The report states that the UK IVD market generated $ 2,148 million in 2016 and is projected to attain $3,127 Million by 2023, registering a CAGR of 5.4% during the forecast period, 2017-2023.
The growth of the UK IVD market is driven by several factors, including the growing prevalence of chronic and infectious diseases, the rising popularity of personalized medicine, technological advancements of IVD, the emergence of minimally invasive technologies, and increasing government expenditures on healthcare. However, strict regulatory policies and hazy reimbursement policies hinder market growth. Nonetheless, the convergence of new technologies and potential outsourcing provide lucrative opportunities for emerging market players.
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The report segments the UK IVD market by product type, techniques, application, and end users. Based on product type, the market is sub-segmented into reagents, instruments, and software & services. In 2016, the reagents segment dominated the market owing to the recent introduction of new reagents R&D in the filed for chemical science. Based on techniques, the market is fragmented into immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics, clinical chemistry, and other IVD techniques. The immunodiagnostics segment accounted for the highest market share in 2016, due to an increase in the occurrence of chronic diseases and the rise in demand for minimally invasive techniques.
Based on application, the market is categorized into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. The highest market share was held by the infectious diseases segment in 2016, owing to the high rate of the incidences of infectious diseases and rise in awareness of preventive health measures.
Based on the end user, the market is further divided into a standalone laboratory, hospitals, academic and medical schools, the point of care testing, and others. The standalone laboratory segment captured the highest market share in 2016, mainly due to the wide availability of complex tests and high-tech infrastructure enabling fast and accurate test results.
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The report also profiles key players involved in the UK IVD market, such as Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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