diagnostics is anticipated to grow due to the developments, innovation, and advancements in various IVD technologies. Rising health concerns and the ability of the consumers to take these IVD tests at home and in hospital have increased their awareness among the consumers, leading to market growth. Serious health issues including diabetes, cancer, and sexually transmitted diseases are expected to be identified using IVD tests and surge the growth of the market in the long run.
Increased awareness among the consumers about various diseases, quickly altering healthcare environment, and enhanced role of diagnostics in patient care has provided a boost to the in vitro diagnostic market. Surging need for detecting communicable diseases, point-of-care recognition, and identification of various diseases like respiratory infections, RSV, influenza, and pneumonia along with identification of pathogens causing filariasis and malaria are some of the key drivers of IVD market.
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Product-wise the in vitro diagnostic market is segmented into instruments, services, data management systems, reagents, and kits that are intended to diagnose and determine the state of health to mitigate, cure, prevent, or treat a particular disease. The Food and Drug Administration (FDA) classifies the IVD products according to regulatory control into Class I, II and III. Different techniques of carrying out IVD tests are molecular diagnostics, blood testing, diabetes testing, clinical chemistry, microbiological diagnostic techniques and flow cytometry. The tissue diagnostic market is expected to rise owing to the increasing incidents of lung and bronchus cancer, melanoma, and prostate breast cancer diagnosis. In 2013, Professional IVD products were the largest segment accounting for revenue of USD 36,117.3 million in 2013.
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Electrolyte panel, basic metabolic panel, lipid profile, liver panel, renal profile, rapid tests, western blot, hematology, coagulation, hemostasis, microarray, hybridization, radioimmunoassay and specialty chemicals are the most commonly used technologies in the market. Applications of in vitro diagnostics include oncology, cancer, nephrology, cardiology, drug testing, autoimmune diseases, diabetes and infectious diseases. The IVD tests are being used by a wide range of customers including academic institutes, in point-of-care testing, patient self-testing, hospitals, and laboratories.
Region-wise the global IVD market is segmented into various regions including North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2014, North America was the largest regional segment with about 43% market share owing to established distribution channels, extraordinary diagnostics in cancer screening, and prevalent disorders like respiratory diseases and genetic testing. IVD market in Europe follows the lead and is expected to rise on account of rising cases of cancer, tuberculosis and pneumonia. However, Asia Pacific and China will follow the IVD market trend owing to the rising population and increasing disposable incomes.
Prominent players dominating the global IVD market are Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostics, Abbott Laboratories, and Beckman Coulter Inc. Few other competitors are Ortho-Clinical Diagnostics, Inc., Danaher Corporation, Thermo Fisher Scientific, Sysmex Corporation, Bio-Rad Laboratories, Inc., and bioMérieux.
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