A recent report published by Allied Market Research states that the global in vitro diagnostics (IVD) market generated $64.5 billion in 2017 and is expected to garner $93.6 billion by 2025, registering a CAGR of 4.8% during the forecast period, 2018-2025.
The growth of the global in vitro diagnostics (IVD) market is driven by rise in incidences of chronic and infectious diseases worldwide, emergence of minimally invasive technologies, increase in popularity of personalized medicine, and technological advancements in IVD. Additionally, potential opportunities for outsourcing and convergence of new technologies is set to provide lucrative opportunities to emerging market players in the near future. However, strict regulatory policies and uncertainty in reimbursement policies restrict market growth.
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The report segments the global in vitro diagnostics (IVD) market based on product type, techniques, application, end user, and geography. By product type, the report segregates the market into reagents, instruments, and software & services. The reagents segment accounted for the highest market share in 2017 due to a large number of reagents introduced in the market for the diagnosis of medical conditions using IVD process. However, the instruments segment is anticipated to grow with the highest CAGR throughout the forecast period.
By techniques, the market is sub-segmented into immunodiagnostics, molecular diagnostics, tissue diagnostics, clinical chemistry, and other IVD techniques. The immunodiagnostics segment contributed the highest market share in 2017 due to the increase in usage of immunodiagnostics as these tests are the oldest and highly used techniques for the diagnosis infectious diseases, oncology detection, HIV/AIDS virus detection, and others. By end user, the market is categorized into standalone laboratory, hospitals, academic & medical schools, point of care testing, and others.
By application, the report divides the market into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. The infectious diseases segment contributed the highest market share in 2017 due to increase in prevalence of infectious diseases and rise in awareness of preventive health measures. Regionally, North America occupied nearly one-third of the global market in 2017 and is expected to continue its dominance through 2025. This is attributed to a well-established healthcare system and higher healthcare awareness among the patients.
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The report also profiles key players involved in the global in vitro diagnostics (IVD) market, such as Abbott Laboratories, Becton, Dickinson and Company, bioMrieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Johnson & Johnson, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc. 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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