Microarray techniques, polymerase chain reaction (PCR), mass spectrometry, and sequencing technology that are used for test sample preparation are some of the significant technologies integrated in In Vitro Diagnostics. Doctors and researchers have been encouraged to shift their focus from traditional diagnostic methods to personalized medicines owing to constant innovations in IVD product design and technology.
The rise in incidences of chronic and infectious diseases along with growing geriatric population prone to immunological disorders has led to the growing need of IVD testing. Moreover, other factors boosting the growth of IVD market include, increase in the application of personalized medicines and boundless knowledge of rare diseases. In addition, the adoption of IVD devices and reagents is on the rise owing to increasing incidences of colorectal cancer, neurological disorders, and gynecological diseases.
On the contrary, strict government regulations and hostile reimbursement policies are likely to hinder the growth of the market. The growth potential for IVD market is huge owing to the rising demand for technologically advanced diagnostic devices and increased disposable income of consumers. Furthermore, technological advancements to develop high sensitivity point-of-care (POC) hematology testing is projected to boost the market growth.
The Global In Vitro Diagnostics Market has the potential to touch around $91.3 billion by 2025, growing at a CAGR of 4.5% during 2017-2025 with the North American region being the largest regional market in the forecast period.
Leading market players have opted for acquisition of small diagnostic devices and reagents providers as a part of their strategy to increase their market share. For instance, Pall Corporation was acquired by Danaher Corporation, in August 2015, to enhance the well-established expertise of Danaher Corporation in life science and diagnostic industry.
Roche diagnostics, Abbott, Danaher Corporation are few of the key organizations operating in the IVD market. Other companies include, Sysmex Corporation, Johnson and Johnson, bioMrieux, Becton Dickinson, Thermo Fisher Scientific, Inc., Siemens AGand Alere Inc., and Ortho-Clinical Diagnostics. A detailed competitive analysis and profiles of major market players mentioned above are profiled in the report.
On the basis of product types, the market is segmented into, instruments, reagents, and services & software.
The market segment according to different techniques into, blood testing, immunodiagnostics, molecular diagnostics, clinical chemistry, tissue diagnostics, and other clinical techniques.
Similarly, based on application, the market is further divided into, cancer, infectious diseases, immune system disorders, cardiac diseases, nephrological diseases, gastrointestinal diseases and other indications.
On the basis of end-users, the market is categorized into, hospitals, standalone laboratory, academics & medical schools, point of care and others.
The geographical breakdown and detailed analysis of each of the aforesaid segments are included for major regions namely, North America, Europe, Asia-Pacific and LAMEA.
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