In vitro Diagnostic (IVD), are medical devices, reagents and accessories used to perform tests on samples, (e.g., blood, urine and tissue) taken from the human body in order to help detect infection, Diagnose a medical condition, prevent disease. IVD plays a major role in early diagnosis and management of diseases. In-vitro diagnostics is important in health care sector, normally doctors rely on blood test or results drawn from analysis of other blood fluids to make treatment decisions. This treatment decision are not possible without in-vitro diagnostics. According to American Cancer Society, (2015), there will be an estimated 1,658,370 new cancer cases diagnosed and 589,430 cancer deaths in the US. As per report from National Cancer Institute (2016), an estimated 1,685,210 new cases of cancer will be diagnosed in the United States and 595,690 people will die from the disease. However, lack of proper reimbursement policies in the developing countries and strict FDA regulations are the main restraints for the growth of the In-Vitro Diagnostics Market. The global in-vitro diagnostics market is expected to grow at a CAGR of 6.5% during forecasted period 2017-2023.
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There are number of factors driving growth of the market – aging population, notably cancer and infectious disease in developing countries. Rising acceptance of molecular diagnostics in personalized medicine, increasing prevalence of lifestyle and chronic diseases, increasing number of private diagnostic centers.
According to WHO, it is the second most common type of cancer in women. Every year 200,000 new cases are diagnosed worldwide and this number is continuously increasing. Prevalence of breast cancer is more common in developed countries compare with developing countries. Moreover, adoption of unhealthy lifestyle, exposure to harmful radiation, increasing geriatric population and increasing governmental initiatives also contributed in the growth of the market.
Major Players of In-Vitro Diagnostics Market:
Abbott (US). F. Hoffmann-La Roche Ltd (Switzerland), Biomérieux (France), Ortho Clinical Diagnostics (US), Johnson & Johnson (US), Siemens Healthcare GmbH (Germany), Sysmex (japan), Becton Dickinson (US), Thermo Fisher Scientific Inc. (US), Accelerate Diagnostics (US), Hycor Biomedical (US), Diagnostic Biosystems (US), Eurogentec (Belgium), Orgentec Diagnostics (US), Immunarray PVT. LTD (US), Werfen Group (Spain), Danaher Corporation (US), Bio-Rad Laboratories INC (US), Stago Diagnostica (France), Alere Inc. (US), and Others.
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Regional Analysis of In-Vitro Diagnostics Industry:
America dominates the global market for In-vitro diagnostics. Increasing demand for the advanced techniques and in-vitro diagnostics and higher expenditure are the major factors for growth of the America market. Europe records the second largest market share followed by Asia Pacific. Asia Pacific is fastest growing market. Due to increasing prevalence of chronic diseases, increasing number of private diagnostic centers are driving forces for growth of the market. Lack of proper reimbursement policies in the developing countries and strict FDA regulations are the main restraints for the growth of the IVD market. On the other hand, in the Middle East and Africa, blood disorders have become a huge problem due to limited screening, ignorance of diseases, and poor access to treatment.
- Report Prologue
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global In-Vitro Diagnostics market by test type
- Global In-Vitro Diagnostics market by technology
- Global In-Vitro Diagnostics market by application
- Global In-Vitro Diagnostics market by end users
- Global In-Vitro Diagnostics market by region
- Competitive Landscape
- Company Profile
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